Buffett Places Blame for Fiscal Crisis

Well, at least he didn’t blame homeowners of a certain hue. That would be 7-house Johnny’s job. It’s a good thing Johnny didn’t become president. Between forgetting how many homes he owns; where he keeps Cindy’s meds; keeping up with his right wing death squad buddies, there is no way he could helped out during this crisis.
clipped from www.bloomberg.com

May 4 (Bloomberg) — Berkshire Hathaway Inc. Chairman
Warren Buffett lambasted bankers, insurers and regulators for
being blind to the possibility home prices could fall, and said
their shortcomings caused the worst recession in half a century.

Buffett and Vice Chairman Charles Munger said Wall Street
sold subprime mortgage “sewage,” blamed the media and
regulators for missing the danger and said the government stress
tests of financial firms won’t advance Berkshire’s understanding
of the stocks the company owns. Buffett hosted a record 35,000
people at the Omaha, Nebraska-based firm’s annual meeting May 2
and spoke at a news conference yesterday.

“I think that virtually everybody associated with the
financial world contributed to it,” Buffett said of the crisis.
“Some of it stemmed from greed, some from stupidity, some from
people saying the other guy was doing it.”
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