Warren Buffett: S&P Erred

    Warren Buffett, chairman and chief executive officer of Berkshire Hathaway Inc., speaks at a meeting with insurance customers in New Delhi, India, on Friday, March 25, 2011. Buffett, the billionaire who urged Congress in 2009 to guard against inflation, said investors should avoid long-term fixed-income bets in U.S. dollars because the currency's purchasing power will decline. Photographer: Pankaj Nangia/Bloomberg via Getty Images *** Local Caption *** Warren Buffett

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    Billionaire Warren Buffett not only thinks that Standard & Poor's shouldn't have downgraded the United States' credit rating—he thinks there should have been a promotion. Buffett told Bloomberg Television that S&P was wrong when it dropped the U.S. from AAA to AA+, and the nation merits a "quadruple A" rating. The Berkshire Hathaway chairman also tried to restore confidence in the markets after last week's drastic sell-off on Wall Street, saying: "Financial markets create their own dynamics, but I don't think we're facing a double dip recession."

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