Tuesday, 10 March 2009
The Wisdom of Politics
Billionaire Warren Buffett says the US economy could recover in five years, likening the current battle against prolonged recession as a Pearl Harbour-like situation during World War II.
Buffett, who heads the holding company Berkshire Hathaway, said the Federal Reserve's "prompt and wise action" had prevented the situation from "getting even worse" as the central bank cut interest rates to virtually zero and took other steps to reign in turmoil.
Asked about the poor economic recovery and plunging inflation, he said "it will depend on the wisdom of government's politics".
So, how do public officials enact wisdom in these difficult times? And, perhaps more importantly, how do those same officials protect against folly in decision making?