Warren Buffett to Timothy Geithner: Your 'muddled' message hurting recovery

Treasury Secretary Timothy Geithner is having a bad week. And it's only Monday.

The negative reviews started this morning when Berkshire Hathaway Chairman Warren Buffett, an early supporter of Barack Obama, delivered a sobering edict on Geithner's performance. During a three-hour appearance on CNBC's "Squawk Box," the Oracle of Omaha said the economy "has fallen off a cliff" and that so far, the message from the U.S. government has been "muddled."

One possible reason: a vacuum at the top. So far Geithner is the only confirmed political appointment at Treasury. After two high-profile candidates withdrew their names last week, the department is still scrambling to fill key positions even as billions are going out the door to try to stem to losses in the nation's banking industry. As the New York Times put it today:

In the six weeks since Mr. Geithner took over as Treasury secretary, he and a skeleton crew of unofficial senior advisers have been racing to make decisions that will shape the future of the banking, insurance, housing and automobile industries. But even as he maintains a frenetic pace -- unveiling plans, testifying before Congress and negotiating new bailouts with the likes of Citigroup, General Motors and the American International Group -- there are signs that events are getting ahead of him.

Still, Buffett urged patience, saying, "You can't turn around on a dime."

But "Saturday Night Live" couldn't wait. Over the weekend, the late-night parody place took aim at the Treasury secretary's seeming paucity of ideas in a skit that offers viewers a chance to solve the nation's economic woes.

-- Johanna Neuman

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Comments

[Economic Watchdog]

It is funny how the so called “Financial Oracle" is theorizing about the economic crisis and how to save the economy. Where was Warren Buffet in 2007? How much did he lose in this crisis? I think we should listen and learn only from those who warned us. They are the true Oracles who saw the crisis coming before the rest. I recommend you research Peter Schiff, Med Yones, Nouril Roubini, and Nassim Taleb. These experts tell it as it is, simple and clear. I read a special report on the economy. It predicted the crisis in jan 2007 and provided solutions that were ignored by the pervious Bush Administration and the current Obama’s economic team. Instead our politicians use the crisis as an excuse to design stimulus and aid programs to support special interests (investment banks) and for partisan political gains. It does not take a genius to see the truth, all it took me is 30 minutes to read this non-partisan report by Med Yones, one of the experts who predicted the crisis: http://www.ceoqmagazine.com/2009Q1/economics/useconomicrisis/index.htm

According to the report, if Obama takes the recommended reform steps, we could see the economic recovery as soon as 2010/2011 ..if not, then we could get into another great depression era.

[Economic Watchdog]

It is ironic how the so called “Financial Oracle" is telling us about the economic crisis and how to save the economy. Where was Warren Buffet in 2007? How much did he lose in this crisis? I think we (and he) should listen and learn only from those who warned us. They are the true Oracles who saw the crisis coming before the rest. So they must know something that we don’t. I recommend you research Nassim Taleb, Med Yones, and Nouril Roubini. These experts tell it as it is, simple and clear, they have no political or financial interest to promote a certain point of view. I read a special report on the economy by CEO Magazine. The report predicted the crisis in Jan of 2007 and provided solutions that were ignored by both Bush and Obama Administration. Unfortunately our politicians use the crisis as an excuse to design a stimulus package and aid programs to support special interests (investment banks) and for partisan political gains. It does not take a genius to see the truth. All it took me is 30 minutes to read this non-partisan report by Med Yones, one of the experts who predicted the crisis: http://www.ceoqmagazine.com/2009Q1/economics/useconomicrisis/index.htm
According to the report, if Obama takes the recommended reform steps, we could see the economic recovery as soon as 2010/2011 if not, then we could enter another era of a great depression. Wake up, America! When we will learn our lessons?!

[PacificGatePost]

OBAMA’S KNOWLEDGE GAP

Unfortunately Obama is showing the gap in his understanding of critical elements at the core of what drives America.

http://pacificgatepost.blogspot.com/2009/03/obama-third-tell.html

This administration does not understand that business and capitalists are not its enemies.

[PacificGatePost]

OBAMA’S KNOWLEDGE GAP

Unfortunately Obama is showing the gap in his understanding of critical elements at the core of what drives America.

http://pacificgatepost.blogspot.com/2009/03/obama-third-tell.html

This administration does not understand that business and capitalists are not its enemies.

[Ezdate123]

We know the economy is in bad shape. We do hope things turn around soon. People need employment.. The President has a tremendous task ahead... I don't know the answers but I would like to see CEO's lower their salaries and take the companies into consideration that they are employed by...I guess it's the board of directors that need to keep wages/salaires in balance....maybe a pay per perfornamce would be a good bonus platform....I personally feel there is to much pay in the top positions with not much accountability...I would like to see that changed......Mike/ezdate123