"It's hard to take Warren seriously, ever since he became a shill for (and a beneficiary of) the Obama administration. In my view, the Fed is like an arsonist who, once the fire he set is raging, steps in to help the fire fighters extinguish it, so that he can be seen as a hero. I guess, rather than having the Fed step in to "save the world" once again, I'd rather they ensure the purchasing power of my money. Period. The fact that gold has appreciated from $280 to $1400 in the last decade tells me they are failing miserably.

"It's arrogant to think we can eliminate the business cycle, and all Bernanke has done is forestall the inevitable. Look at bank stocks and tell me you think Bernanke is doing a great job. I'd rather flush out the sclerotic banking system, and then maybe we could have the foundation of a powerful sustained recovery that business would embrace by hiring new workers.

"Unemployment is still near 20%, and the economy is rebounding more weakly than it was in the 1930s. Bravo!"

David Fuller's view Most Americans of Warren Buffett's approximate age knew of too many people who were devastated by the '30s Depression and consequently favour a safety net.

Also, I cannot think of another well known figure who was more critical of the ethical lapses and derivatives excesses from the banks which played such a dominant role in the 2008 collapse.

The business cycle has not been denied; the debate is about how we pull out of the slump. I have always assumed that the tradeoff was a less severe recession and somewhat slower recovery under current policies, than if the Fed had allowed a more rapid deleveraging and steeper economic downturn.

Fortunately, we can see policy trends in addition to market trends, and act accordingly to protect our assets. That is always Fullermoney's first priority.