Thanks, Government!
Here's something you don't see every day: a thank-you note to government from a private sector financial titan.
Today, in the New York Times, Warren Buffett pens just such a letter to Uncle Sam, in regards to federal efforts to respond to the financial crisis that unfolded in September 2008. In one of the country's darkest hours, he writes, government came through:
When the crisis struck, I felt you would understand the role you had to play. But you've never been known for speed, and in a meltdown minutes matter. I worried whether the barrage of shattering surprises would disorient you. You would have to improvise solutions on the run, stretch legal boundaries and avoid slowdowns, like Congressional hearings and studies. You would also need to get turf-conscious departments to work together in mounting your counterattack. The challenge was huge, and many people thought you were not up to it.Well, Uncle Sam, you delivered. People will second-guess your specific decisions; you can always count on that. But just as there is a fog of war, there is a fog of panic -- and, overall, your actions were remarkably effective.
That said, Buffett is quick to make sure Uncle Sam doesn't get too high an opinion of himself, writing that government is "often clumsy, even inept," "wasteful," sometimes "bullying," and, "on occasion ... downright maddening."
Update, 4:06 p.m.: Maybe this has something to do with Buffet's newly rosy view of government.