Monday, February 28, 2011

Warren Buffett on the U.S. economy

As always, Warren Buffett—the most successful investor alive—is optimistic about the long-term future of the United States economy:
Money will always flow toward opportunity, and there is an abundance of that in America. Commentators today often talk of “great uncertainty.” But think back, for example, to December 6, 1941, October 18, 1987 and September 10, 2001. No matter how serene today may be, tomorrow is always uncertain.

Don’t let that reality spook you. Throughout my lifetime, politicians and pundits have constantly moaned about terrifying problems facing America. Yet our citizens now live an astonishing six times better than when I was born. The prophets of doom have overlooked the all-important factor that is certain: Human potential is far from exhausted, and the American system for unleashing that potential – a system that has worked wonders for over two centuries despite frequent interruptions for recessions and even a Civil War – remains alive and effective.

We are not natively smarter than we were when our country was founded nor do we work harder. But look around you and see a world beyond the dreams of any colonial citizen. Now, as in 1776, 1861, 1932 and 1941, America’s best days lie ahead.

8 comments:

  1. Make no mistake, when he says opportunity, he means for the already wealthy and the crooks on Wall Street.

    The health and wealth of this country is measured by how well the banks and corporations are doing...not the people. Everyone here could be starving but so long as shareholders are making their profits, who cares about the people?

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  2. What an interesting point you make Anonymous. Lets see what others can come up with?

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  3. This is no longer a democracy. This is a plutocracy.

    One of the truly amazing aspects of the decline of the world's greatest democracy is that the masses think they are "free". This is a society in which Debt = 'Wealth'. So, yes, we are free to service massive debt loads. Otherwise; stop paying your taxes and see just how "free" you are.

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  4. Remain calm....All is well!

    http://www.youtube.com/watch?v=zDAmPIq29ro

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  5. Buffett is an antidote to declinist who believe the U.S. is on a one-way path down. It's a good post for this blog. The bubble community has some this declinist attitude.

    Those who scoff at Buffett's optimism tend to be the same sorts who buy into the "We Are Rome" parallels with glee.

    Buffett's perspective on history is more relevant. He also had the advantage of having lived through a big part of it. But more importantly is this: If you don't believe America's best days lie ahead, then you're a loser.

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  6. "If you don't believe America's best days lie ahead, then you're a loser."

    Charlie Sheen is that you?

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  7. Charlie Sheen would never post on a site like this....he's too busy winning. Duh.

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  8. This would be all well and good if global oil production hadn't provably peaked in 2005. Everything we do and eat depends on oil. Lower even the perception of continuity of supply and you drive up the price, which means the price of everything goes up. As demonstrated.

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