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article imageBuffett: 'Obama Government Doing The Right Things'

By Chris V. Thangham     May 2, 2009 in Politics
At his company's annual meeting, billionaire Warren Buffett said the U.S. government is taking the right steps to help the economy recover from the current recession.
Warren Buffett, the world’s second richest man after Bill Gates, spoke with his shareholders at the annual meeting of Berkshire Hathaway Inc.
Buffett said:
"The government is doing the right things...They're acting in a countercyclical manner."
Buffett added that he can’t exactly predict how quick the economy will recover, but said markets will improve. In his more than 60 years of investing history he has seen quite a number of ups and downs in the stock market.
Last year when Bush was U.S. president, Buffett warned the country was facing an “economic Pearl Harbor” situation.
Buffett’s company had its worst year since he took over the in 1965:
Berkshire's Class A stock lost 32 percent in 2008, and Berkshire's book value (assets minus liabilities) declined 9.6 percent, to $70,530 per share. That was the biggest drop in book value under Buffett and only the second time its book value has declined.
However, his company did much better than S&P 500 index, which fell 37 per cent in 2008. Berkshire reported a profit of $4.99 billion or $3,224 per Class A share. Profits fell by 62 per cent compared to 2007, but it still did much better than other companies.
When he's done at the company, Buffett plans to find a replacement for himself from within in an effort to maintain the company's culture.
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