While lawmakers debate the proposed $700 billion plan to rescue the financial system, Warren Buffet, a powerful investor influence is optimistic. He told CNBC yesterday that passing a bailout bill was “the right thing” for Congress to do, calling the current crisis an “economic Pearl Harbor.”
Despite the anger emanating from various investors and taxpayers, Buffet believes that the economy is “everybody’s problem,” according to The New York Times.
Buffett said that in the long-run, the government could make money on the transaction.
Buffet’s comments came shortly after he announced he would invest $5 billion in Goldman Sachs. This move indicates that Buffett holds confidence in the struggling economy.
He noted that he never would have made the investment if he didn’t think lawmakers would pass a bailout bill. As to whether his investment was an attempt to convince Congress to favor the bailout, Buffett said that he simply thought Goldman was a sound investment.
“I’m not brave enough to try to influence the Congress,” he said.