Worried about the Economy?

March 15, 2009 — Leave a comment

Warren Buffett on CNBC – March 9, 2009.
(Remember he’s lost countless billions in this recession…)
CNBC: “We’ve been getting thousands and thousands of emails from our viewers. Warren, we’d like to start with one that echoes a theme we heard again and again. This one comes from Terry in San Antonio, Texas, who asks, ‘Will everything be all right?’”
BUFFETT: “Everything will be all right. We do have the greatest economic machine that man has ever created. We started with 4 million people back in 1790 and look where we’ve come. And it wasn’t because we were smarter than other people. It wasn’t because our land was more fertile or we had more minerals or our climate was more favorable. We had a system that worked. It unleashed the human potential. It didn’t work every year. We had 6 ‘panics’ in the 19th century. In the 20th century we had the Great Depression, World Wars, all kinds of things. But we have a system – largely free market, rule of law, equality of opportunity – all of those things that cause the potential of humans to get unleashed. And we’re far from done. Your kids will live better than mine. Your grandchildren will live better than your kids. There’s no question about that. But the machine gets gummed up from time to time. If you take the bulk of those centuries, probably 15 years were bad years. But we go forward.”
Like Warren, I’m an optimist.

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