Warren Buffet: Economic Pearl Harbor

I DVRed Warren Buffet's 3 hour interview on CNBC Squawkbox on cable because it came on at 3am PDT and was live at 6am EDT. I found it very interesting.

Buffet's take on the world economic downturn is that it is an economic Pearl Harbor and needs to be addressed in this way. He says it has to be the priority of Congress and just like the real Pearl Harbor must be taken in a non-political way that leads to the financial survival of America because the affects of this downturn are as serious as if it were a real Pearl Harbor at the start of World War II for the United States.

And unless the banking issues are dealt with in a way in which inspires confidence, especially in regard to the big banks and quasi banking institutions as soon as possible it will only delay our financial recovery and the financial recovery of the rest of the world.

Also, he expects that the best days for the U.S. are ahead of us not behind us. He spoke of how there have only been 15 really bad years in the last 2 centuries of downturns. This is really something to think about and to study about if you have the time and inclination to do so.

If you listen to this interview you might come away with different important points. Since I felt almost everything he said was helpful in a very wise and meaningful way I think if you got other ideas from listening to this interview on cable or internet that you should also blog about what you think about it. The more people who have useful knowledge about this problem the sooner it will be solved worldwide.