Warren Buffett on the economy

Warren Buffett’s discussion at a recent Berkshire Hathaway meeting made its way into an article for Fortune. I think it’s a pretty good read to get a feel of what the wealthiest man in the country thinks about the current economic state, the measures that have been taken, and what lies in store. It appears that the next thing Americans should worry about is inflation. Since taxes haven’t been raised, the value of the dollar is going to decrease. I’m no economics major, so I don’t know if this is a direct cause and effect, but Buffett makes it seem like it. If it is true then it appears that we we’re fucked either way. Me, I woulda went with higher taxes than inflation and deal with the fact it’s just gonna cost more to buy anything. At least with increased taxes, prices woulda stayed the same but I would have less money to spend. I can budget that shit tho and cut out things I don’t need. When inflation occurs, even the things you do need have been jacked up in price. Another thing he mentioned is that he thinks the government did a good job with the bailouts and the way the crisis was adverted. Now, I don’t know if he had anythin to gain directly (like if any of his holdings received funds from the bailout) but if the world’s wealthiest man says a meltdown was about to occur, I believe it. I was pretty sure myself that our economy was in pretty bad shape and that the AUTO (not so much the banks) bailout was needed. Too bad it looks like it didn’t really save Chrysler from goin under (in a sense).

Who died today?

I’d like to report that the economic crisis did not kill anyone today!!! Hooray!! (Except the fat man that was already on death row). I would like to also applaud the Illinois sheriff that is refusing to evict people from their homes because the mortgage owner didn’t pay the bill. I wonder if any provisions like that were included in the BOB, prolly not. The bill was passed and the market crashed. Wow. Some real dick heads around there. You know what’s even funnier? Remember how Buffett was all for the quick passing of the bill? And I said it was because he wanted to see his portfolios do better? How could I be sooooooo fucking (not fuckin, fuckING) blind? He probably knew the market would crash and was hoping for a good sale. I have securities that used to cost up to like $3 a share, now they are $.75. That hurts. Hurts like a muthafucka. But you know what? I know the shares aren’t going down because they are a bad company; it’s goin down because the market sucks. When it bounces back to $3, I’m gonna triple my return. Wowzers. And that’s even with my blue chips too. Retirement in 10 years never seemed so close.

"Be fearful when others are greedy and greedy when others are fearful"

Warren “muthafuck a recession” Buffett is doing what he normally does in a time like this. Buys up good companies for the low-low. He just dropped 3 billion into GE (a stock I own) and Goldman Sachs. I tried tellin everyone who cares if the market tumbles, that’s life. But Americans will be Americans and will scream the sky is falling (in a sense it is, but isn’t) and will sell off their stocks which brings the market down, which leads to companies laying off workers, which leads to people sellin more shares and companies layin off more people, which…you get the point. But I’m not in agreement with him and the BOB. And of course the reason is purely financial. Of course he wants the BOB to pass and pass soon because the sooner the companies get back on their feet, the sooner his portfolio can bounce back. Me, I don’t see it that way. The sooner you bail out these companies, the sooner they forget that they just received a handout and the sooner they ask me to pay my debts to them. I think all lenders should show some gratitude to the tax payers of this country by slashing all non luxury debts by half. Now we get into a sticky situation and I already know there are people that will disagree with me on this so let’s keep it simple. If you owe money for school loans, that should be slashed. And that’s it. Lol. Because if I start sayin if your house cost less than x amount, people will say well x in LA will get you more than x in Buffalo, so how is that fair? So let’s leave it at student loans. All student loans should be reduced to half. The end.

Here we go again

No real politics today (I’m exhausted from Friday’s rant), but I will say this. The richest man in the country wants a Democrat. Taxes never stopped anyone from becoming rich. They won’t stop me from becoming rich because the way I see it, I hate payin taxes now and I’ll hate payin taxes then. But at least I’ll have more money left over regardless of how much more I have to pay. If I pay 10% and I make $2000, I’ll still have more when I make $300,000 and have to pay 50% (and 50% is a high number but let’s be reckless AND I’ll prolly have an accountant who will figure out a way for me to pay less and get more money back, that’s how the rich stay rich, so I’ll prolly end up payin closer to 25%). On the flip side the Waltons (Wal-Mart) are big Republicans...and we already know about Wal-Mart (I shop there from time to time, no lie, but I would never let anyone I know work there (discount prices, discount wages and benefits)).

So now it appears that some voting machines in the swing states are malfunctioning…What else is fuckin new? What I don’t understand is that these machines have been fuckin up since the last election but nobody has stepped in to fix them. Haha, I like the word ‘fix’ because that’s a word I think we will see a lot of this election if one state’s voters aren’t properly accounted for. Whoever wins, I want it to be fair and no second guessing. There should be a federal law mandating this. But then it would prolly require a department to regulate it. And it will need people in this department to work. And they would require salaries. And then that would require an increase in taxes. And then people would complain the government is getting to big and we pay too many taxes…sigh, I guess this next election will be fixed too then.