Warren Buffett Backs Second Stimulus

[cal04]

The Legendary Investor Is Critical of the First Stimulus Package, Comparing It to Viagra and Candy
http://abcnews.go.com/Business/story?id=8039651&page=1

As debate grows about a possible second stimulus package for the flagging American economy, at least one legendary investor is giving the idea his guarded approval.

"I think that a second one may well be called for," Warren Buffett, the CEO of Berkshire Hathaway, told "Good Morning America" today. But, he added, "you hope it doesn't get watered down in many ways."

Buffett cautioned that a second stimulus package, like the first, won't be "a panacea," because stimulus packages take time to work. He criticized lawmakers' work on the first stimulus package, which contained $787 billion in spending.

"Our first stimulus bill ... was sort of like taking half a tablet of Viagra and having also a bunch of candy mixed in ... as if everybody was putting in enough for their own constituents," he said. "It doesn't have really quite the wall that might have been anticipated there."

(snip)
"I do not like the idea of any kind of a plan involving the government where Wall Street makes a lot of money. My plan provided that they would make no money whatsoever, and the American public would make the money. I just think that Wall Street owes the American people one at this point," he said.

[steelmania75]

1. I don't think that Congress and the majority of the American People would go for another stimulus

A CNN poll shows that 74% are opposed to another stimulus.

[Bankhead_ATL]

2. If they do this they need to give working and non-working Americans.....

2000 each

[tridim]

3. So you're for a do-over of the Bush "stimulus" plans?

[Statistical]

4. Sweet $2000 that we pay back as taxes over the next 10 years and all the interest goes to China.

Stimulating.... for China.

It is kinda like you loaning yourself some money and then giving me the interest on it.

[OhioChick]

5. As long as jobs are fleeing...

You can have many stimulus packages, but they aren't going to do jack-shit.

No Jobs = No Recovery.

[RUMMYisFROSTED]

6. There is a second stimulus.

The other 90% of the first stimulus.