Oracle of Omaha warns of consequences of growing ‘net debt’
August 19, 2009
Warren Buffett has been quiet during the first seven months of the Obama administration; as one of few Americans respected by both conservatives and liberals on the subject of the economy, maybe too quiet.
He breaks his silence in an op/ed in today’s New York Times.
His essential message is contained in this excerpt:
The United States economy is now out of the emergency room and appears to be on a slow path to recovery. But enormous dosages of monetary medicine continue to be administered and, before long, we will need to deal with their side effects. For now, most of those effects are invisible and could indeed remain latent for a long time. Still, their threat may be as ominous as that posed by the financial crisis itself.