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Buffett: US 'Doing the Right Things'

By the Associated Press

Posted May 2, 2009 10:55 AM CDT

(AP) – Warren Buffett said today the US government is taking the correct actions to help the economy recover. "The government is doing the right things," Buffett said before the opening of Berkshire Hathaway's annual shareholder meeting. "They're acting in a countercyclical manner." But he said he can't predict how quickly the economy and the markets will improve.

The economy, succession at the top of Berkshire, and the state of the company, which last year had its worst year since Buffett took over in 1965, were on the minds of many shareholders. Despite Berkshire's rough year—which was depressed by unrealized multibillion-dollar derivative losses—the company still outpaced the market index Buffett uses as a measuring stick. “I hope he's as good at picking a successor as he is at stocks," one shareholder said.

Warren Buffett, CEO of Berkshire Hathaway, tours the floor at the shareholders meeting.
Warren Buffett, CEO of Berkshire Hathaway, tours the floor at the shareholders meeting.   (AP Photo/Nati Harnik)
Warren Buffett, CEO of Berkshire Hathaway, right, sits with his children from left: Peter, Howard and Susie.
Warren Buffett, CEO of Berkshire Hathaway, right, sits with his children from left: Peter, Howard and Susie.   (AP Photo/Nati Harnik)
Berkshire Hathaway CEO Warren Buffett.
Berkshire Hathaway CEO Warren Buffett.   (AP Photo/Nati Harnik)
Warren Buffett, CEO of Berkshire Hathaway, right, and Charlie Munger, his vice chairman, are projected on a large screen at the annual Berkshire Hathaway shareholders meeting.
Warren Buffett, CEO of Berkshire Hathaway, right, and Charlie Munger, his vice chairman, are projected on a large screen at the annual Berkshire Hathaway shareholders meeting.   (AP Photo)
Berkshire Hathaway shareholders join others at a cocktail reception at the annual Berkshire Hathaway shareholders meeting in Omaha, Neb.
Berkshire Hathaway shareholders join others at a cocktail reception at the annual Berkshire Hathaway shareholders meeting in Omaha, Neb.   (AP Photo)
Warren Buffett, CEO of Berkshire Hathaway, right, waves to shareholders prior to the shareholders meeting in Omaha, Neb.
Warren Buffett, CEO of Berkshire Hathaway, right, waves to shareholders prior to the shareholders meeting in Omaha, Neb.   (AP Photo/Nati Harnik)
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COMMENTS
Showing 3 of 13 comments
northeast
May 2, 2009 9:59 AM CDT
That may be a defensible argument, but notice that his investments were made half a month before Paulson organized a bailout. The US Treasury is effectively acting as collateral to Buffet's investments. I'm not accusing him of manipulating anyone for money, but he's obviously under the whims of several deep investments, and that has to be considered when we ask for his opinion.
cornelison
May 2, 2009 7:02 AM CDT
I have socialized medicine in Canada. It's one of the main reasons that I was able to support myself and retire early.
AnnieChrist
May 2, 2009 6:34 AM CDT
Of course you don't understand, infidel, you're a republican. republicans know nothing about economics, we have plenty enough evidence of that. Northeast are you implying that Buffet is saying this because he has investments in certain companies? The correct assessment is, he invested in these companies because he has faith in Obama's economic policies.

Copyright 2012 Newser, LLC. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed. AP contributed to this report.

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