Warren Buffett: Govt response to economic crisis was appropriate

CNNMoney:

Berkshire Hathaway chief Warren Buffett defended the government's handling of the economic crisis, but warned that the purchasing power of the dollar may fall as policymakers stretch to finance expensive rescue plans.

Reflecting on the near implosion of the financial system last fall, Buffett said officials should be judged more leniently when facing "as close to a total meltdown as you can imagine."

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Buffett defended federal efforts to support the economy, ranging from last fall's financial rescues to the the $787 billion stimulus plan enacted earlier this year.

"Government does need to step in," Buffett said, referring to the 6% contraction of the U.S. economy in the fourth quarter of 2008 and the first quarter of 2009.