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Warren Buffett on the current economic situation - 5/2/2009 11:53:53 AM   
Vendaval


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Status: offline 		Encouraging news on the economy from Warren Buffett.  "Buffett says government is doing the right things" By JOSH FUNK, AP Business Writer Josh Funk, Ap Business Writer May 2, 2009 
"OMAHA, Neb. – Billionaire Warren Buffett said Saturday the U.S. government is generally taking the right actions to help the economy recover, and it should be given some benefit of the doubt because officials have been reacting in the middle of a crisis.

The state of the economy was one of the first things addressed at Saturday's daylong Berkshire Hathaway Inc. shareholders meeting. Roughly 35,000 people packed an arena and overflow rooms to listen to Buffett and Berkshire vice chairman Charlie Munger answer questions for hours.

"Overall, I commend the actions that were taken," Buffett said. But he said no one should expect perfection because the economy experienced a "financial hurricane."

But Buffett said he can't predict how quickly the economy and the markets will improve. He said last fall that the U.S. was facing an "economic Pearl Harbor."

To illustrate the challenges the nation faced last year, Buffett showed a sales receipt for $5 million in U.S. Treasury bonds that Berkshire sold in December for $90.07 more than face value, ensuring a negative return for the buyer. Buffett said he doesn't think most investors will see negative returns on U.S. bonds again in their lifetimes.

"It's been a very extraordinary year," he said."

http://news.yahoo.com/s/ap/20090502/ap_on_bi_ge/us_berkshire_shareholders

(spelling edit)

< Message edited by Vendaval -- 5/2/2009 11:55:24 AM >

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RE: Warren Buffett on the current economic situation - 5/2/2009 12:10:55 PM   
rulemylife


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Status: offline 		Well, this should become interesting.

One of the world's most successful capitalists praising what I have been told are the socialist, Marxist economic policies of the new administration.

Not sure where I was told that, but I think it might have been somewhere here.

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RE: Warren Buffett on the current economic situation - 5/2/2009 12:18:22 PM   
Vendaval


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Status: offline 		"May you live in interesting times."

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"Beware, the woods at night, beware the lunar light.
So in this gray haze we'll be meating again, and on that
great day, I will tease you all the same."
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RE: Warren Buffett on the current economic situation - 5/2/2009 1:43:03 PM   
awmslave


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Status: offline 		It seems to me Mr. Buffett lives in his narrow-thinking banksters world and he does not understand a big picture. Obama attempt to save the failed system can not be success in longer perspective. It can only bring short-term relief and then it will  lead to even worse crises in near future. 

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RE: Warren Buffett on the current economic situation - 5/2/2009 3:25:26 PM   
rulemylife


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Status: offline 		Well, he's not a banker and I'm pretty certain a man who regularly occupies the first or second spot yearly as the wealthiest man in the country probably has a pretty good understanding of "the big picture".

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RE: Warren Buffett on the current economic situation - 5/2/2009 7:36:52 PM   
awmslave


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quote:

Well, he's not a banker and I'm pretty certain a man who regularly occupies the first or second spot yearly as the wealthiest man in the country probably has a pretty good understanding of "the big picture".

   Just another member of plutocracy then; it is important to preserve the wealth of  certain group as long as possible. Of course he praises the government. How can he not to?  Government actions are designed to help him and his buddies out of trouble at the expense of most.

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RE: Warren Buffett on the current economic situation - 5/2/2009 7:57:22 PM   
Owner59


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Status: offline 		Can you tell us what the government isn`t doing right or are you just spouting?

And what if anything should they be doing ?

< Message edited by Owner59 -- 5/2/2009 7:58:15 PM >

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RE: Warren Buffett on the current economic situation - 5/2/2009 8:15:55 PM   
Cagey18


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quote:

ORIGINAL: awmslave

Government actions are designed to help him and his (wealthy) buddies out of trouble at the expense of most.

Correction to your post:  Republican government actions are designed that way. 



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RE: Warren Buffett on the current economic situation - 5/2/2009 8:34:37 PM   
awmslave


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Status: offline 		Where is "Republican government"? Things are not this complicated. I essence the government is borrowing money to preserve wealth that has no real economy backing. It helps people like Buffett to keep going but it is no solution for the country as a whole.  Not even talking about TARP that is total shameful scam. Nationalization of bankrupt banks and debt write-off would have been my solution.

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RE: Warren Buffett on the current economic situation - 5/2/2009 8:42:44 PM   
Cagey18


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quote:

ORIGINAL: awmslave

Where is "Republican government"?

Were you living in the US from 2001-2007?

quote:


Nationalization of bankrupt banks and debt write-off would have been my solution.

Nationalization has already occurred; it's just not referred to as such in the media.


< Message edited by Cagey18 -- 5/2/2009 9:18:03 PM >

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RE: Warren Buffett on the current economic situation - 5/2/2009 9:12:37 PM   
awmslave


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quote:

quote:

ORIGINAL: awmslave

Where is "Republican government"?


Were you living in the US from 2001-2007?


Nationalization of bankrupt banks and debt write-off would have been my solution.

Nationalization has already occurred; it's just not referred to as such in the media.


I am just an observer, not an angry victim. Members of the ruling class have a vested interest in keeping things pretty much the way they are. 2001-2007 was just a continuation of the policies that took strong hold in nineties (more blatant and visible perhaps as the economy since 2000 has been stagnant). Nationalization should be open and clear, not the way it is going on now. Dumping taxpayers money to back up bad debt leads nowhere. In order the country to move forward the losses should be recognized and the economy should start moving up from the point where it really is not from the point some wish it was.


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RE: Warren Buffett on the current economic situation - 5/2/2009 9:19:55 PM   
Cagey18


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quote:

ORIGINAL: Owner59

Can you tell us what the government isn`t doing right or are you just spouting?

And what if anything should they be doing ?

Hmm...based on this thread, I'm going to go with "spouting".

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RE: Warren Buffett on the current economic situation - 5/2/2009 10:05:54 PM   
popeye1250


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quote:

ORIGINAL: Owner59

Can you tell us what the government isn`t doing right or are you just spouting?

And what if anything should they be doing ?


Owner, sure, bailing out big banks, brokerage houses and insurance cos for one.
Talk about a play straight out of Bush's playbook! I expect Republicans to do that not Democrats.
Also, why are they keeping in business the same people who've gotten us into this mess? The top third of management of all those businesses should still be fired!
Maybe they're hoping that they won't fuck up again? Or fuck up as much the "next" time?
Banks should be allowed to fail, then new banks will step in to fill the void. Same for the others.
The whole point of all this stuff is not to keep wealthy people wealthy with the help of the Taxpayer especially inept wealthy people!
You know you just have to laugh when you hear some suit say that AIG is,..."too big to fail."
President Obama had his chance! He should have sent the U.S. Marshalls down there padlocked the doors and marched their asses down to federal bankruptcy court! And had News photographers there to take their pictures just like a "perp walk."
Too big to fail my ass!

< Message edited by popeye1250 -- 5/2/2009 10:08:17 PM >

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RE: Warren Buffett on the current economic situation - 5/3/2009 3:02:10 AM   
Raiikun


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quote:

ORIGINAL: Owner59

Can you tell us what the government isn`t doing right or are you just spouting?

And what if anything should they be doing ?


They never should have been bailing out businesses.  Then we'd have a different sort of problem on our hands - companies with poor businesses practices shutting down.


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RE: Warren Buffet on the current economic situation - 5/3/2009 5:59:16 AM   
Owner59


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Status: offline 		What if then,letting them fail all at once(what was happening)causes a deep prolonged economic depression?


If you feel comfortable and safe (on your patch of ground) I can see why one wouldn`t feel action was necessary.


But are you going to wait until you lose your job,before you think this is a crisis?


Would you wait until the flood waters were engulfing your home before taking action?Or is a better reaction to help stem the flood before it get your own doorstep?


It`s not just the bailouts that are necessary.New oversight and better regulation is also part of this and what Buffet was also referring to what he said the government was doing the right things.


Only with "the right things" will investors re-enter the markets and risk their money.Without the "right things" happening,there will be no recovery.


Buffet is no political hack.He`s a straight shooter and investors trust him.This is good news,not hackery.

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RE: Warren Buffet on the current economic situation - 5/3/2009 8:31:02 AM   
UncleNasty


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Status: offline 		How about no public bailouts of private business at all. Isn't private business, well, um, private?

And regulation? Had the statutes, regs and laws we had/have been properly heeded and utilized the mess either would not have happened, or on a greatly reduced scale.

As a for instance, this article (http://www.nytimes.com/2008/04/06/business/06gret.html?scp=19&sq=Gretchen%20Morgenson&st=cse) by Gretchen Morgenson in April of last year is indicative of lenders unwillingness to do the "due diligence" in re a borrowers income.

In some instances it is required that lenders do this, and even in those cases they frequently did not. Included among the required instances are the majority of the sub-prime and Alt-A loans that got the ball rolling

Truth in Lending, Regulation Z, at 226.34(a)(4)(ii)(A) states:

(A)  A creditor must verify amounts of income or assets that it relies on to determine repayment ability, including expected income or assets, by the consumer's Internal Revenue Service Form W--2, tax returns, payroll receipts, financial institution records, or other third-party documents that provide reasonably reliable evidence of the consumer's income or assets.

Section 226.34 is titled "Prohibited acts or practices in connection with credit subject to § 226.32."

If anyone is interested here is a link to Part 226 - Truth in Lending (Regulation Z), which is found in the Consumer Protection Act:

http://www.fdic.gov/regulations/laws/rules/6500-1400.html 

Consumer protection - what a wild idea. And whooda thunk there was already something in place to do that. Pity more folks don't use it.

Uncle Nasty

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RE: Warren Buffet on the current economic situation - 5/3/2009 12:13:22 PM   
Owner59


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Status: offline 		It`s a mess no doubt about it.

If it was just one sector or just one auto-maker failing,our economy could absorb it.

But it was all financial sectors and most of the auto-makers etc that were failing.This was also a worldwide failure.

Unfortunately,these outfits were so embedded and held such huge influence over our economy that they were "be big  to fail".

We need to break up the companies that are to beg to fail ,like City Group.

This was a man made failure and only we can prevent it again.

< Message edited by Owner59 -- 5/3/2009 12:15:19 PM >

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