‘This Sucker Could Go Down’ – Warren Buffett Says George W. Bush Said the 10 Most Important Words in Economic History in 2008

In the darkest days of the 2008 financial crisis, Warren Buffett, one of the most respected voices in the business world, pointed to an unlikely hero: George W. Bush. While many may credit economists or central bankers with stabilizing the global economy, Buffett singled out a single phrase from the former president as pivotal.

“If money is not released, this nonsense may go down!” Bush reportedly stated during a meeting with his top advisers on the White House lawn. For Buffett, these words weren’t just colorful—they were critical. At a Detroit Homecoming event in 2014, Buffett called them “the 10 most important words in the history of economics.”

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Laughing, he added: “It’s a big, big economic statement.” He joked that while economists such as Adam Smith in 1776 had introduced concepts such as the specialization of labor and the invisible hand, Bush’s bluntness had a proud simplicity that cut straight to the heart of the crisis.

What made Bush’s observation so significant was not just its timing, crucial though that was. It happened at a time when the financial system was teetering on the edge of collapse. Buffett explained the scale of the panic: “Thirty-five million Americans in early September (2008) thought $3.5 trillion of their money was safe in money market funds. Then in one week they got worried about it.”

Once considered among the safest investments, money market funds had become a source of fear. This sudden loss of confidence was symbolic of a larger problem – liquidity in the financial system was quickly drying up. Bush’s words brought clarity to the complex crisis and provided a stark and urgent directive: Decisive action was needed now or the entire economy would unravel.

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During the event, Buffett was also asked if the government made the right call to save General Motors. He didn’t hesitate. “Yes, I was publicly asked that question on CNBC and I wouldn’t have guessed that I would have given that answer, but it was so clear to me in 2009,” he said. Buffett explained that letting GM collapse would have been disastrous: “It would have been a death blow if Washington thumbed its nose at the car companies.”

While acknowledging the years of economic missteps that led to the crisis, Buffett emphasized that quick action was essential when the economy hit breaking point. “You can argue about how we got into all the trouble we did, but when September 2008 hit, Bush did the right thing,” Buffett said. Although not a Bush supporter, Buffett gave credit where it was due, explaining that saving GM wasn’t just about one company—it was about protecting an entire industry and the economy.

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For Buffett, Bush’s words carried weight not because of their elegance but because of their clarity. They empowered key figures like Treasury Secretary Hank Paulson and Federal Reserve Chairman Ben Bernanke to act boldly and without hesitation. These actions included unconventional measures such as quantitative easing, lowering borrowing costs and massive expansion of the money supply.

The impact of these measures is still debated, but there is no doubt that they helped stabilize a collapsing financial system. For Buffett, however, the real turning point wasn’t a policy paper or a carefully calculated model—it was Bush’s blunt statement.

Now, 17 years later, Buffett’s comments serve as a reminder of the role clarity and urgency play in navigating crises. “If money is not loosened up, this nonsense may go down” may not belong in an economics textbook, but it shaped the course of modern financial history. And for Warren Buffett, that’s what made it unforgettable.

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