Videos: Buffett blasts Obama’s handling of economy, crisis mentality

posted at 8:24 am on March 10, 2009 by Ed Morrissey

It turns out that Warren Buffett had a lot more to say on Deadbeatonomics and how Barack Obama runs the White House yesterday than just criticizing Card Check. The notable Obama supporter also attacked the President’s overall handling of the economic crisis and the rhetoric about not “wasting a good crisis”. Mickey Kaus notes that Buffett apparently intended to deliver the message, coming back to it twice (via Instapundit):



BUFFETT: …And, Joe, it–if you’re in a war, and we really are on an economic war, there’s a obligation to the majority to behave in ways that don’t go around inflaming the minority. If on December 8th when–maybe it’s December 7th, when Roosevelt convened Congress to have a vote on the war, he didn’t say, `I’m throwing in about 10 of my pet projects … [snip] …

JOE: Yeah, but you might–might not have fixed…

BUFFETT: But I say…

JOE: You might not–you might not have fixed global warming the day after–the day after D-Day, Warren.

BUFFETT: Absolutely. And I think that the–I think that the Republicans have an obligation to regard this as an economic war and to realize you need one leader and, in general, support of that. But I think that the–I think that the Democrats–and I voted for Obama and I strongly support him, and I think he’s the right guy–but I think they should not use this–when they’re calling for unity on a question this important, they should not use it to roll the Republicans all.

JOE: Hm.

BUFFETT: I think–I think a lot of things should be–job one is to win the war, job–the economic war, job two is to win the economic war, and job three. And you can’t expect people to unite behind you if you’re trying to jam a whole bunch of things down their throat. So I would–I would absolutely say for the–for the interim, till we get this one solved, I would not be pushing a lot of things that are–you know are contentious, and I also–I also would do no finger-pointing whatsoever. I would–you know, I would not say, you know, `George’–`the previous administration got us into this.’ Forget it. I mean, you know, the Navy made a mistake at Pearl Harbor and had too many ships there. But the idea that we’d spend our time after that, you know, pointing fingers at the Navy, we needed the Navy. So I would–I would–I would–no finger-pointing, no vengeance, none of that stuff. Just look forward. ..[snip] …

BUFFETT: Well, I was going to mention to Joe that you’ve heard this comment recently from some Democrats recently that a `crisis is a terrible thing to waste.’

BECKY: Yeah.

BUFFETT: Now, just rephrase that and since it’s, in my view, it’s an economic war, and–I don’t think anybody on December 7th would have said a `war is a terrible thing to waste, and therefore we’re going to try and ram through a whole bunch of things and–but we expect to–expect the other party to unite behind us on the–on the big problem.’ It’s just a mistake, I think, when you’ve got one overriding objective, to try and muddle it up with a bunch of other things.

Buffett, who has seen a lot of his wealth disappear in the flames of Wall Street, has suddenly discovered he backed Nero, and he doesn’t appear terribly happy about it, either. Mickey also notes that the media has paid almost no attention to the fact that one of Barack Obama’s most visible capitalist supporters has begun attacking him publicly. Why might that be? You suppose they’re afraid to point out that the man who gave Obama most of his credibility on economics during the campaign has now discovered that Obama is in over his head?


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…But I think that the–I think that the Democrats–and I voted for Obama and I strongly support him, and I think he’s the right guy [insert criticism here]

I love how every Obamabot supporter has to include some sort of qualifier when they critisize this administration.

anticucho on March 10, 2009 at 11:20 AM

I think that the reason that Obama wants a civilian army ( as large an as well funded as the military ) is because he does not plan on leaving.

Johan Klaus on March 10, 2009 at 11:00 AM

There’s no evidence I’ve yet seen that Obama & Co. have figured out how to co-opt the regular military. Without that, their long-term prospects are poor. So you are probably right.

JiangxiDad on March 10, 2009 at 11:31 AM

Well, I learned this much. Warren Buffett is not only a bad judge of people, he’s pretty inarticulate too.

rrpjr on March 10, 2009 at 11:36 AM

It took 15 years for the DOW to recover during the depression. It takes time for people to wrap their heads around that things have changed.

unseen on March 10, 2009 at 11:11 AM

Actually it was 25 years before the market recovered everything that had been lost in the crash of 1929.

Doughboy on March 10, 2009 at 11:39 AM

Actually it was 25 years before the market recovered everything that had been lost in the crash of 1929.

Doughboy on March 10, 2009 at 11:39 AM

yes your right. I was thinking more about the economy than the DOW. Can you imagine living the next 15 years with no wealth creation.

unseen on March 10, 2009 at 11:46 AM

Is there a single person with economics creds who supports what Obama has done since taking office?

msmveritas on March 10, 2009 at 12:17 PM

As far as I’m concerned, Mr. Buffett can join Christopher Buckley and all the other Obama fans in sucking it. Buffett gave The One capitalistic cover through his support and now he (or rather, his economic portfolio) is getting what he deserves.

Reap the whirlwind, motherf*ckers!!

Dukeboy01 on March 10, 2009 at 12:42 PM

Jumping off the bus.

Looks like the Magical Mystery Tour wound up being more mysterious than magical.

29Victor on March 10, 2009 at 12:59 PM

That was interesting, but I’d like to see all 3 hours! Possible?

It was reassuring (maybe unwarranted) and practical. I can’t stand listening to the administration or to Gibbs on this topic at all. They scare the bejeesus outta me.

AnninCA on March 10, 2009 at 2:00 PM

Buyer’s remorse couldn’t have happened to a more deserving guy. To think the Oracle was wrong about the One. Bwhahahaha

AH_C on March 10, 2009 at 2:55 PM

I voted for Obama and I strongly support him, and I think he’s the right guy

Buffett, who has seen a lot of his wealth disappear in the flames of Wall Street, has suddenly discovered he backed Nero

These statements are not consistent. Buffet doesn’t use the past tense about strongly supporting Obama,

burt on March 10, 2009 at 3:37 PM

burt on March 10, 2009 at 3:37 PM

Good observation, burt – Buffett has been perplexing me for the past year or so.

The only thing I could figure is that Buffett’s son is in agriculture, ethanol to be more specific, and this is what spurred his economic interest in Obama.

Looking closely at some other parts of the text of Buffett’s interview, Buffett calls for people to “give things up” to the President, as Commander in Chief of this “Economic War.”

I’m still trying to figure out his angle, but there are glimmers of some really strange ideas there.

Otis B on March 10, 2009 at 4:01 PM

The reason Obama’s message is muddled is that he is desperate to throw red meat to his supporters in an effort to shore up his approval ratings. By throwing in card check, expanded federal funding of embryonic stem cell research, universal health care, card check, etc…, he is able to diffuse the disapproval over his handling of the economy. If he is focused on the economy alone, his approval rating will tank as much as the stock market has. He cares more about saving the “Obama” brand, than saving “America”.

asuncme on March 10, 2009 at 4:23 PM

Can you imagine living the next 15 years with no wealth creation.

unseen on March 10, 2009 at 11:46 AM

Or even with no futher wealth destruction under Obama and his Ship of Fools.

MB4 on March 10, 2009 at 4:34 PM

ohh i love this so soros and buffet all screamed about how they hated bush
and supoported obama
but now that they are getting screwed and americans are re-arming to begin the task of taking all these evil ones ouside to hjave them shot

now all of a audden they goo
gee obama isnt so smart after all

Mororns you voted for this incompetent boob

jcila on March 10, 2009 at 4:36 PM

Doesn’t say much about Buffet’s ability to assess executive talent. Something is not adding up – this is a man who surrounds himself with the best talent available. I’m not fully convince he put aside sound judgement for a man crush. He was promised something and that thing has started to go sideways.

EyesOpen on March 10, 2009 at 4:44 PM

Buffett and others all so hated bush they whole heartidly supported obama the MORON

so now they are watching obama the communist
do more damage to the usa then osama bin laden ever could have dreamed of doing..

jcila on March 10, 2009 at 4:57 PM

so now they are watching obama the communist
do more damage to the usa then osama bin laden ever could have dreamed of doing..

jcila on March

Bin Laden could only kill people. Ogabe and his congressional harlots are killing our future. How does one stop that? By waiting until 2010 and hoping the sheeple wake up?

SKYFOX on March 11, 2009 at 4:48 AM

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