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"Lorne Gunter: Pointing the finger at Warren Buffett"
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WhiskeyGirl
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"Lorne Gunter: Pointing the finger at Warren Buffett"
«
on:
August 30, 2009, 02:32:32 PM »
"Lorne Gunter: Pointing the finger at Warren Buffett"
Quote
Unmentioned by Mr. Buffett as a downside to raising taxes is the likelihood that increasing taxes in the middle of a recession would hurt job creation and business expansion at precisely the wrong moment.
Quote
While Mr. Buffett does not hold out much hope that inflation and devaluation can be avoided-- since they would seem to be the most politically palatable options -- he is keeping his fingers crossed that other solutions could be found.
The irony of all of this is that Mr. Buffett himself is as responsible as any other private citizen in the U. S. for Washington's out-of-control spending, big deficits and inflationary ways.
Quote
In his piece in the Times, Mr. Buffett goes out of his way to blame current federal overspending on efforts made "last fall" to avoid a Depressionlike run on banks and other financial institutions.
...
And
why stick president Bush with blame for the ballooning U. S. debt?
Because Mr. Buffett is a key economic advisor to current President Barrack Obama
...
Quote
...
After all if Mr. Buffett said that "you couldn't have anybody better in charge" of the economy, that was good enough for most people.
...
He enthusiastically endorsed Mr. Obama's stimulus package in February and as recently as last month was calling for a second round of pump-priming.
He is directly associated with a president whose bailouts of car makers, subsidies to state and local governments, spending on union-built infrastructure projects and attempts to socialize health care have pushed or will push up U. S. debt by trillions, several times more than Mr. Bush's bank and insurance bailouts.
Mr. Buffett is no doubt correct about the perils of too much debt, but if he wants to see someone responsible for the U. S. mess, he need only look in the mirror.
http://network.nationalpost.com/np/blogs/fullcomment/archive/2009/08/21/lorne-gunter-pointing-the-finger-at-warren-buffett.aspx
In the middle of a depression/recession with 10%/16% unemployment (and rising), how much is Buffet making off of taxpayers debt?
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All my posts are just my humble opinions. Please take with a grain of salt.
It doesn't do any good to hate anyone,
they'll end up in your family anyway...
WhiskeyGirl
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Re: "Lorne Gunter: Pointing the finger at Warren Buffett"
«
Reply #1 on:
August 30, 2009, 02:43:48 PM »
Quote
Derivatives Fuel Berkshire Hathaway's 14% Q2 Earnings Rise
Forbes Staff, 08.07.09, 07:25 PM EDT
Stock markets were Warren Buffett's friend as his company posts first rise in earnings for six quarters.
Hathaway Chairman and Chief Executive Warren Buffett has taken his lumps this recession, but Friday he announced his company's best quarterly results for nearly two years.
Quote
After adjusting for taxes and non-controlling interests, investment losses and derivatives gains represent a net $1.5 billion gain, up from $610 million a year earlier.
http://www.forbes.com/2009/08/07/buffett-berkshire-hathaway-markets-equities-q2-earnings.html
I wonder what kind of derivatives are fueling that growth? I wonder if taxpayers/FDIC/Treasury/Federal Reserve are backing the products producing that income?
When the derivatives go sour, will taxpayers find more bad/toxic debt in their pockets?
Another example of socialized losses, privatized profits?
From the comments of that article above -
Quote
Posted by gatias | 08/08/09 06:48 PM EDT
Let me get this straight .. "Derivatives Fuel!?"
Wouldn't we have been much better off if we had about 1,000 less stories over the last decade that began with "Derivatives Fuel."
The only reason derivatives have the power these days to fuel anything is because TARP money is being pushed into the market (on Bernake-greased-tracks) though the back door.
When are we going to take our medicine? Revenues are down everywhere. Berkshire threw a huge chink of it's workforce onto the street. Companies are simply making themselves look better on paper - by shrinking! This is not honesty with the American people. This is just getting out a giant air hose to try and inflate the same bubble that already burst.
Got news for you richies - no matter what you do you're gonna die anyway, just like everybody else. You don't need to be afraid, scared little boys in expensive suits that you are. For the short few years we're all kicking around here, isn't it just better to be honest? This charade you guys are playing with "better than expected" earnings is just a big lying game .. and it will cost us in yet another bubble burst.
iirc, some attributed the problem with derivatives to the old data and made assumptions about risk based on flawed thinking.
Example, using data from blocks of business with strong borrowers with good experience and misapplying it to blocks of business with substandard borrowers/deals/fraud the brokers/banks/companies were making?
Are the same people making assumptions?
Anyone checking their assumptions for reasonableness? Or, just private profits?
Has anything changed in Washington for the better?
Anyone feel safer about your 401k? IRA Future?
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All my posts are just my humble opinions. Please take with a grain of salt.
It doesn't do any good to hate anyone,
they'll end up in your family anyway...
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