Warren Buffett rarely needs an introduction. By most standards he can be considered as popular as today's movie stars, music performers and sports heroes. As a savvy guru of the business world he has made a tidy sum of money as one of the most revered investors of the last several decades. Whatever his formula is, it works. Besides the record-breaking numbers on investment returns, he personally brings confidence and prestige to any process he is involved in.
Confidence in the U.S. economy is what's largely lacking right now. Actually, it all pretty much started with the subprime mortgage deterioration that then engulfed the entire financial system and these troubles eventually spread over to entire economy and overwhelmed it. Many different approaches have been tried to cure the ills but the results so far have been meager And that is because the confidence level in the economy and the political process is badly faltering. Wall Street's reputation is severely damaged by its own inability to responsibly run its affairs and the U.S. Treasury Department, the Federal Reserve and other governmental entities aren't doing much better.
Enter Warren Buffett. In a recent interview he voiced his unwavering support for the new President Obama, that he is the right man to successfully face this "economic Pearl Harbor". His words can go a long way in carrying the present administration's policies to a result that will lift the mortgage, financial and real estate markets off the mat and when the housing sector is gaining strength the whole economy will perk up. It plays such a key role in it, in the big picture. In essence, Buffett is instilling a healthy dose of his personal confidence into the upcoming plans that it alone ought to improve the country's outlook for the future. Raise its spirits and work tirelessly toward correcting what needs to be corrected.
He also makes it clear that there are no quick fixes, no miracle cures because many of the problems are fundamental in nature and take a while to straighten out. Yet, he has the confidence that the light at the end of the tunnel is visible and will grow bigger and bigger.