Money | Warren Buffett Warren Buffett Chides Banks for Role in Market Mayhem Calls meltdown 'poetic justice' By Zach Samalin Posted Feb 7, 2008 2:42 AM CST Copied Berkshire Hathaway Chief Executive Officer Warren Buffett testifies on Capitol Hill in Washington, Wednesday, Nov. 14, 2007, before the Senate Finance Committee hearing on the federal estate tax. (AP Photo/Dennis Cook) (Associated Press) Billionaire Warren Buffett thumbed his nose at eminent investment banks today, claiming they caused their own demise in the subprime mortgage meltdown. "It's a little poetic justice, in that the people that brewed this toxic Kool-Aid found themselves drinking a lot of it in the end," Buffett said. Not without a hint of schadenfreude, Buffett reiterated his trademark pessimism over the fate of the dollar, forecasting protracted failure in upcoming years, the Telegraph reports. Buffett maintains the market isn't totally floored: "Money is available, and it's really quite cheap," he said. "It's what I might call 'dumb money,' of which there was plenty around a year ago," that's dried up. Read These Next Trumps ends trade talks with Canada. Actor Sam Rockwell gets residuals from movie he wasn't in. Gavin Newsom has filed a massive lawsuit against Fox News. President Trump celebrates a 'giant' Supreme Court win. Report an error