Super investor Buffett criticizes approach to US banking crisis – Wel.nl

Superinvestor Warren Buffett has slammed the way politicians, regulators and the press have handled recent problems at US regional banks. He said their “extremely poor” coverage had unnecessarily frightened savers.

“Fear is contagious,” Buffett, 92, told a shareholder meeting of his investment vehicle, Berkshire Hathaway. “You can’t run an economy if people are worried about whether their money is safe in the banks,” he continued.

Buffett warned of growing “tribalism” in Washington, where partisanship makes people talk at cross purposes. “We have to refine our democracy along the way. But if I had another choice, I’d like to be born in America. It’s a better world than what we had,” says the billionaire.

His company, Berkshire Hathaway, made a profit of $ 30.8 billion from its own operations last year, turning over about 29.1 billion euros. The company lost a lot of its investment. Berkshire Hathaway is active in the insurance sector, railways and energy companies.