Warren Buffett Backs Second Stimulus

[masuki bance]

The Legendary Investor Is Critical of the First Stimulus Package, Comparing It to Viagra and Candy

July 9, 2009

As debate grows about a possible second stimulus package for the flagging American economy, at least one legendary investor is giving the idea his guarded approval.

"I think that a second one may well be called for," Warren Buffett, the CEO of Berkshire Hathaway, told "Good Morning America" today. But, he added, "you hope it doesn't get watered down in many ways."

Buffett cautioned that a second stimulus package, like the first, won't be "a panacea," because stimulus packages take time to work. He criticized lawmakers' work on the first stimulus package, which contained $787 billion in spending.

"Our first stimulus bill ... was sort of like taking half a tablet of Viagra and having also a bunch of candy mixed in ... as if everybody was putting in enough for their own constituents," he said. "It doesn't have really quite the wall that might have been anticipated there."

Buffett also criticized the government's public-private investment plan, through which private investors are supposed to buy so-called toxic assets off the balance sheets of ailing banks that received billions in government aid.

...

Second Stimulus Debate Grows

Talk of a second stimulus has grown, as the economy shows limited signs of improvement.

"It looks like the economy is weaker than expected. Why not begin to think about over the next several months whether we need a stimulus package and what it should include," Laura D'Andrea Tyson, Obama's economic adviser said recently.

Some, including Nobel Prize-winning economist Paul Krugman, support the second stimulus idea, but Republicans doubt it will yield any results.

"All of this talk about a second stimulus bill has been rather interesting," House Minority Leader John Boehner, R-Ohio, said Wednesday at a news conference with other House Republicans. "I think it's an admission on the part of the administration that their stimulus plan is not working."

Other stimulus critics say another recovery will only worsen the situation.

"Even though the president on the first of July had said that the stimulus bill had 'done its job,' my constituents see it differently," said Rep. Mike Pence, R-Ind. "The only thing the stimulus plan has stimulated is more government and more debt."

Obama hasn't said directly whether he would approve of a second stimulus plan, but he also hasn't rejected it altogether.

...

http://abcnews.go.com/Business/story?id=8039651&page=1

video here- http://abcnews.go.com/video/playerIndex?id=8039910

[Jennicut]

1. That is nice, does Obama?

[FrenchieCat]

2. Classic set up........and Thanks for your assistance on this!

"All of this talk about a second stimulus bill has been rather interesting," House Minority Leader John Boehner, R-Ohio, said Wednesday at a news conference with other House Republicans. "I think it's an admission on the part of the administration that their stimulus plan is not working."


Let's figure out who is actually talking and bringing up a 2nd stimulus, shall we?
http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=132x8518125

[dkf]

3. I'm beginning to think that talk of a second stimulus is a disguised criticism of the first one.

The people in the know have figured out there is no way to get the original stimulus to work properly so a second one is needed that is better thought out.

It begins to make sense.

[FrenchieCat]

4. Excellent observation!

Makes perfect sense to start pushing a 2nd stimulus while pushing health care reform, NOT! So Brilliant in fact, someone smarter than that Obama would have had to come up with this one; perhaps a group of people, most of whom voted for John McCain.

Now all they need is enough "dumb as shit Democrats" to carry this over to the Liberals who enjoy bashing Obama as much as the GOP. They, though, can simply say......"See I told you so! Told you we needed a bigger stimulus! Krugman was right and so am I!"

Meanwhile, the ignorant Americans who believe that the media still reports truth with their news, will stop trusting this President....and at that point; Goodbye public option...cause if the government can't make such a large stimulus work, why give them any role in our healthcare?

Wonder how long it took the GOP in their collusion with big corporate media to come up with this masterpiece of a plan? It is quite effective, considering you only need so many patsies on each side and so many dumbass uninformed Americans to make it work.

[dkf]

5. The second stimulus is coming from allies of Obama, not enemies.

Laura Tyson, Warren Buffett, they are supporters not opponents.

[masuki bance]

6. They now go under the bus. nt

[FrenchieCat]

7. A lot of people say a lot of things.....

especially when asked.

Most would be fools to say "No 2nd stimulus ever!"

The point is why are they being asked this relentlessly....
and why is the media covering it as though Obama has proposed it,
when he clearly has not?

[northernlights]

13. I think it's a tacit admission that the 1st one was insufficient

Many leading economists said the 1st stimulus was too small. They were right.

The 2nd one should be targeted more carefully at areas that have proven it will help the situation. Such as JOB CREATION.

[Arkana]

8. This guy should have been Treasury Secretary.

[masuki bance]

9. That would have been brilliant. nt

[vaberella]

10. Isn't Warrent Buffet connected to Goldman Sachs---investor or what not?

Doesn't that make him a corporatist. People on this board bash O relentlessly claiming his people are corporate-whores and nothing else. Then I see on this same thread, another corporatist is heralded and also wanted as Treasury. I love the switch.

Anyway this talk of the second stimulus is not even really worth the time until about 50% or more of the stimulus money is used. Then we can gauge the next step.

[masuki bance]

11. I'll send Rendell a note that you don't approve

Pennsylvania Gov. Ed Rendell (D) on Wednesday urged House members to consider another stimulus package just for infrastructure projects in order to produce more jobs.

Rendell, in testimony before the House Oversight and Government Reform Committee, said that the $787 billion stimulus passed by Congress and signed by President Obama in February will work to boost the economy.

But Rendell, also testifying in his role as chairman of the National Governors Association, called for another economic recovery package full of infrastructure projects.

"I would like to see a second stimulus devoted solely to infrastructure," he said. "It's what produces jobs, and produces orders for factories, American factories."

http://thehill.com/leading-the-news/rendell-urges-second-stimulus-with-focus-on-jobs-2009-07-08.html

[vaberella]

12. Send it express. n/t

[Oregone]

14. Krugman and Buffet are Dead-To-Me, Naysaying Haters

Leave Barack Alone!

[high density]

15. half a viagra and some candy

lol

[ellisonz]

16. Legalize.