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Berkshire Weekend: Buffett, Munger on Government Stimulus

|Includes: Berkshire Hathaway Inc (BRK.A), BRK.B

Liz Claman of Fox Business Channel quotes or paraphrases the Berkshire chairman and vice chairman:

Question: On the stimulus bill and government funding - Isn’t it better if money from government went to hard assets and putting people to work?

Munger: Let me answer that one - yes.

Buffett: In the 1930’s a lot of wonderful things were done with money used to stimulate the economy. That should be the goal and the model. I did get a notice from Social Security telling me I was getting $250 more.  I think the intent is to get the money into action quickly and have it utilized in intelligent ways. If the day after Pearl Harbor happened - if you attached earmarks to the declaration of war - wouldn’t have been pretty. System now doesn’t seem to be very effective…. takes legislators away from common goal. The intent of administration is the right thing. When the American public pulls back like they have -the government does need to step in.  We’re doing the conventional things - but in unconventional amounts.