Investment demigod Warren Buffett says the auto bailout crew got it right.
In an interview with the Detroit Free Press last week, the CEO of investment firm Berkshire Hathaway pointed out he's no newcomer to the bandwagon in light of the recoveries of General Motors and Chrysler, but was there from the beginning:
"If you go back to March 6, or something like that, in 2009, I was on CNBC, and that was the day before the Dow hit a low, and I got asked about whether the government ought to move in and give help to the auto companies," Buffett recalled. "And I'm glad to say I called that one right.
"It was huge, the way they came back. It's amazing, all three of them. When you think of the ripple effect with the suppliers and everything else, it would have been a disaster if the government hadn't come in. You've got to give credit to the industry for ... making the most of it."
In addition to the kind words, the Sage of Omaha also did Detroit a kindness by not damaging its defensive star, Detroit Lions tackle Ndamukong Suh, a former standout at the University of Nebraska. Said Buffett: "Two weeks ago I arm-wrestled him [at a mentorship event in Nebraska], and after toying with him for a few minutes, I pinned him. I made him sign a release before we did it that if I hurt him, he would not sue me."