Buffett Sees 'Enormous' Economic Progress over Last Year

This past week Warren Buffett said that it is now very clear that the low point in the US economy has already passed, with "enormous" progress being seen over the past year.

Buffett attributes much of the strong uptick to swift government action last fall and winter. The actions were paramount in keeping the economy from complete collapse.

"We made enormous progress since a year ago... What happened in September and October of 2008 will particularly be remembered for a long, long time," Buffett said in an interview with Business Wire CEO Cathy Baron Tamraz that was released late in the day Tuesday.

Buffett continued, "And while the governmental authorities malign things sometimes, they fortunately did some very right things, very important things. They did them properly, and they kept us from going over the cliff."

Comments

[chennian:]

What enormous progresses, to name a few?

Oct 26 05:38 AM

[Moon Kil Woong:]

Chennian: does enriching Goldman Sacs count as one? I'm sure Buffet enjoyed his nice equity run up on his sizable investment there.

Buffet is not an economist. Like most investors (and a very good one he is) when he makes money he thinks everything is going right. Should we be surprised at his conclusions? I don't think so.

Oct 26 07:12 AM

[inthemoney:]

> "We made enormous progress since a year ago... What happened in September and October of 2008 will particularly be remembered for a long, long time,"

Reaqlly, it seems to me it is all but forgotten, considered an anomaly now, it is all back to old tricks in the martket, nothing changed.
What "enourmous progress" Buffett means, other than his profits I have no idea.

Oct 26 09:13 AM

[Tony Petroski:]

I always find articles like this a bit unsettling, because if "swift government action" prevented the "complete collapse" of the economy, it implies that swifter action in the future can lead to prosperity. Is there any serious economist aside from a few Nobel prize winners who think "spreading the wealth around" will lead to prosperity? Has Obamanomics (quick, a definition please) put in place the foundation for future growth?

Oct 26 09:57 AM

[John Galt:]

> "swift government action" prevented the "complete collapse" of the economy

Let's please not forget that swift government action also created this crisis in the first place.

$

Oct 26 02:23 PM