Warren Buffett has accused major investment banks of
creating their own downfalls:
"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."
Poetic justice, indeed. Full video below.
I would have liked to see a less edited version of this . . .
Warren Buffett blames banks for meltdown
Telegraph, 9:27am GMT 07/02/2008