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Question of the Day | 11/18/2008 11:00 pm

What do you think of Warren Buffett's suggestion that we buy big cars now because they are so cheap?

Warren Buffet
Warren Buffett © AP
Joan Ganz Cooney

Joan Ganz Cooney | 11/18/2008 11:00 pm

Joan Ganz Cooney: Warren Buffett Isn't Perfect

Warren Buffett is a genius investor but he is not a genius when it comes to giving tips to consumers.
Marlo Thomas

Marlo Thomas | 11/18/2008 11:00 pm

Marlo Thomas Weighs in on Warren Buffett

Warren Buffett’s estimated net worth is something like $62 billion, so it’s hard not to wonder what he’s up to. Big cars are obviously a giant step backwards in our fight to save the environment – so what’s he thinking? He’s investing heavily in wind power and advising Obama on the economy, so he’s certainly not unaware of both the environmental and fiscal crises we’re facing. Is he seeing a bigger picture — a temporary shift to big cars to kick-start the economy, before launching a whole energy strategy? Or … is he not thinking?

Candice Bergen

Candice Bergen | 11/18/2008 11:00 pm

Candice Bergen: Warren Buffett's Not-So-Brilliant Move

Warren Buffett is a brilliant man but this is maybe the first thing I’ve heard him say that wasn’t.

Liz Smith

Liz Smith | 11/18/2008 11:00 pm

Liz Smith: How Warren Buffett's Destroying the Environment

I think Warren Buffett is just trying to get us to spend some money and keep the economy going. He is right, a big car now would be a bargain, but who knows when oil will go up again and those big cars will eventually become drugs (or oddities) on the market. It’s not a nice idea for the environment either. Oh my, I do hate to ever disagree with Warren Buffett, who is a genius.

Click here on this text to read my New York Post column.

 

49 Reader Comments (so far…) Sign In or Register to comment

Emcye Edwards
Maybe Buffet has the inside tip: For instance, this modifier can be added to an existing car - or SUV - and will double fuel economy. No need to re-tool the auto industry (or for consumers to wait to buy new cars) just put it on the jalopy you’ve already got. Why this is not common knowledge? (Rhetorical question.) http://www.preignitioncc.com/JO/flashHafcHi.htm
By Emcye Edwards on 11/19/2008 12:26 am
phyllis Doyle Pepe
Emcye: I replied to your post re: Kundera as did Rocky.
By phyllis Doyle Pepe on 11/19/2008 7:56 am
Emcye Edwards
Phyllis: duly noted.
By Emcye Edwards on 11/19/2008 3:15 pm
joan larsen
What I find to be the most unfortunate thing about Buffet’s statement that we should buy big cars is that most of us were quite taken with the man - a man so like us, regular and all — and using some of his wealth to make our world better. But this man who could do almost no wrong, has defiled his image by making a statement that only makes us shake our heads and perhaps listen twice to the next thing he may come up with. And speaking for myself, squeezing larger cars in the already dinkier - by - the - day parking spaces is about the best way to ruin the start of a day that I can think of. Warren - think twice before you speak from now on, will you? - as I don’t want to see you lose all your credibility altogether.
By joan larsen on 11/19/2008 12:28 am
Diana T
Personally, I don’t care whether we can buy big vehicles for less money or more money, I’ll be glad to see them go—-forever. What a ridiculous statement…easy for him to say. Whether one is rich or poor, it is long past time to be thinking of the mess our cars are making of the environment. As for the Big 3? I could have told them years ago to stop with the big SUV gas guzzling cars already. Now, look what’s happened. If they had spent their time being innovative and inventive, we wouldn’t be in this mess now; probably would not be using fossil fuels at all.
By Diana T on 11/19/2008 3:40 pm
joan larsen
Amen to what you said, Diana. Today I had to have my Lexus in for one of those major check-ups so they gave me a new - everything I have never seen on it SUVs as a loaner. Most everyone is driving alone in them I noticed after an hour drive - so what the heck is that about? Everyone to his own taste … but picking up my car again with its 32 miles a gallon was pure delight. But to each his own…
By joan larsen on 11/19/2008 6:15 pm
Diana T
Joan, we are long past due for phasing the large vehicles out of circulation. I get furious when I think that had the Big Three worked on innovations and inventions to manufacture clean-fueled cars back in the 70’s/80’s, we would be driving around without combustion engines and this would be a much cleaner earth. We have in our people and our brillant research centers the ability to create modes of transportation that are clean and efficient and safe. We have squandered so much time. I hope you read Hot,Flat&Crowded by Tom Friedman. He is astounding with his facts and figures.
By Diana T on 11/19/2008 6:33 pm
Emcye Edwards
And if anybody here knows why this can or cannot work, please bring it on!
By Emcye Edwards on 11/19/2008 12:28 am
Emcye Edwards
I’ll look into it further - trying not to regurge disinformation. If this is not doable, something surely is. I’d hesitate to assume Buffet is short-sighted and I’m certain he knows a thing or two about making the most of resources. My point: Green solutions such as fuel-cell and nanotechnology are close-at-hand but economic gridlock suppresses their development, distribution and widespread accessibility. Corporations overprice goods to developing countries, export jobs and import products and underpaid workers rather than restructuring their business institutions. It’s an alliance of expediency and private interest. The only force to break that gridlock is US - with consumer demand and citizen awareness. I’d like to be on the side of remembering how capable we are of mechanical, scientific and cultural breakthroughs - and freeing up mass ingenuity. - So many innovations driving our modern society were home-grown, cooked up in entrepenuers’ garages. I find that fascinating, and hopeful. Marie Curie first isolated radioactive isotopes in a shed. Bill Hewlett and Dave Packard kicked off Silicon Valley by launching HP in their garage. Bill Bowerman started Nike by melting old shoes with his wife’s waffle iron, in his garage. Steve Jobs and his dad built stuff with Heath Kits; he and Wozniak started Apple out of Steve’s folks’ garage. And if Larry Page and Sergey Brin hadn’t started their little enterprise in a garage in Menlo Park, we’d be having an even harder time checking our facts on Google.
By Emcye Edwards on 11/19/2008 4:06 am
phyllis Doyle Pepe
I would be very interested in whether your information is solvent re: the restructuring. I agree with you about Buffet––he’s got to know something we don’t. What I would like to know is where did WOW get this statement. Buffet must have gone on with an explanation–no?
By phyllis Doyle Pepe on 11/19/2008 8:04 am
beverly linens
Maybe he knows there will always be someone who wants those big things and they’d better get them now while the price is down, because there won’t be anymore built. Maybe it is as simple as that!
By beverly linens on 11/19/2008 6:10 pm
Maurine H
Emcye - maybe the moral of the story is that there is a secret ingredient in the walls of garages that sparks genius.
By Maurine H on 11/19/2008 12:55 pm
Emcye Edwards
right, it’s called elbow grease.
By Emcye Edwards on 11/19/2008 3:18 pm
DeBúrca obj
I think Buffet’s only concern is making money. Buffet is just thinking, well, buy ‘em cheap now, later, when gas prices go down and the economy gets better all the stupid Americans won’t care about the environment anymore so they’ll be glad to drive big gas guzzlers and they’ll be worth more again. The fact is, even if you can make money doing something, if it is not good for society, in this case the environment, it shouldn’t be done.
By DeBúrca obj on 11/19/2008 5:24 pm
HA BIBI
Why not, Hubby and I both did just that!
By HA BIBI on 11/19/2008 12:46 am