NEW YORK - Legendary investor Warren Buffett known as the oracle of Omaha for his ability to predict stock market prices said the S&P erred in its decision to downgrade the U.S. credit rating.
Buffett said "U.S. merits a "quadruple A" rating." Buffett attributes the decline to the S&P reacting to the current stock market decline. Buffett continued "Financial markets create their own dynamics, but I don't think we're facing a double dip recession," said Buffett, chairman and chief executive officer of Omaha, Nebraska-based Berkshire Hathaway Inc. "Clearly what stock markets do have is an effect on confidence, and this selloff can create a lack of confidence."
Buffett said Friday that that the S&P decision "doesn't make sense" and that his Omaha, Nebraska-based company would hold onto its sizeable number of U.S. Treasury bills.
"In Omaha, the U.S. is still triple-A. In fact, if there were a quadruple-A rating, I'd give the U.S. that," he told Fox Business News.
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