Final Segment of Business Wire's Exclusive Interview with Warren Buffett Now
Available
SAN DIEGO--(Business Wire)--
Although the U.S. economy is no longer in the "emergency room," a full recovery
isn't imminent, noted Warren Buffett, CEO of Berkshire Hathaway Inc., in a
recent Business Wire interview to promote the launch of PYMNTS.com, a portal for
the global payment industry.
Buffett's remarks came in a wide-ranging video interview with Cathy Baron
Tamraz, Business Wire's president and CEO. PYMNTS.com is a joint venture of
Business Wire and Market Platform Dynamics. The interview was conducted on Sept.
16, 2009.
Acknowledging that the financial markets were gripped in a "real panic" during
the height of the economic crisis, Buffett praised government authorities for
taking the appropriate measures to quell the fear, and to prevent the economy
from "going over the cliff." Buffett warned that while we are out of immediate
danger, remedial action is still needed to cure broader systemic issues.
Consumer and investor confidence were casualties of the panic mentality in late
2008, Buffett continued, and it will take a while for confidence to be restored.
Buffett reiterated his firm belief that the American economic system is sound
and works extremely well, and that the long-term prognosis for the U.S. standard
of living remains very favorable.
Unemployment will continue to be an issue, as companies are extremely cautious
in adding to their payrolls. Buffett was optimistic that three years from now
many of his own companies will have more employees than they do currently as the
economy continues to rebound.
A greater reliance on government regulation will not eliminate future bubbles or
free falls, Buffett warned, noting that human behavior is the unmanageable
variable in the economic cycle. Although reforms may mitigate future economic
gyrations, human emotion is a wild card that defies regulation.
Criticizing Wall Street's current compensation model, Buffett argued for a more
balanced system that included "sticks" as well as "carrots." Buffett called for
the creation of a "downside" for individuals who have walked away rich from the
messes they've created, not only for their own financial institutions, but for
society. "There have to be incentives," Buffett said, "not only to get rich, but
to behave well."
Reflecting on the painful lessons of the past year, Buffett observed that it has
reaffirmed that the customer is king, and that companies that are committed to
client service will do well in the long term.
Business Wire video interview: http://client.dssimon.com/bw1
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Photos/Multimedia Gallery Available:
http://www.businesswire.com/cgi-bin/mmg.cgi?eid=6086563&lang=en
About PYMNTS.com
PYMNTS.com is an online media channel that captures user-generated and
expert-driven commentary, information, news and analysis on "what's next" in the
payments sector worldwide. The site provides a platform for industry
professionals to share content related to their latest company and product
developments, to tap into the collective commentary and analysis from experts,
bloggers and industry pundits, and to interact with industry thought leaders and
other influentials on topics of critical importance to the future of the sector.
PYMNTS.com. provides an innovative new platform for emerging players to "pitch"
their venture and companies in the sector to launch new products. The PYMNTS.com
wiki provides a first-ever country-specific payment information repository,
created and maintained by professionals in those countries with access to and
knowledge of their local payments environment. Breaking news is provided by a
direct feed to the site from Business Wire.
Photos/Multimedia Gallery Available:
http://www.businesswire.com/cgi-bin/mmg.cgi?eid=6086563&lang=en
Business Wire
Laura Sturaitis
Senior Vice President, Media Services & Product Strategy
800-770-9473 or 954-474-8833
Laura.Sturaitis@BusinessWire.com
Copyright Business Wire 2009
