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 Trump may be targeting this city next due to a misleading news report. Angel Reese is in hot water with her own team. A pastor's dream factored in the discovery of hiker's remains. Pilot who tried to cut engines won't be going to state prison. Report an error