Quote of the Day: Warren Buffett

Warren Buffett has accused major investment banks of
creating their own downfalls:
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"It’s sort of a little poetic justice, in that the people that brewed this toxic Kool-Aid found themselves drinking a lot of it in the end"

"I wouldn’t quite call it a credit crunch. Money is available, and it’s really quite cheap because of the lowering of rates that has taken place.”
…he said what had taken place was "a re-pricing of risk,"  leading to an "unavailability of what I might call ‘dumb money’, of which there was plenty around a year ago."

-Warren Buffett

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Poetic justice, indeed. Full video below.

 

I would have liked to see a less edited version of this . . . 

 

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Source:
Warren Buffett blames banks for meltdown
James Quinn
Telegraph, 9:27am GMT 07/02/2008
http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2008/02/07/cnbuffet107.xml

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