Investment legend Warren Buffett says he has come to respect President Bush’s handling of the financial crisis, thanks to a new book by former Treasury Secretary Henry Paulson.
Paulson’s memoir is titled “On the Brink: Inside the Race to Stop the Collapse of the Global Financial System.”
In an interview with Paulson on CNBC, Buffett said, “Through the book I got more appreciation for what he did in this particular situation.”
The Oracle of Omaha notes that he has read great economists from Adam Smith to John Keynes.
“But I’ve never heard a more eloquent statement that succinctly summed up the economic world than George Bush made in September 2008, when he said in a memorable 10 words, ‘If money doesn’t loosen up, this sucker can go down.’”
The remark resembled Abraham Lincoln’s Gettysburg Address: “short, but to the point,” Buffett said.
“I really did gain an appreciation for the fact that he understood what was going on and understood what needed to be done.”
Paulson echoes that sentiment.
“He went to (Harvard) business school. He had a good fundamental understanding of markets and economic issues. He cared about them.”
As for Paulson’s book, it received a positive review from Daniel Gross of The Washington Post.
“His first-person account of the epic financial collapse is straightforward and direct. Shorn of anonymous, unsourced dish, it nonetheless offers plenty of excellent color and detail,” he wrote.
© 2012 Moneynews. All rights reserved.