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View Full Version : now is time to PANIC! uber capitalist Warren Buffett....


tony hipchest
05-03-2009, 12:50 AM
Buffett says government is doing the right things

http://news.yahoo.com/s/ap/20090502/ap_on_bi_ge/us_berkshire_shareholders_8

OMAHA, Neb. – Billionaire Warren Buffett spent Saturday praising the decisions U.S. officials made to right the economy in the midst of a "financial hurricane" and defending the ones he made to help his company navigate the storm.

The state of the economy and Berkshire Hathaway Inc.'s recent performance were among the first things addressed at the 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 more than five 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.

The economy, succession at the top of Berkshire and the state of the company, which last year had its worst year since Buffett took over in 1965, were on the minds of many shareholders.

Berkshire's Class A stock lost 32 percent in 2008, and Berkshire's book value — assets minus liabilities — declined 9.6 percent, to $70,530 per share. That was the biggest drop in book value under Buffett and only the second time its book value has declined.

But despite Berkshire's rough year — which was depressed by unrealized multibillion-dollar derivative losses — the company still outpaced the market index Buffett uses as a measuring stick. The S&P 500 fell 37 percent in 2008.

Berkshire reported a 2008 profit of $4.99 billion, or $3,224 per Class A share. That was down 62 percent from the previous year, but better than many companies.


this buffett guy sounds familiar. oh thats right, he was the guy tabbed by mccain as a possible treasury secretary who said thanks but no thanks and that he was voting for obama. :chuckle:

http://hubpages.com/hub/Warren-Buffet-on-McCain--Obama--and-the-Bail-Out

Warren Buffet of Berkshire Hathaway appeared on the Charlie Rose show the other night. To my amazement, he told Charlie that he planned on voting for Barack Obama for president.

He told Charlie that under McCain he and other wealthy individuals have grown wealthier over the past six or seven years under Bush and would continue to do so under McCain. He said under the current tax laws, the person who empties his trash cans pay more in taxes that he and other wealthy individuals pay.

Buffet also indicated that the bail out (excuse me, rescue) bill needed to pass, which as you know has happened. He said that, if done right, taxpayers will make a profit, but it will take time.

In Buffet’s opinion, Paulson is a very capable individual and should be left to do his job. Give him the money and get out of his way so he can do what he does best. Buffet felt that oversight was fine, but not interference.

On a sad note, Buffet warned that the economy will continue to get worse for some time even with the passage of the bill.

Charlie asked him to predict how long before a recovery starts to happen. The answer was anywhere from six months to five years or maybe longe and that's only if the bail out works.

If you want to view the entire interview go to: http://www.charlierose.com/shows/2008/10/01/1/an-exclusive-conversation-with-warren-buffet.



i gotta take the word of this guy over a bunch of keyboard jockeys who are entrenched in panic and doom and gloom, and cling to the myth that obama is the reason all our kids and childrens children wil be inheriting our debt.

steelwall
05-03-2009, 01:24 AM
I don't know man, after you get pass all the Mcain, Obama jazz, and who he voted for he's saying 'if' the bailout works it 'could' be 6 months 5 years or 'maybe' longer if it works at all.

I wouldn't say he's going out on a limb here...

Preacher
05-03-2009, 01:34 AM
What tony continues to fail to realize, is that there are those who have a foundational belief that govt. should NOT be involved in the financial world except to passively make sure people play by the rules, and then there are those who beleive the govt. SHOULD be involved in the financial world, leveling the playing field and tilting it in different directions as the tides of the economy shift.

Warren Buffet belongs to the latter, as does Obama AND McCain. That was why many true conservatives really didn't want to vote for McCain.

Now I sit and await the spin.

tony hipchest
05-03-2009, 01:35 AM
I wouldn't say he's going out on a limb here...

:chuckle: you must not follow his investments. atleast he can put his money where his mouth is.

steelwall
05-03-2009, 01:42 AM
:chuckle: you must not follow his investments. atleast he can put his money where his mouth is.


No I have not, I don't really care about his investments (however I would assume he is more confident in his investments than he apparently is about the bailout)

tony hipchest
05-03-2009, 01:52 AM
well i guess its all relative if one just lets a headline tell a story-

Buffett dispenses gloom at Berkshire fest

http://news.yahoo.com/s/nm/20090502/bs_nm/us_berkshire;_ylt=AguzqVzb7LMrVVM4QhaS6Olv24cA;_yl u=X3oDMTE5ZmxiZmI1BHBvcwMyBHNlYwN5bi1tb3N0LXZpZXdl ZARzbGsDYnVmZmV0dGRpc3Bl

OMAHA, Nebraska (Reuters) – Warren Buffett told a record crowd at a somber annual meeting of his Berkshire Hathaway Inc that first-quarter operating profit fell and the company's book value declined 6 percent, as the recession hurt many of the company's businesses and investments.

Operating profit fell about 12 percent from a year earlier to $1.7 billion, as most of Berkshire's businesses were "basically down," Buffett told an estimated 35,000 people at the meeting in downtown Omaha.

The decline in book value results in part from falling stock prices and higher losses on derivatives contracts, and comes on top of a 9.6 percent decline last year, the biggest drop since Buffett began running the company in 1965.

Buffett acknowledged that Berkshire will probably lose money on derivatives tied to the credit quality of junk bonds, though he still expects to make money on a much larger and longer-term derivatives bet that stock prices will rise.

Berkshire's cash stake fell to about $22.7 billion on March 31 from $25.5 billion at year end, Buffett said. Berkshire expects to report results on May 8.

The outlook punctuated a meeting that had a decidedly more serious and somber tone from years past as many investors expressed worries about the economy, Berkshire's investments, and how long the 78-year-old Buffett plans to stay on the job.
never assume.

berkshire hathaway is like a microcosm of the entire US economy. people like him are the economy. they ebb and flow together. and while he is realistic about near term growths, he has never waivered in his confidence in america or its core.

steelwall
05-03-2009, 01:58 AM
well i guess its all relative if one just lets a headline tell a story-

Buffett dispenses gloom at Berkshire fest

http://news.yahoo.com/s/nm/20090502/bs_nm/us_berkshire;_ylt=AguzqVzb7LMrVVM4QhaS6Olv24cA;_yl u=X3oDMTE5ZmxiZmI1BHBvcwMyBHNlYwN5bi1tb3N0LXZpZXdl ZARzbGsDYnVmZmV0dGRpc3Bl

never assume.

berkshire hathaway is like a microcosm of the entire US economy. people like him are the economy. they ebb and flow together. and while he is realistic about near term growths, he has never waivered in his confidence in america or its core.

What are you talking about? I went off the links and articles you provided. Doesnt seem like he's so confident...I say again.

Maybe he should have got down off his horse and tried to help the country by accepting the job, if he's such a great economist, instead of trying to make a political statement. :coffee:

Edit :

Charlie asked him to predict how long before a recovery starts to happen. The answer was anywhere from six months to five years or maybe longe and that's only if the bail out works.

Sounds like some assumptions here.... I can say this too, heck anyone could... again 'out on a limb' he is not.

tony hipchest
05-03-2009, 02:15 AM
What are you talking about? I went off the links and articles you provided. Doesnt seem like he's so confident...I say again.

Maybe he should have got down off his horse and tried to help the country by accepting the job, if he's such a great economist, instead of trying to make a political statement. :coffee:

Edit :



Sounds like some assumptions here....:toofunny: i get it! you just have to blindly side with the doom 'n gloomers (perhaps its the cool thing to do) and will believe them over the 2nd richest person in the world and act like he has no clue what he's talking about.

you expect him to be all "rah rah" and blow smoke up peoples ass when he is addressing all his shareholders? :laughing: that is not what a CEO does and that is not what a good leader does. when peoples lives, investemts, and well being are on the line, they want the truth. not a load of bullshit.

this is why bush failed when he got on that aircraft carrier and yelled "rah, rah... the war is over and has been won".

its obvious you dont buy buffett as a credible source. tell you what...

the next time you wake up and put on the fruit of the looms, hop into your car insured by GEICO, drive through the wells fargo to make a withdrawl, and go get an ice cream at dairy queen... think to yourself "holy shit! buffett's company owns all of this. maybe he does know a thing or 2 about the economy." :doh:

:rofl:

I can say this too, heck anyone could... again 'out on a limb' he is not.

yes, you can say this too. what will that get you? 3 or four rep hits on this board? buffett can say it infront of 35,000 of his investors (with many more listening and following along and he has national influence.

dont say you havent been told. i'll take the word of real life intelectuals and continue to laugh at all the doom n gloomers who think their opinions on blogs make them internet or media savants.

put your money where your mouth is. you say you can go out on a limb, so lets hear what you really think that contradicts an expert.

steelwall
05-03-2009, 02:24 AM
:toofunny: i get it! you just have to blindly side with the doom 'n gloomers (perhaps its the cool thing to do) and will believe them over the 2nd richest person in the world and act like he has no clue what he's talking about.

you expect him to be all "rah rah" and blow smoke up peoples ass when he is addressing all his shareholders? :laughing: that is not what a CEO does and that is not what a good leader does. when peoples lives, investemts, and well being are on the line, they want the truth. not a load of bullshit.

this is why bush failed when he got on that aircraft carrier and yelled "rah, rah... the war is over and has been won".

its obvious you dont buy buffett as a credible source. tell you what...

the next time you wake up and put on the fruit of the looms, hop into your car insured by GEICO, drive through the wells fargo to make a withdrawl, and go get an ice cream at dairy queen... think to yourself "holy shit! buffett's company owns all of this. maybe he does know a thing or 2 about the economy." :doh:

:rofl:

:laughing:

Yeah whatever with that...

Call me crazy but I think if you are that great, and you have that skill set, why not use it to help the people of this country? Why say who you're gonna vote for at all? Most people in high positions don't make that public knowledge.... hmmm...unless....maybe their is another agenda....I gave my set of skills to this country and I didn't allways like who was in charge. Effectively putting no money were my mouth is...

You made it a point to say his .... sounds to me like thats all he's worried about....

tony hipchest
05-03-2009, 02:42 AM
:laughing:

Yeah whatever with that...

Call me crazy but I think if you are that great, and you have that skill set, why not use it to help the people of this country? Why say who you're gonna vote for at all? Most people in high positions don't make that public knowledge.... hmmm...unless....maybe their is another agenda....I gave my set of skills to this country and I didn't allways like who was in charge. Effectively putting no money were my mouth is...

You made it a point to say his .... sounds to me like thats all he's worried about....you wont like this and it may not sound pretty but in amercia he is considerd the "king" whereas the ones who put no money where their mouth is are just the "pawns". that is capitalism and part of what you fought for, and put your life on the line to protect (i aint gonna blow smoke up your ass- its the truth).

for you to poo-poo his assumption leads me to believe you have never played the stock market. that is the backbone of our economy, which leads me to believe you may not even fully understand why the WTC was the symbolic target of the terrorists strike.

buffet also gives his set of skills to this country. according to you ribs, asking him to take a much lower pay to "help" all the other people in this country would be "socialist" do you now support socialism? why make $100,000 per year when you can make billions? that is about as anti capitalistic and anti american as it gets. take a look at his philanthropic endeavors and you will see he does plenty for people on a much grander scale than taking a seat in washington. :doh:

PLUS why would he agree to be treasury secretary to a potential presidential candidate he most likely knew was either wrong or going to lose.

obama didnt ask him to be TS.

either way anything warren buffet is quoted as saying in this thread is a billion times more credible than anything you have offered up.

thanks for playing. my point has pretty much been proven.

steelwall
05-03-2009, 02:49 AM
Let the dance begin.....




Sarcasm Toney, I put my money were my mouth was, and my ass on the line. But I guess you the hot shot horse gambler would know all about putting your money were your mouth is wouldn't you?


for you to poo-poo his assumption leads me to believe you have never played the stock market.

:laughing: cause I assumed he was confident about his investments...ok ..next




PLUS why would he agree to be treasury secretary to a potential presidential candidate he most likely knew was either wrong or going to lose.

Hmm.... I don't know maybe for the opportunity to help the country and put your money were your mouth is?



thanks for playing. my point has pretty much been proven.


You're welcome and so has mine....

tony hipchest
05-03-2009, 02:58 AM
Hmm.... I don't know maybe for the opportunity to help the country and put your money were your mouth is?
....

let me take you back to square one. HE DOES PUT HIS MONEY WHERE HIS MOUTH IS! right into this nations ECONOMY. :busted:

you have brought absolutely nothing to this topic other than saying you are just as smart as warren buffet when it comes to the economy and financial investment....


:toofunny::toofunny::toofunny::toofunny::toofunny: :toofunny::toofunny:

congrats, and have a nice day. :hatsoff:



....next. :coffee:

steelwall
05-03-2009, 03:09 AM
let me take you back to square one. HE DOES PUT HIS MONEY WHERE HIS MOUTH IS! right into this nations ECONOMY. :busted:

you have brought absolutely nothing to this topic other than saying you are just as smart as warren buffet when it comes to the economy and financial investment....


:toofunny::toofunny::toofunny::toofunny::toofunny: :toofunny::toofunny:

congrats, and have a nice day. :hatsoff:



....next. :coffee:

:toofunny: there was no... argument I made a statement about his comments that you posted. Then as usual you began your little dance. I only commented on the parts that directly had anything what-so-ever to do with what I stated. (the rest was usual BS)

I've refrained from getting into Political stuff on this board recently because there's other message boards to go to for that, but I have seen the recent ones here, and man you are loosing it. You are so busy backpeddling and danceing around, yelling DOOM and GLOOM you don't even know which way is up...

The arguement could be made that this guy is a DOOMER.... run!!!!! :laughing:

tony hipchest
05-03-2009, 03:13 AM
steelwall, honest question here as i respect those out in the field, im curious as to what was talked about out there.

we all know why the pentagon was attacked and the white house or capitol hill were potential targets but why is it the WTC was the first target struck, and why was it such an important target to hit?

im not looking for links or wiki pages. im wondering about what you guys discussed when you were out there fighting.

steelwall
05-03-2009, 03:15 AM
oh yeah.... but you win this time because you used more little laughing smilies that I did....yiiippppeeeeee!!!!!!

steelwall
05-03-2009, 03:17 AM
steelwall, honest question here as i respect those out in the field, im curious as to what was talked about out there.

we all know why the pentagon was attacked and the white house or capitol hill were potential targets but why is it the WTC was the first target struck, and why was it such an important target to hit?

im not looking for links or wiki pages. im wondering about what you guys discussed when you were out there fighting.

Well not to be the ecomomist (because I'm not and don't claim to be) but that is were the real power is. That is really who makes our choices, no argument here on that.

tony hipchest
05-03-2009, 03:19 AM
:

I've refrained from getting into Political stuff on this board recently because there's other message boards to go to for that, but I have seen the recent ones here, and man you are loosing it. You are so busy backpeddling and danceing around, yelling DOOM and GLOOM you don't even know which way is up...

:

:chuckle: = SF lock-step rib sheeplespeak.

= "I. AM. A. ROBOT."

:rofl:

tony hipchest
05-03-2009, 03:23 AM
oh yeah.... but you win this time because you used more little laughing smilies that I did....yiiippppeeeeee!!!!!!


thats what i thought.

you lose cause you honestly think you know as much about the economy than warren buffet. :laughing:

steelwall
05-03-2009, 03:30 AM
thats what i thought.

you lose cause you honestly think you know as much about the economy than warren buffet. :laughing:

I don't think it I know it....:toofunny::toofunny::toofunny::toofunny:

There I'm getting caught up....

GBMelBlount
05-03-2009, 07:25 AM
tony hipchest
i gotta take the word of this guy over a bunch of keyboard jockeys.....

OK, if you are going to take his word then let's look at what he said:

"On a sad note, Buffet warned that the economy will continue to get worse for some time even with the passage of the bill."

So isn't Buffet basically saying the multi-trillion dollar forced government intervention which our children and grandchildren will likely be paying for WILL NOT have the impact that Obama said it should?

You said you are taking Buffett's word and it contradicts what Obama stressed, the extreme urgency of passing his trillion dollar spending bill as though it should make an immediate impact.

So who is right? Obama or Buffett?

I agree with you....Buffet.

revefsreleets
05-03-2009, 12:07 PM
I don't understand. Isn't it Buffet's job to be a cheerleader for the economy to get better pretty much no matter what? If Warren Buffet comes out and says that the new giant government welfare bill is bad, there will be a giant knee-jerk reaction and Wall Street contraction that will hurt him in the near AND long term.

I'm actually glad he's doing his part to help turn things around, but that's really all it is: He's allaying people's fears and spreading some good news amongst consumers and investors in hopes of thing rallying sooner rather than later...

stillers4me
05-03-2009, 12:20 PM
Warren Buffet and I are descended from the same Mayflower passenger.

I guess this means I'm on "cousin" Warren's list of heirs. :chuckle:

Shoes
05-03-2009, 12:41 PM
steelwall, honest question here as i respect those out in the field, im curious as to what was talked about out there.

we all know why the pentagon was attacked and the white house or capitol hill were potential targets but why is it the WTC was the first target struck, and why was it such an important target to hit?

im not looking for links or wiki pages. im wondering about what you guys discussed when you were out there fighting.


I know why....The WTC represents Americas god to them and sadly it does to many of us.

tony hipchest
05-05-2009, 08:21 PM
I don't understand. Isn't it Buffet's job to be a cheerleader for the economy to get better pretty much no matter what? If Warren Buffet comes out and says that the new giant government welfare bill is bad, there will be a giant knee-jerk reaction and Wall Street contraction that will hurt him in the near AND long term.

I'm actually glad he's doing his part to help turn things around, but that's really all it is: He's allaying people's fears and spreading some good news amongst consumers and investors in hopes of thing rallying sooner rather than later...you dont understand? :chuckle: knowing this response was coming, i already addresed it in a prior post in this thread. a pre-emptive strike so to speak.

anyways-

http://finance.yahoo.com/news/Stocks-slip-as-traders-take-apf-15142375.html?sec=topStories&pos=main&asset=&ccode=

Investors are mindful that the stock market typically turns around, on average, about four months ahead of the economy, so stocks tend to rise even when economic data still isn't robust. The S&P 500 is up 33.6 percent since Wall Street's rally began March 10. The Dow is up 28.5 percent. nasdaq is up about the same as well.

"but...but...but... obama..."

still, experts in the know (as opposed to messageboard panic artists) all admit there is no magic pill for a cure.

we are in unchartered waters. atleast now, we are a few nautical miles away trying to steer the economical titanic away from the iceberg as opposed to a just a few thousand yards.

SteelersinCA
05-06-2009, 01:22 AM
atleast now, we are a few nautical miles away trying to steer the economical titanic away from the iceberg as opposed to a just a few thousand yards.

FWIW, a nautical mile is roughly 2000 yds, so a few nautical miles is about the same as a few thousand yds. :cya:

tony hipchest
05-06-2009, 01:35 AM
so a few nautical miles is about the same as a few thousand yds. :cya: is it really? you must be using republimath. :hunch:

nautical mile = 2000 yds X (few =3) = 6000 yds.

few 1000 yds = 3000 yds.

twice the difference was the difference between the titanic hitting the iceberg and sinking. :cya:

(i still cant figure out why people keep coming at me with such rediculous arguments)

:noidea:

point still stands.

SteelersinCA
05-06-2009, 01:41 AM
3000 yds isn't much of a difference, I assumed you we're trying to make it a greater distance, my bad. I guess you were saying we are only slightly better off??

Preacher
05-06-2009, 01:47 AM
I find it fascinating how many people continue to post in Tony's :fishing: threads

tony hipchest
05-06-2009, 01:49 AM
if youve seen the movie "titanic" 3000 yds was the difference was the diffefence between sinking or sailing home.

take it for what its worth or make up what ever you wish.

:hunch:

tony hipchest
05-06-2009, 01:51 AM
I find it fascinating how many people continue to post in Tony's :fishing: threads

this seems to bother you, preacher. :huh:

i find it fascinating how many people continue to ignore reality, to the extent of making up fuzzy math to try and dispute a point in any of my threads.

why would you wanna try to pull the wool over peoples eyes?

SteelersinCA
05-06-2009, 01:51 AM
if youve seen the movie "titanic" 3000 yds was the difference was the diffefence between sinking or sailing home.

take it for what its worth or make up what ever you wish.

:hunch:

Well in that case I think 100 yds would be sufficient.

SteelersinCA
05-06-2009, 01:53 AM
this seems to bother you, preacher. :huh:

i find it fascinating how many people continue to ignore reality, to the extent of making up fuzzy math to try and dispute a point in any of my threads.

I wasn't trying to make up fuzzy math, I assumed you were going for a more demonstrative difference. As I said previously, MY BAD. You people are so f'ing defensive it's comical.

tony hipchest
05-06-2009, 01:56 AM
you people are so desperate to score a point its comical.

:hunch:

SteelersinCA
05-06-2009, 02:02 AM
You noticed the "cya" smiley I assume? Mayeb the 3rd time I explain this you'll get it....I thought you were trying to make the point that Obama has us in vastly better position than Bush and I thought you used an analogy that didn't portray that. I was simply pointing out that in my opinion, the difference in your analogy was minute. That's all. I wasn't saying anything about whether I agree or disagree with your point.

Something along the lines of we are no longer headed toward the icebergs or something to that effect. But whatever, I have learned my lesson, there are no innocent observations in your threads.

tony hipchest
05-06-2009, 02:08 AM
You noticed the "cya" smiley I assume? Mayeb the 3rd time I explain this you'll get it....I thought you were trying to make the point that Obama has us in vastly better position than Bush and I thought you used an analogy that didn't portray that. I was simply pointing out that in my opinion, the difference in your analogy was minute. That's all. I wasn't saying anything about whether I agree or disagree with your point.

Something along the lines of we are no longer headed toward the icebergs or something to that effect. But whatever, I have learned my lesson, there are no innocent observations in your threads.
oh no, i got it. my last post was more directed at preacher who had absolutely nothing to add to this thread, otther than a desperate attempt of deflection because i actually made a point, and he hates that.

argue away preach...

steelwall
05-06-2009, 02:12 AM
The Chinese sank the Titanic... uhh huhhh... yeah right iceberg....

tony hipchest
05-06-2009, 02:28 AM
close. chinese bombed pearl harbor.

"iceberg... goldberg.... theyre all the same to me."

*ba bum bum*

revefsreleets
05-06-2009, 08:56 AM
you dont understand? :chuckle: knowing this response was coming, i already addresed it in a prior post in this thread. a pre-emptive strike so to speak.

anyways-

http://finance.yahoo.com/news/Stocks-slip-as-traders-take-apf-15142375.html?sec=topStories&pos=main&asset=&ccode=

nasdaq is up about the same as well.

"but...but...but... obama..."

still, experts in the know (as opposed to messageboard panic artists) all admit there is no magic pill for a cure.

we are in unchartered waters. atleast now, we are a few nautical miles away trying to steer the economical titanic away from the iceberg as opposed to a just a few thousand yards.


No mention of Obama...and it makes no sense to say "Bu...bu...Obama" because it's not deflecting to actually address his screw-ups in real time as they occur. Defelecting is trying to divert attention AWAY from those screw-ups by calling into question past Presidents instead of actually addressing the current guy messing things up left and right. It's ineffective when it's done right, laughably transparent when it's done this clumsily and ineffectively.

As for Buffet, again, his job is to put the best spin on any policy that comes out, no matter who comes up with it, because the worm needs to turn, and consumer confidence is the baseline for this whole thing. Once people start spending and stop saving, things will turn around. Buffet is no idiot...he knows he needs to prop up whatever POS the government plops out, good or bad, because so many people heed his advice. He has a HEAVY vested interest in this, even moreso because he threw his weight behind this amateur Obama and he NEEDS this welfare plan to work. Fact is, we all do, regardless of how good or bad it actually is.