Warren Buffett: On Viagra & Candy

Apparently Warren Buffett not only knows markets.

He knows stimulus, as in Viagra.

As debate grows about a possible second stimulus package for the flagging American economy, at least one legendary investor is giving the idea his guarded approval.

"I think that a second one may well be called for," Warren Buffett, the CEO of Berkshire Hathaway, told "Good Morning America" today. But, he added, "you hope it doesn't get watered down in many ways."

[SNIP]

"Our first stimulus bill ... was sort of like taking half a tablet of Viagra and having also a bunch of candy mixed in ... as if everybody was putting in enough for their own constituents," he said. "It doesn't have really quite the wall that might have been anticipated there."

So candy with Viagra doesn't get the job done. Important tip. I think.

Sadly Warren Buffett, like so many rich investor types today, doesn't know diddly-squat about economic freedom or what truly would rescue America from its economic woes. He's on record as supporting more federal intervention into the markets, as long there is no possibility that private investors can profit.

"I do not like the idea of any kind of a plan involving the government where Wall Street makes a lot of money. My plan provided that they would make no money whatsoever, and the American public would make the money. I just think that Wall Street owes the American people one at this point," he said.

Just proves that naivete knows no bounds of rich or poor. If he thinks this or any other Congress would ever return money to the American people, he is sadly mistaken.

What does Wall Street owe the American people? Honesty, integrity and making sure investors are getting a sound return for their investment dollar. You won't get any of that by mixing in government interference or control.

Same as it ever was.