Superinvestor Buffett criticizes approach to US banking crisis

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.

Buffett, 92, told a shareholder meeting of his investment vehicle Berkshire Hathaway that “fear is contagious.” “You can’t run an economy if people worry 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. “Our democracy has to be refined in some way along the way. But if I had another choice, I would like to be born in America. It’s a better world than we’ve ever been,” the billionaire said.

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.