ABC News:

"I think that a second one may well be called for," Warren Buffett, the CEO of Berkshire Hathaway, told "Good Morning America" today. But, he added, "you hope it doesn’t get watered down in many ways."

Buffett cautioned that a second stimulus package, like the first, won’t be "a panacea," because stimulus packages take time to work. He criticized lawmakers’ work on the first stimulus package, which contained $787 billion in spending.

"Our first stimulus bill … was sort of like taking half a tablet of Viagra and having also a bunch of candy mixed in … as if everybody was putting in enough for their own constituents," he said. "It doesn’t have really quite the wall that might have been anticipated there."

My comment: I am of course opposed to any stimulus or bailout. We simply do not have the money to pay for these things. I know I sound like a broken record but the debt that has been accumulated needs to be paid back or defaulted on. We cannot continue to paper over past papered over mistakes with more paper. If we do we will have a declining standard of living and a lower dollar. Having said that and living in reality I know that politicians will do whatever they think they need to do to get reelected. I suspect we will see a consensus build, and Buffets comments are part of that, for another round of stimulus.

John Polomny
The Real Deal