Schadenfreude: Obama Economics Advisor Loses 11 Billion Dollars
Money-making machine Warren Buffett blames himself for his company losing $10.9 billion last year and predicts more bleak times ahead.
“The economy will be in shambles throughout 2009 - and for that matter, probably well beyond,” Buffett wrote Saturday in an annual letter to his Berkshire Hathaway shareholders.
What’s really interesting is that the man that Obama was bragging was one of his economic advisors is admitting in the first 40 days of the Obama administration that Obamanomics isn’t going to work.
Shambles is a pretty descriptive word. That’s far from saying that things are stabilized or are even on the mend. Shambles means that things are out of control and maybe getting worse.
I guess maybe Buffet is smarter than he lets on.
You can’t knock this guy’s success as an investor and as a manager. He’s been terrific at finding distressed properties (often because of the brutal death tax) and cashing in. But it seems when it comes to public policy he’s an expert at associating himself with turkeys. Didn’t he hang out with Arnold in Kalifornia as his economic adviser? How’s that working out.
Then in 2008 in shows up as cover for a socialist pretender to the Presidency.
Despite his setbacks in 2008 you should still listen to him for investment advice. But nobody should listen to him when it comes to public policy. If you do we get an economy in “shambles.”
