NEW YORK (TheStreet) -- There are no casual comments from Warren Buffett -- and definitely no casual columns. Thus, expect repercussions from the column penned by Buffett in today's New York Times (NYT).
In it, Buffett draws a parallel between the potentially devastating "butterfly effect" of carbon emissions and the similar long-term impact of "greenback emissions," claiming that the United States must be cognizant of the unintended consequences of outsize government debt.
Buffett, the 78-year-old billionaire CEO of Berkshire Hathaway (BRK.A BRK.B), has served as an economic adviser to President Barack Obama during both the presidential campaign and Obama's first year in office.
"A meltdown," Buffett argues, was avoided, "with a gusher of federal money playing an essential role in the rescue."Still, Buffett goes on to warn that "enormous dosages of monetary medicine continue to be administered and, before long, we will need to deal with their side effects. For now, most of those effects are invisible and could indeed remain latent for a long time. Still, their threat may be as ominous as that posed by the financial crisis itself." The U.S. budget deficit is projected to reach a record $1.841 trillion for the fiscal year that ends Sept. 30.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV