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Warren Buffett Watch
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Warren Buffett and J.P. Morgan: The Return of "Profitable Patriotism" After 101 Years
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Warren Buffett gets a favorable comparison to the legendary financier J. Pierpont Morgan in today's New York Times.
(The article also appears on CNBC.com as part of our partnership with the Times.)
Steve Lohr writes: "In the midst of a financial crisis, a towering figure of American business steps foward with his reputation and financial resources for public good and personal gain."
He's describing both J.P. Morgan in 1907 and Warren Buffett in 2008. New York University economist Richard Sylla calls their crisis responses "profitable patriotism."
Morgan "stepped in and functioned as America's central bank." He gathered "his fellow financiers at his Manhattan mansion and hammered out a rescue plan."
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While there are similarities between 1907 and 2008, there are also several differences. The government plays a much bigger role now. Morgan "wielded his power over financial markets more directly" than Buffett.
The 1907 Crisis "subsided after a few rocky weeks." We can only hope the 2008 version is more similar than different to its 101-year-old cousin in that respect.
Current stock prices:
Berkshire Class A: [US;BRK.A
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Berkshire Class B: [US;BRK.B
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General Electric: [GE
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Goldman Sachs: [GS
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Questions? Comments? Email me at
- CNBC TRANSCRIPT: Warren Buffett Warns Rescue Package Won't Be "Panacea" for Troubled Economy (October 3)
- Warren Buffett to CNBC: Rescue Bill Will Help, But Not "Panacea" for Economy (October 3)
- Warren Buffett: Treasury Should Team With Private Investors to Buy Distressed Assets (October 2)
- Warren Buffett: I Haven't Seen As Much Economic Fear In My Adult Lifetime - Charlie Rose Interview (October 1)
- Warren Buffett's Three Rules for Investing In a Crisis (October 1)
- Warren Buffett Casts Vote of Confidence In General Electric With $3B Investment (October 1)
- Warren Buffett Stake Sends Chinese Battery Maker's Shares 42% Higher in Hong Kong (September 29)
Data is a real-time snapshot *Data is delayed at least 15 minutes
