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Comment on: Not So Friendly Fire

Buffett says, "Everything will be alright."

57 Comments

Yeah ,Right

And Im gonna win the lottery this week.

amazing

Warren Buffet doesn't have to worry at all. Unfortunately for him though, he'll get screwed also, since Obama has done that to the rest of his constituents. I'm just wondering if Buffet will actually wake up, shut up, and see the light.

only part way through but...

prefer the DP combo of B.Bell or T. Harrah to Bump Wills to M. Hargrove....

crud

will have to check back from home...pics don't come through on work 'puter.

BTW, Donnie,
Back off! That jackpot is MINE!

First big hint

of trouble from Buffett was when he was Shitzenheader's "fiscal policy advisor" during his last run for Governator.

That told the tale, right there.


Why does anyone even pay attention to this guy? What's his position? As far as I know, he's just some businessman who's been successful and who hasn't been elected to a damned thing.

Why are we listening to people like him, and T-Bone Pickens, and Bill Gates? Yeah, they can run businesses... so what? That's not at ALL like running a government. Unless that government's a dictatorship, I guess.

This is like listening to Sean Penn for wisdom on foreign policy.



Donnie

HaHaHa! With 5 people vying for every available job the odds on winning the lottery are looking better and better.

Eric

Buffett doesn't get hurt in down markets. That's the time when he buys bargains. It's the only reason I can think of for a major capitalist to back a Marxist.

Crawfish

Oh yeah, try getting those combos to rhyme in a poem! Those names don't exactly trip off the tongue. LOL!

Clear Thinking Warren

"What is required is a commander in chief that's looked at like a commander in chief in a time of war."

So what this ungrammatical sentence seems to imply is that our problems would best be solved by a dictator. This is Warren's best performance in my mind since he steamed into the California Governor's recall yelling loudly for higher taxes. What a paragon of good sense he is; keeping his two-bedroom clapboard shack in Omaha as his fake residence while he lives in a huge penthouse in Manhattan just to feed the myth. The only bad news for Warren and his fellow idiots is that Obama's look alike didnt make the trains run on time, he only arrested you for subversion if you continued to notice that they didnt and, more importantly, that the clique of dishonest thieves around Obama look on any kind of 'unearned' income as a species of larceny and therefore fair game for their own greedy desires. After the Russian revolution there were left-leaning aristocrats who wrote pitiful letters to Lenin asking why they were arrested along with the royalists. They were shot like the counterrevolutionary scum that the were. Like Warren is.

Brian

I am a loss to explain his success in business given his politics. The same people he supports are at war with business and capitalism.

I read the book by his business partner Charlie Munger titled "Poor Charlie's Almanac" and he seems very conservative in his views.

Which reminds me, here's a Mungerism for Donnie and Crawfish: "Gambling is a tax on stupidity".

Maybe Mr. Buffett and I have a different idea about what constitutes "alright".

Skep

I wasn't aware until Brian's post that Buffett was a player in the recall election. I know he owns a place in LA and he's been calling for higher taxes as long as I can remember.

He complains that his secretary pays more than he does. Of course the secretary doesn't keep all her money in a foundation and doesn't have an army of tax lawyers. Apparently he is unaware that he can pay as much to the IRS as he likes.

Wealthy useful idiots are always the first against the wall when the glorious people's revolution kicks off. Won't he be surprised when Obama nationalizes all the companies he's invested in such as Wells Fargo and GE!

It wasn't the recall


It was Schitzenheader's re-election campaign, just to clear that up.

Sh*t Sarge, The Photo Comparison Was...

outstanding!

Plus your reference to "on time" trains was superb!

So let me get this correct, O'Vomit is El Duce instead of Adolph? (The photo similarities are very close.)

I believe that BrianR nailed it: "Why are we listening to people like him, and T-Bone Pickens, and Bill Gates? Yeah, they can run businesses... so what? That's not at ALL like running a government. Unless that government's a dictatorship, I guess."

Well, maybe your El Duce comparison is correct, Sarge. At least it appears that BrianR and I agree about the "dictatorship" description.

Sgt. Relic

That cave is beginning to look pretty good at this point haha.

Buffett the bacteriophage should find something else to attack besides our Constitutional Republic.

Great commentary as always, Sgt. Relic. The pics really sum up the situation.

Ummm

Warren Buffet- senile economic COW advisor...enough said.

Nice Pix, Sarge!

Brian

Thanks for the clarification. I'm working on make honest mistakes so eventually I can escalate to tax cheat and get a cabinet post.

Ghost

Italy had Il Duce we have Il Dumbo. When I saw that first Obama pic I knew I had seen that pose before.

I must be really hard to see looking down your nose like that. At least in pic 2 Benito was sitting on a horse!

Pictures

I think P.J.O'Rourke called it the "who cut the cheese" face that Marxists make.

AL

It's tough finding a cave in coastal Virginia I may have to move a tad west of here.

I have no idea why Buffett is the go to guy on this one. I'm not a billionaire but I had a better '08 than he did at Berkshire.

Nee

I was looking at the Forbes 400 while researching this piece and found an interesting trend. They list the source of wealth by each name.

How do I get into the inheritance business? That seems to be the major occupation of billionaires.

On my way over!

Greg

I love P.J. O'Rourke! He also said, "If you think healthcare is expensive now wait until you see how much it costs when it's free!"

How's that free healthcare working out for you guys?

HAHA!

Ya gotta admit these puffed up chumps!

Guns

Striking similarity, No? LOL!

Sgt Relic

The thing that bothered me with his comments were that he was dancing (or spinning) around and not really coming out and saying, "hey your policies suck and you are ruining the country, back off!" Okay maybe he would not have said that, but I did.

Buffet is a business man who for many years what he touched turned to gold. People think of him as the great investor. He wants people to invest and buy stock, but he is not keen on people selling the stock and you see this in his "A" share stock of Berkshire Hathaway. He feels you should buy the stock and hold onto it.

It is also the only stock, Berkshire Hathaway (Class A and beyond) that has hit the $100,000 (2006) mark per share and setting a record for the most expensive stock. Today it jumped $11,000 closing at $84,440.00.

He is also looked at when he buys something he bases it on things he is familiar with and that Americans are too.

He is a billionaire. He has been begging to pay more taxes over the years, so let him. He stood with Obama throughout the campaign. Apparently he may not be enjoying Obama's policies now. Day late and a dollar short on that one.

I see that I'm not the only one

who sees Mussolini's rebirth...

Sgt.Relic

Man,that comparo is SPOT-ON.It is NO WONDER Buffet loves this guy. Obama and his yap has put SO much more into Buffets' reach to buy. This guy DESERVES to go down in flames. Talk about guilty white rich liberal guilt. He,and Gates,WTF do these guys think with?

Sue

Berkshire A shares are a bit of financial smoke and mirrors. It reflects Buffett's philosophy of not splitting stock. It's not a record per se.

Here's what USAToday reported on the day BRK-A hit 100k:

"•Reflects the effect of stock splits. Buffett told shareholders on March 14, 1984, when the stock was $1,300, he had no intention of splitting the shares. But he offered lower-cost class B shares (BRKB) in 1996. Consider what a no-split policy can do: If General Electric (GE) hadn't split its stock nine times since going public in 1892, it would now be $163,722, not $35.53, GE says."

I have been a fan of Buffett and Munger investment strategies for years but his politics seem antithetical at this point. Obama and his administration are at war with business.

How does that sync with an investment guru?

Crawfish

The comparison was just too sweet to pass up!

Clyde

I'm guessing, since I have no actual experience being super wealthy, that mega wealth allows you the opportunity to embrace ideologies that are not reality based simply because you don't care what anything costs.

I could be wrong but I'd love to be able to test the theory! HaHa!

Right on, Sarge

Your comment
"I'm guessing, since I have no actual experience being super wealthy, that mega wealth allows you the opportunity to embrace ideologies that are not reality based simply because you don't care what anything costs."
I believe this to be the case. It can be "proven" on a smaller scale by comparing anyone in a upper middle economic position to the really poor. Until the basics are covered, the poor are not giving much consideration to flat-screen TVs or Lexuses. On the other hand, the well-off middle don't really care much about a 15 cent increase in the price of milk or bread. They're looking at things from an entirely different perspective.

Okay


New (and hopefully funny) essay at the Island.

Garnet

When expressed as a percentage of income the term affordable, so popular with politicians of every stripe, actually takes on many different meanings.

If my gross earnings are high enough that after taxes and living expenses I still have more leftover than most people earn in a lifetime, the price of gasoline doesn't mean much to me.

Even the poor, if they are willing to remain poor, have access to unearned and untaxed income, goods, and services not available to the middle class.

It s*cks being the middle child!

Sgt Relic

"How's that free healthcare working out for you guys?"

Put it this way. My blue-collar socialist mother tells me to get private health insurance.

According to the Institute of Fiscal Studies:

http://www.ifs.org.uk/bns/bn25.pdf

As a % of GDP:

NHS spending keeps increasing (Page 11)
Benefits spending keeps increasing (Page 10)
Defence spending keeps falling (Page 14)

Other quotes from the report:

"Looking back over the period since 1939, we have seen substantial growth in the size of government."

So in the UK at least, in spite of Thatcher, the general trend is towards liberal political objectives winning the share of the fiscal pie.

The only silver lining is that:

Government spending grew, but levelled off in 1970 (see Page 2)

Thatcher

From the context of history, when you look at Page 12 of the report, it is difficult to find evidence for the Labour claim that the "Thatcher Government" skimped on NHS spending.

It's just a general trend upwards.

Hey, that might be a good thing (more health spending priority)

It might be a bad thing (health costs more)

But it shows that all that BBC propaganda in the 1980s was simply that ... propaganda. The spending has increased ... period.

Greg

The Thatcher years were much the same as the Reagan years. Neither really managed to reduce the size of government, they merely slowed it down.

Just out of curiosity, what percentage of the British population would you say is carrying private health insurance?

Sgt Relic

I am tired of hearing Buffet keep saying that he wants to pay more taxes. Well feel free my man! Go ahead and pay a few billion. No stopping you!

I am not sure what he actually did with Obama. I saw him the other day and he said that he was not really asked for any advice. I guess they moved to Geithner for that and his wisdom!

I know not really a record with the "A" shares, but hey I own a few (not many). I dumped a few about 5 years ago. They were were good to me!

As for investing, my friend worked for a company that he purchased. This was about 45 years ago. He did not want to carry a lot of debt, so he bought the building the company was in instead of leasing. My friend said the pay was not that great and incentives were not high.

I saw about two years ago how he handles the companies that he has purchased. He does not micromanage them and they tell him the goals. I gave him kudos for that.

Sue

No reason to bite the hand so to speak. I followed an investment strategy for years that was loosely based on their "stick with what you know" philosophy.

Mine was based on being born in 1946, the first year of the baby boom. There were 73 million baby boomers and we have driven markets since day one. I reasoned that whatever I needed or was interested in acquiring a huge chunk of the population was soon going to embrace within a matter of years.

Right now we are driving the healthcare market and I saw a trend away from family owned to corporate funeral homes and crematories a few years ago. We are getting ready for our dirt naps. HaHa!

Booms and busts, that's us!

Sgt Relic

I had no clue about stocks, it was all my dad. We used to get it for Christmas and be like, oh how nice. He had a good eye!

I picked a few based on their names. Hey, I was young.

Hey, the funeral homes....hmm....

NHS computer system

"Just out of curiosity, what percentage of the British population would you say is carrying private health insurance?"

I have no idea. I know someone at work who has a policy, but this is effectively paying twice for healthcare.

Anecdotally, I know of people who have dipped into their life savings for private care, after being fed up with NHS waiting lists.

I'm not completely against some kind of safety net for those who couldn't afford private health care.

However, the NHS is a behemoth.

Here's what happens when governments engage private companies to build huge computer systems:

http://www.computerweekly.com/Articles/2009/03/09/235200/ch annel-4-dispatches-scrutinises-public-sector-spending-and.h tm

http://www.guardian.co.uk/society/2009/feb/13/nhs-it

I admit that I haven't read the National Audit Office report ... I have better things to, and other subjects to research.

But I can't get my head around the scale of this IT project, especially when you compare it to the overall UK fiscal budget.

(I need my sleep, and I can't be bothered trawling all the UK government websites ... but trust me when I say that the NHS system costs a lot of money)

Here you go

http://www.radcliffe-oxford.com/books/bookdetail.aspx?ISBN= 1+85775+732+7&gclid=CJGTkeG5npkCFQ0vQgodN3i7DQ

And I quote:

"The NHS computer project is the biggest and the most expensive IT project in world history, but why is it needed? What does it aim to achieve? This book spells out the real objective of the programme. This is not simply a plan to computerise our medical records; it is a project to transform the way that the NHS works."

I don't care what the author is trying to say ... I'm still struggling to get past the first sentence.

BIGGEST AND MOST EXPENSIVE IT PROJECT IN WORLD HISTORY!!!!!!!!

Socialised health care anyone?


Sgt.Relic

I believe your theory may prove true. Even with Buffet's losses,he STILL is worth what,$ 38 billion or so? That'll buy a BUNCH at the depressed prices we see in the market.

Sue

Nothing says Christmas to a kid quite like a crisp new stock certificate. HaHaHa! I really gives meaning the old saying, "you'll appreciate this more when your older." Parents!

Sometimes I like to run with scissors just because I can. LOL!

Your stock picking strategy sounds a lot like the way my wife picks race horses. She once bet on a horse that died on the back stretch.

Greg

Having private insurance under your system is much the same of those here who choose to send their kids to private school, they are still on the hook for the taxes which support the public school system.

On the subject of computerized medical records the rhetoric would lead one to believe that our medical community is still using quill pens by candlelight.

The medical industry is heavily computerized from hospitals to small private practices. The project you reference calls up the specter of the most difficult of all IT tasks; that of integrating all of these systems.

A small project such as two banks merging, and by comparison that would be a small project, can take hundreds of thousands of man hours and millions of dollars in hardware and software costs.

The developed world is heavily computerized but what they are not, is heavily standardized and that is the difficulty.

In my opinion, since it is my belief that national health care is not about health care, it's about denying health care, it would be far simpler if the government just wrote a few simple rules for health care providers. Such as:

1. If your patient ever smoked let them die.
2. If your patient is over 60 let them die.
3. If your patient is not yet born kill them.

I think the Germans had a plan similar to this. Maybe we could just use theirs. Hey! It worked for rocket scientists didn't it?

Clyde

Years ago I used to teach radio control flying to beginning hobbyists. I would tell the student that I was going to put the airplane up two mistakes high so that when he made the second mistake I could still save his model.

Buffett is up a lot more than two mistakes!

Realistically, at his level I'm not sure that he could lose it all if he tried. I think that explains how he can afford to be a liberal.

Sgt.Relic

Hmm.. looks like the Wizard of Omaha has had his Berkshire downgraded to a AA+ from AAA. Only a TOTAL collapse would ruin Buffet.And no,I would not like to see that. It COULD,however,teach him a lesson:Choose your horse carefully.

clyde

I'm with you. Anything bad enough to sink Buffett is gonna' have me living in a cave.

Sarge

Take a look at the interview at the following address:

http://westernrifleshooters.blogspot.com/2009/03/answers.ht ml

What is your take on it?

Ghost

That's an interesting problem in constitutional law.

I'm not familiar with Alabama law enough to speak with any authority but I know in Virginia for example a police officer requiring help may deputize a private citizen to assist them under certain conditions such as being outnumbered.

Some states allow military police who qualify under the state police certification procedures to operate off their bases. Here in Hampton Roads, world's largest Naval base, SP's used to walk beats in downtown Norfolk sometimes in tandem with police officers. No guns, just night sticks, but they tore all the sailor bars down years ago.

I would think that a local sheriff or police chief has the power to deputize at need within the constraints of safe practice. I know I'd feel better about using MP's than pulling a bunch of rednecks out of a bar to help out. HaHa!

IMO, the LTC was dancing real close the line but what would you expect when Washington has been treating the military like a "meals on wheels" force for a couple of decades. That line is getting blurry.

These are soldiers not constitutional scholars. They probably thought they'd be criticized for not helping out.

Sarge

I spoke with a very old friend (via telephone) in Jackson. He is the one who sent me the address. I was and am worried by what I read.

Jeff (my old friend) and I saw in the interview the same thing. Fort Rucker's personnel "crossed the line".

Some 20 years ago (about 1988), a similar instance happened in Columbus, MS (home of an USAF ATC base, the same base I was taking pilot's training in 1972 and 1973). There, the sheriff of Lowdnes County "begged" the MP's to set up a road block on a small road running next to the base.

Quite correctly, the base refused.

In the interview, I almost got the impression that the "Ft. Rucker's aid" was given as a "test case" by higher authority, or the LTC knew he had over-stepped his powers.

Either way, the interview is troubling.

Sgt Relic

OH my gosh, the horse died. Okay!

Hey, my mom was worse. She did buy Kristpy Kreme stock because she thought the world would love it. It did okay for awhile. She did manage to sell before that tanked.

Not to sound like a horrible child, but when we would get the stock, we would look at it and be like, oh thanks. But, I do remember one year when we got stock and my mom was half asleep (it was 5:00 am) and she asked WTH is a Microsoft? And my dad said, an up and coming company!

Ghost

Clearly the LTC was flailing around for an answer. Usually my first thought in these kinds of situations is to think incompetence. The MP's pictured were definitely under arms making it hard to believe that were not there in some official status.

I'd probably be inclined to chalk it up to the kind of well meaning over zealousness, in a time of crisis, that made so many unofficial rescue workers show up at the World Trade Center were it not for Mr. Obama's campaign rhetoric concerning national security forces.

You got me, Ghost. I think it's a violation but who in authority pays attention to the constitution these days?

Sue

Apparently horses die during the race often enough for the track to print a "if your horse dies and doesn't finish, you lose" statement in the track program.

KKD, the Enron of pastry! We've had KK donuts in this area since the 50's. I used to buy them two for a nickel and thought I'd died and gone to heaven. These days I'm more of a Dunkin' guy.

Lots of people got caught on this one. Bad management and runaway growth killed KKD, not their product unless you count the short lived low carbs craze. They are still alive and well here.

Sgt Relic

I had no clue they die like that. And they have a disclaimer. Wow! I have been a track one time a long time ago.

I have to agree with you on KK. They really did grow too fast and they did not really have good management. There is one sort of close to me. It seems every time I go in there, they are the only person in there.

They used to have shipments to grocery stores, but I noticed that has disappeared.

For doughnuts, we have the Doughnut Hut by me!

Sue

While it is true that I have had a life-long affinity for the humble doughnut, this is the time of year when my thoughts turn to my annual pursuit of the perfect jellybean.

Easter's coming!