NYC Letter: The Right Place A Shambles

Day 156 of CHOPE

He's not only a leader, but he can lead us to the right place.

Warren Buffett,
billionaire investor and supporter of
and sometime advisor* to Mr. Obama,
revealing where Mr. Obama will lead us
OMAHA August 16, 2007 (Chicago Tribune)

[Fast forward.] Here we -- and Mr. Buffett -- are.

WARREN BUFFETT TO CNBC:
U.S. ECONOMY IN "SHAMBLES",
NO SIGNS OF RECOVERY YET

June 24, 2009 (CNBC) - While the economy is a "shambles" and likely to stay that way for some time, he remains optimistic there will eventually be a recovery over a period of years.

"Over a period of years"? That's not optimism. That's running out the clock for Mr. Obama.

CNBC: The last time we sat down to talk ... you told us that you think we're in an economic war right now. How much progress do you think we've made in that war?

BUFFETT: Well, it's been pretty flat. I get figures on 70-odd businesses, a lot of them daily. Everything that I see about the economy is that we've had no bounce. The financial system was really where the crisis was last September and October, and that's been surmounted and that's enormously important. But in terms of the economy coming back, it takes a while. There were a lot of excesses to be wrung out and that process is still underway and it looks to me like it will be underway for quite a while. In the (Berkshire Hathaway) annual report I said the economy would be in a shambles this year and probably well beyond. I'm afraid that's true.

Hhmmm. This doesn't seem to be the right place at all.

Mr. Buffett the dilettante king-maker has been disabused by Mr. Buffett the professional investor.

WARREN BUFFETT: "NOBODY KNOWS"
IF GOV'T FIXES WILL WORK
January 22, 2009 (USN&WR)

VAUNTED OBAMA MESSAGE MACHINE IS OFF-KEY

WASHINGTON March 10, 2009 (Reuters) - When billionaire investor Warren Buffett says President Barack Obama's economic message is muddled and undermining public confidence, it's worth listening.

Halfway through his first 100 days in office, ace communicator Obama has struggled to find the right tone in talking about the economy, twinning bleak warnings with optimism about the future.

... Buffett, an informal Obama adviser considered a financial seer on Wall Street, told CNBC on Monday the message has to be "very, very clear as to what government will be doing." Mr. Buffett:

And I think we've had, and it's the nature of the political process somewhat, but we've had muddled messages [and this and this and this and this this and this, to link but a heptad] and the American public does not know. They feel they don't know what's going on, and their reaction then is to absolutely pull back.

CHOPE.

Led. Pwned.

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* Here is an example of Mr. Buffet's priceless advice. Mr. Obama:

If you talk to Warren, he'll tell you his preference is not to meddle in the economy at all—let the market work, however way it's going to work, and then just tax the heck out of people at the end and just redistribute it.