Buffett Tells CNBC Economy Has "Fallen Off a Cliff"

Billionaire investor Warren Buffet discussed the economy on CNBC's Squawk Box this morning, pointing out the obvious—how its has "fallen off a cliff"—while also trying to remain upbeat, saying the economy will be better in five years, though he'd "like to get there a lot faster than five years." Of course, Buffett's "off a cliff" remarks apparently offset a rally this morning!

Buffett also thinks that the GOP should back President Obama's efforts to help the economy and tried to put it in an war-framework, "They really do have an obligation to support things that are clearly designed to fight the war in a big way...I think that the Republicans have an obligation to recognize this as an economic war and realize you need one leader." However, Buffett also acknowledged, “You can’t expect people to unite behind you if you’re trying to jam a bunch of things down their throat." Last year, Buffett likened the economic crisis to Pearl Harbor—and that was only in September!

Dealbreaker has video and a transcript; CNBC also has highlights, including Buffett saying that derivatives aren't "evil" though they are dangerous.

Contact the author of this article or email tips@gothamist.com with further questions, comments or tips.

By Jen Chung in News on March 9, 2009 12:30 PM

Comments [rss]

NannyState

Warren Buffett is notoriously cheap and everything he says or does is drenched in Old Spice after shave. Do we love the bastard? Yes. Do we really understand why? No.

Zyskandar A. Jaimot

TO NinnyState - In point of fast - BUFFETT should have been indicted/convicted for his many frauds!!![ie the bond market scam at SALOMON BROTHERS, the AIG SCAM, the SCAM with INSIRERS for KATRINA for delayed-nonpayment, his refusal to pay-off on the WTC insurance for the towers!!!] NOT EVERYONE 'LUVS' THIS FOOKN SHITHEAD - FIGURES YOU AND YOUR ILK WOULD.

jterry121

http://zyskandarjaimot.com/

Congrats on making the shittiest Website of all time. The only place your worthless excuse for poetry has ever been published is on the comments section of a worthless blog.

Go back to doing what you do best in Florida- giving Rush Limbaugh Blowjobs.

The one thing you have in common with Rush Limbaugh is that you both should have been Aborted

Zyskandar A. Jaimot

ti jterry121+other FDEMBHOLE DOUCHESBAGS - Sorry should i give back all the awards/honours/monies ise won both in AMERIKA and EUROPE/SAMERICA??? Ha. JEALOUSY/ENVY is what you stoopid WANKERS/GITS exhibit so well like your master the new meshiach 'the OBAMA'. Tell us how it is to give b;owjobs will ya - youse seems more like a catcher though - so bend-over and grab youse ankles so REPREHENSIBLE BARNEY'play-with-my-schmeckie-get-a-loan'FRANK can jam youse up that hershey-highway!!! Ha. STOOPID CRETIN WITH NO TALENT.

chopp3r

Dad?

Zyskandar A. Jaimot

yo chopp3r - Only if youse not some DEMBHOLE CRETINOUS SCUM!!! Have all daughters also who know better than to associate with NO-TALENT WANKERS/SHITHEADS from this site.

green

WOW. I didn't realize Gothamist had so many ignorant readers. Buffet is a self-made wealthy man who not only donates a shit load of $ but he also says rich people should be taxed more. If you make more than $250 thousand you're set and can live however you want.

Is it fair that someone who makes 50K is taxed 20% while someone who makes 5x as much is only taxed 34%??? NO. Raise the tax on the rich they can handle it.

Felix Hoenikker

His beef is the capital gains tax rate of 15%, which most of his earnings fall under.

He supports raising it to regular 'income' tax levels.

Shinobi Shaw

Warren Buffet is an associate of Sir Evelyn de Rothschild himself, 'nuff said.

PathToWisdom

Any Rich men who doesn't give back

at least 40% to communities , or poor communities

are EVIL.

The only good man so far was the banker who

gave up his millions to his almost 400 employees.

Zyskandar A. Jaimot

The 'poor' have been with us since the time of that other MESSIAH the old Jew from Bethlehem - the CHRIST. EVIL is a law limiting charitable contributions and allowing only the GOVERNMENT to decide who gets donations!!! Oh sorry youse believes in the new meshiach ---'the OBAMA'. Ha.

S.D.

Wow, ZAG is learning to plagiarize now...

Zyskandar A. Jaimot

to SD - Youse a doofus mon!!! Dis is mys owns - did you think(oxymoron)dat da lil BLACK BOY 'the OBAMA' DID DIS BESIDES FOOKN THE CUNTRY??? Ha.

Felix Hoenikker

brk took a crap with everything else.

VanessaNYC

Give me a break. Warren Buffet doesn't laugh at this economic crisis. He's not evil. He's not Dick Cheney. The guy supports tax policies that favor middle and lower income Americans. He's not evil just because he's rich.

non_sequitur

Two exclamation points in the same post?

Zyskandar A. Jaimot

Warren Buffet laughs

Warren Buffet laughs

because he has bought America cheap

He is a man who embraces his masks

Never showing us what is there

Your health co-pay goes up and Warren laughs

Your car insurance increases and Warren laughs

Movie ticket prices go up and Warren laughs

Airline fares increase and Warren laughs

Insidiousness comes in short/stout/off white

in this men's dept. always with a broad fake smile

Like your minister smiling

as he tells hermeneutic lies

Like your stockbroker smiling into the phone

as he touts another loser

Like your banker smiling gently

as he denies you a loan

Like your teacher smiling in pity

as you fail another test

Like the police smiling before the judge

as you await your fate

Warren Buffet laughs

He is a man who hides behind masks

because he has bought and sold losers

Dairy Queen, US Air, Disney, ABC,

Salomon, MickeyD's, GEICO and all the insurance companies

that with every 'loss' raise their premiums

Only to dump the cost always on us

Go ahead claim your hurricane loss in ‘Katrina’

He’ll probably tell you you’re not covered for flood damage

Ha…Ha…Ha…What about bond-fixing at Salomon or fraud at A.I.G.? Or those ‘Katrina’ victims left unpaid?

So what if hundreds of millions are squandered

Betting against the U.S. currency

Warren does what’s best for Warren

Yeah 9/11 was tragic the loss of life and all

allowing insurers and airlines and everyone to raise prices

to increase profit isn't that what it's all about?

And now ‘Warren’ tells us accept his ‘metrics’

And ‘It is time to buy!’ Great now that Warren and his ilk

Are the only ones who have any money

And everyone tells Mr. Warren Buffet how brilliant he is

And Warren continues to laugh at us.