Warren Buffett lashed out against critics of stock buybacks. The White House says it isn't anti-repurchases, it just wants to encourage smart spending.

• Warren Buffett slammed critics of stock buybacks as economically "illiterate" in his annual letter.
• His pushback seemed aimed at opponents like President Biden, who backs a 4% tax on share repurchases.
• But a White House official said Biden isn't anti-repurchases, he just wants to encourage smart spending.

The White House has a message for Warren Buffett: You've got it wrong if you think President Joe Biden sees all stock buybacks as bad.