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Pastimes : The California Energy Crisis - Information & Forum
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To: gamesmistress who wrote (252)4/30/2001 9:57:20 AM
From: gamesmistress  Read Replies (1) of 1715
 
Buffett on CA energy crisis:

OMAHA, Neb. -- The California energy mess is "asinine."
That's the view of Berkshire Hathaway Vice Chairman Charlie Munger and an opinion shared by one of America's most famous investors, Warren Buffett.
Berkshire's dynamic duo took on the California issue at a Sunday media confab in conjunction with the company's annual meeting, which was attended by more than 12,000 Berkshire shareholders. When asked about the crisis, Munger, a California resident whose opinion is often sought on issues of business policy in the Golden State, was very candid.
"California got in its mess through extreme stupidity," said Munger. "That is a mild word for what went on, and it is shared across both [political] parties. It was asinine to allow electricity to get short in California."
The problem is now so complex it could take years to fix. "Many things are easier to prevent than to fix," he said. He suggested that the market now needs price signals that "restrict demand" while the state scrambles to add capacity. "If you get a dumb enough problem like trying to beat a train across the track, if you fail you'll have a tangled mess," he says.
Buffett offered one solution to the current conundrum: the appointment of a "czar" who could develop a plan to break through the complexity and avoid the "squabbling constituencies." Buffett said if it weren't so serious, it would be laughable; it "is a joke when ... the largest state in the richest country" can't keep the lights on. "That is a flub in capitalism that is pretty extraordinary," he said.
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