Warren Buffett: Republicans Should Stand Behind Obama

More

Warren Buffett gave an interview on CNBC this morning, declaring that the U.S. economy has "fallen off a cliff."

One solution he offered: for Republicans to fall in line. "I think that the Republicans have an obligation to regard this as an economic war and to realize need one leader and in general support of that," Buffett said. The tradeoff: Obama and his party should not use the crisis to "roll" the Republicans and pass contentious measures.

"In the interim, until we get this resolved, I would not be pushing a lot of things that you know are contentious," Buffett said.

When asked what coporate America needs to do in response to the financial crisis, Buffett said institutions "behaved terribly" with regards to debt leveraging in the lead-up to the crisis: "I think corporate America behaved terribly in terms of their attitute toward the sanctity of the numbers they reported, and it was worse in the 1990s, but I hope they get over that," Buffett said. (Fast forward to 8:20 to see Buffett's remarks.)

Another news nugget from the interview: Buffett opposes the Obama-backed Employee Free Choice Act (or "card check" bill), which would make it easier for workers to form unions by eliminating employer mandated secret ballot elections. Perhaps unsurprising for a CEO, though it should be noted that, in addition to being a big-time Obama backer, Buffett is a progressive when it comes to taxing the rich.

Jump to comments
Presented by

Chris Good is a political reporter for ABC News. He was previously an associate editor at The Atlantic and a reporter for The Hill.

Get Today's Top Stories in Your Inbox (preview)

Why Are Americans So Bad at Saving Money?

The US is particularly miserable at putting aside money for the future. Should we blame our paychecks or our psychology?


Elsewhere on the web

Join the Discussion

After you comment, click Post. If you’re not already logged in you will be asked to log in or register. blog comments powered by Disqus

Video

The Death of Film

You'll never hear the whirring sound of a projector again.

Video

How to Hunt With Poison Darts

A Borneo hunter explains one of his tribe's oldest customs: the art of the blowpipe

Video

A Delightful, Pixar-Inspired Cartoon

An action figure and his reluctant sidekick trek across a kitchen in search of treasure.

Video

I Am an Undocumented Immigrant

"I look like a typical young American."

Video

Why Did I Study Physics?

Using hand-drawn cartoons to explain an academic passion

Writers

Up
Down

More in Politics

Just In