Warren Buffett says banks will not cause major problems for the economy as they did during the 2008/2009 financial crisis — and he guarantees it.
“The banks will not get this country in trouble, I guarantee it,” Buffett recently told Bloomberg. “The capital ratios are huge, the excesses on the asset side have been largely cleared out. … We own bank shares and I personally own stocks in banks … I do not see problems in these things.”
“Our banking system is in the best shape in recent memory,” Buffett added. His Berkshire Hathaway owns major stakes in Wells Fargo, Bank of America, Goldman Sachs, and U.S. Bancorp.