Warren Buffet's call for another stimulus

This mornings news headlined that Warren Buffett says that we need another stimulus check to kick start the American economy. My kids probably think why does that Margaritaville guy care so much about another stimulus? Before everything shakes out.... Jimmy may end up with as much money as Warren when we all turn to boozy drinks and Coronas in his restaurants.

My kids don't know that Warren Buffett is the Oracle of Omaha, the leader of Berkshire Hathaway and the only man that rivals Bill Gates in wealth. That was then however and this is now. We have to remember to live in the is and not in the was.

Warren Buffett made his wealth using a tried a true stock principle of buy and hold over several years. As a younger man, Buffett purchased best in class stocks like Coca Cola, Proctor & Gamble, WalMart and Kodak to achieve his fortune over decades. Now as an old man, he is changing his tune with a new stimulus. He's never been in a hurry to create wealth for the sake of a quick buck. He has always ridden out financial storms in the past. I doubt if he'd ever make a stock purchase how I do by watching Jim Cramer's Mad Money. What has changed you say? Pride.... After really bad results last year, Buffett needs fast results. At his age, he doesn't have time to build wealth over another 30 years. Everyone like to go out a winner. So does Mr. Buffett.

Many in the financial community supported President Obama because Warren Buffet did. The thinking was if he so smart, maybe we should vote for his guy too. Many historians will tell you that FDR saved the country during the depression with his new deal administration. Others say that what FDR did only poured gasoline on the flames of the depression. Only the United States entering into World War II got us out of the depression.... getting our boys out of the soup lines and into the battle lines. Where there was not enough work to put food on the table, so much work was made, our moms and grandmothers went to work building weapons at home to keep our dads ready to fight overseas.

It's time we take a page out of Warren Buffett's playbook from the past. We have bought a lot on our plate over the past few months, it's time we hold onto it and not go trading our current debt hole for an even bigger one. It's going to be painful, but the present pain will only last so long if we don't make things even worse.