Warren Buffett on the economy

This is why I love this guy.

"SG: But there is debate about whether there should be fiscal stimulus, whether tax cuts work or not. There is all of this academic debate among economists. What do you think? Is that the right way to go with stimulus and tax cuts?

WB: The answer is nobody knows. The economists don’t know. All you know is you throw everything at it and whether it’s more effective if you’re fighting a fire to be concentrating the water flow on this part or that part. You’re going to use every weapon you have in fighting it. And people, they do not know exactly what the effects are. Economists like to talk about it, but in the end they’ve been very, very wrong and most of them in recent years on this. We don’t know the perfect answers on it. What we do know is to stand by and do nothing is a terrible mistake or to follow Hoover-like policies would be a mistake and we don’t know how effective in the short run we don’t know how effective this will be and how quickly things will right themselves. We do know over time the American machine works wonderfully and it will work wonderfully again.

SG: But are we creating new problems?

WB: Always."

Man, if there is any guy that I would love to have a beer with and pick his brain, this is the guy.

Warren, if you're out there, anytime you want to head out to a minor league ballgame and have some dinner and just gab about whatever, you give me a call and it's on me.

I bet the richest man in the world gets tired of picking up the tab all the time. And I swear to God a night of chit-chat with you would be worth it.

And it has not a lick to do with money.