Warren Buffett has weighed in on bank runs, bailouts and the dangers of insuring deposits. Here are 9 quotes that shed light on today's banking crisis.
for more than five decades. Some of his past remarks are strikingly relevant to the current furore around bank runs, government bailouts, deposit insurance, and poor risk management.1."It's a business that can be a very good business, when run right. There's no magic to it. You just have to stay away from doing something foolish. It's a little like investing. You don't have to do anything very smart. You just have to avoid doing things that are ungodly dumb.
3."When you have a panic, you have to have someone, somewhere, who can say and be believed, and be correctly believed, that he or she will do whatever it takes." 5."Normally, it is risky business to lend long at fixed rates and borrow short as we have been doing at Clayton. Over the years, some important financial institutions have gone broke doing that. At Berkshire, however, we possess a natural offset in that our businesses always maintain at least $20 billion in cash-equivalents thatshort-term rates. In banking terms, Berkshire is — and always will be — heavily asset-sensitive and will consequently benefit from rising interest rates.
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