Buffett: Allowing Default Is Idiocy

It doesn’t take a genius to know that defaulting on your bills is not good. But it helps when one weights in.

Buffett said he thinks it would be absurd for American politicians to do anything to damage the country’s reputation for paying its bills that has been established over the past 237 years.

“I don’t think it will happen, but if it does happen, it’s a pure act of idiocy,” Buffett said about the possibility of default.

Buffett also said not raising the debt limit would be like “poison gas.”

You might say that the threat to not raise the debt ceiling after you’ve already spent the money is, it’s really a political weapon of mass destruction,” the Berkshire Hathaway CEO said on CNBC’s “Squawk Box” on Wednesday. “There are certain weapons that are just improper to use against humanity. And to use this against the American public, it is a political weapon of mass destruction, and both sides should say we’re not going to touch it, just like with poison gas, just like with nuclear weapons. It’s too powerful.”

By: Alan

Alan Colmes is the publisher of Liberaland.