My 11/14/08 post generated a lot of funny email responses. Something about the word "teat" caused a chuckle. Well, it appears that the Oracle From Omaha likes the metaphor also. Here's an excerpt from his letter to his shareholders last week:
" Economic medicine that was previously meted out by the cupful has recently been dispensed by the barrel. These once-unthinkable dosages will almost certainly bring on unwelcome aftereffects. Their precise nature is anyone's guess, though one likely consequence is an onslaught of inflation. Moreover, major industries have become dependent on Federal assistance, and they will be followed by cities and states bearing mind-boggling requests. Weaning these entities from the public teat will be a political challenge. They won't leave willingly."
"The freefall in business activity is accelerating at a pace that I have never witnessed before."
He does provide some optimism:
"Though the path has not been smooth, our economic system has worked extraordinarily well over time. It has unleashed human potential as no other system has, and it will continue to do so. America's best days lie ahead."
The entire letter can be read here:
http://www.berkshirehathaway.com/letters/2008ltr.pdf
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