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Warren Buffett Chides Banks for Role in Market Mayhem
Calls meltdown 'poetic justice'
By Zach Samalin
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Posted Feb 7, 08 2:42 AM CST
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(Newser)
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Billionaire Warren Buffett thumbed his nose at eminent investment banks today, claiming they caused their own demise in the subprime mortgage meltdown. "It's a little poetic justice, in that the people that brewed this toxic Kool-Aid found themselves drinking a lot of it in the end," Buffett said.
Not without a hint of schadenfreude, Buffett reiterated his trademark pessimism over the fate of the dollar, forecasting protracted failure in upcoming years, the Telegraph reports. Buffett maintains the market isn't totally floored: "Money is available, and it's really quite cheap," he said. "It's what I might call 'dumb money,' of which there was plenty around a year ago," that's dried up.