Buffett: 'Financial Panic Is Behind Us'

He sounds optimistic note at Columbia University forum
By John Johnson,  Newser Staff
Posted Nov 12, 2009 9:14 PM CST
Warren Buffett speaks while Bill Gates listens during a taping of a CNBC television special at Columbia University in New York on Thursday, Nov. 12, 2009.   (AP Photo/Jin Lee)
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(Newser) – Warren Buffett says the worst is over. "The financial panic is behind us," he declared at Columbia University. The Berkshire Hathaway chief acknowledged that the US economy "still is sputtering some," but he sounded a bullish note on investment opportunities around the globe. While he gave "high marks" to Ben Bernanke and Timothy Geithner, he advised against future bailouts, reports Reuters. "More sticks are called for."

Buffett also shed more light on his huge purchase of Burlington railroad. "There will be more people in this country, 10, 20, 30 years from now," he said. "They'll be moving more and more goods back and forth to each other, and the most environmentally friendly and cost-efficient way of doing that is railroads."