>Warren Buffet had a conversation with Charlie Rose about the economy and the current financial crisis, what follows is an excerpt from that conversation that I think you may find interesting. This is a small excerpt from an incredible interview with Buffet and I think you should read it. It’s long and if you’d rather watch it the video link is below. He speaks in plain language and is well balanced. Its not all roses (not pun intended), but it is real straight talk.
“Oh, I think confidence will come back. I will tell you this. This country is going — be living better ten years from now than it is now. It will be living better in 20 years from now than ten years from now. The ingredients that made this country, you know, the miracle of the world — I mean we had a seven for one improvement in the average American standard of living in the 20th century. Now, we had the great depression, we had two world wars, we had the flu epidemic. You know, we had oil shock. You know, we had all these terrible things happen. But something about the American system unleashed more and of a potential to human beings over that hundred years so that we had a seven for one improvement in — there’s never been any — I mean, you have centuries where if you’ve got a 1 percent improvement, then it’s something. So we’ve got a great system. And we’ve got more productive capacity now than we ever have. The American worker is more productive than he’s ever been. We’ve got more people to do it. We’ve got all the ingredients for a sensational future. It’s just that right now the athlete’s on the floor. But we — this is a super athlete.”
Scott Dauenhauer CFP, MSFP, AIF