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).

Did everyone in Washington fail Econ class?

I wish I saved up to buy a house, because this woulda been the best time to do it. If you don’t fuck with stocks, then buy some real estate or stocks in real estate because everythin is for the low low right now. It’s not even funny. Another thing that isn’t funny is this new bailout ($800 billi). I’m gonna write my congressman or some economist (is that the right term?) to find out why the fuck the government can’t pay off our debts? The money we don’t have to pay to lenders can be spent elsewhere, still stimulating the economy. I don’t understand how they gonna give money to the lenders then the lenders still ask us for money that we don’t ALREADY FUCKING HAVE! IF WE HAD THE FUCKIN MONEY WE WOULDN’T BE IN THIS SITUATION!!! Wow. Government for the people my ass.

Time to open up that Lemonade stand

Ha, looks like that last punch line has some truth to it. The unemployment rate is on a steady rise and things may get worse before they get better. And the needs in the market are shifting. With the aging population we need less stock brokers and more resident nurses. And for people not adapt to switch fields (more like switchin sports all together), they are workin in the same area of expertise for less pay. My friend just got laid off from a job in a financial district (he was somethin small like researcher or somethin) and they replaced him with someone with an MBA. That shit has to suck. But right now isn’t the time to be choosey. Like I tell all my friends, at least you got a job. Me? As long as the world turns, I’ll have shit to Rant about. I think this may become a family business, passed down from generation to generation.

Anthrax is making a comeback

It appears that some angry letters have been sent to banks, the FDIC, and other federal financial fuck ups. Our current administration has put us in a terrible situation which is only going to get worse before it gets better. Obama plans on spending MORE money when he comes into office on things we need, while McCain plans on spending it on whatever. I rock with Obama’s plan because at least the spending is beneficial (or so he says. I’m weary of any politician because at the end of the day it’s all politics. HOWEVER, with that being said, I’m not gonna choose a politician from a gang that has fucked me over for 8 years. Obama/Biden ’08. Which reminds me of the justification for voting for Bush in ’04. “Let him clean up his mess in Iraq” was a recurring theme, lol, and look at where that’s gotten us. WAKE UP REPUBLICANS!!!)

Lose 30K in debt in 15 months...

What do I have to give up to get rid of my debts? Seriously…I would give up my left testicle to be debt free right now. How do you get rid of that much debt in less than 2 years? What is her currently salary? She musta been just ballin outta control. Makin it rain at the doughnut shop. If I could free up 30K…

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.

Recession then Depression

Yesterday, I talked about a woman almost killing herself due to her foreclosed home. Today I’m reporting about a man who killed his family because he was unemployed. In a sense, this doesn’t really surprise me. It was an Indian family, who are a bit tougher than white people, but they still tend to go off the deep end. If it was a black man that killed his family, then you know the economy is in trouble, since being unemployed isn’t shit for us (hell we call it an unpaid vacation!). But seriously, he shoulda stayed alive and voted, then kill himself. I don’t even understand why he would kill himself. He lived in San Fernando Valley. He coulda made like three pornos with his wife or just set up a webcam and a website. He coulda been paid for reals. Suicide is a coward way out. I would let a girl shit on me for money before I killed myself…hm. That was a bit much. Lol, moving on.


The Rant Is Due Muthafucka!!!

Back to the drawing board

The Bailout Bill (or BOB, see I got one right!) failed again. I’m not an economist or financial planner. But why can’t they give the money back to the people? That way we can invest back into the market. Possibly pay off any debts that we have, stimulate the economy a little bit. I’m talkin with a bit of selfishness right now, cuz I already know what a stimulus check will do…delay the collapse of our economy. So instead, why not use it to pay off debts owed to the banks and institutions? I mean, isn’t that basically what we are proposing to do now minus the erasing of the consumers debt? I’m glad the bill is gettin shot down, cuz I think it’s entirely lame that they plan on bailing out the banks but we still have to pay the banks too. So now they are gonna get paid twice; once directly from me, the second indirectly from me (through my taxes)? What the fuck man. I seriously can’t understand how this government operates. Which is the reason they are there and I’m here, because I don’t know how to run a country. But I mean, can someone at least tell me why my idea won’t work?

Update: My roommate came home and we had a small discussion about this and I guess it comes down to the reason we HAVE to bail out these banks and companies is because if we don't and they decide "well, I'm not gonna work for anything less, so fuck it, I'll retire instead", the country is truly gonna be fucked. We need these guys to work because this is where all the money is held up and if they go broke and quit, the economy will really suffer. Is there any counter point to this?