Michael Steinhardt Tells The Truth, The Whole Truth, And Especially The Truth About The Greatest "Con Job": Warren Buffett

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Tue, 04/05/2011 - 14:52 | 1138058 sundarb
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Cannot see the video Tyler...says error code VID: 502.

Tue, 04/05/2011 - 16:09 | 1138393 Dental Floss Tycoon
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Cannot see the video Tyler...says error code VID: 502.

Try this link.

http://www.cnbc.com/id/42432108

Tue, 04/05/2011 - 17:19 | 1138626 Circlehook
Circlehook's picture

"managed to achieve a snow job"

 

More like- given Obama a Blow Job!

Tue, 04/05/2011 - 18:00 | 1138771 AN0NYM0US
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This is a clean link to the embedded video without the CNBS frills etc

http://bit.ly/gCCD5L

Tue, 04/05/2011 - 18:53 | 1138959 Careless Whisper
Careless Whisper's picture

I think the most insightful part of the interview is when he said that Buffett gave away almost all his money in one swoop -- thoughtlessly -- to one guy.  What he is referring to is that Buffett gave billions to the Bill and Melinda Gates Foundation, which is a total front for the modern day eugenics movement. Steinhardt gets props for that !!!

Tue, 04/05/2011 - 20:38 | 1139278 New_Meat
New_Meat's picture

http://en.wikipedia.org/wiki/Margaret_Sanger

bitch still lives on--w/all y'all payin' the tab

- Ned

Tue, 04/05/2011 - 22:54 | 1139601 Harlequin001
Harlequin001's picture

There is no comparison to the stalwart little guys who give away little and often, which happens to constitute a significant part of their wealth, as and when they get it, not spend a lifetime hoarding it before giving it away just before you die to great publicity.

I wondeerd how long it would take the media to latch onto that...

Tue, 04/05/2011 - 23:09 | 1139627 Harlequin001
Harlequin001's picture

and for what it's worth, here's my take on inflation and the CPI..

The official CPI cannot possibly be correct. Assuming that we have parity between euros and dollars and that oil is priced at $10 per barrel, then an increase in the dollar price of oil would have a similar commensurate increase in euros. Now, if the exchange rate for dollars drops by 50% against the euro, which it has since 2001 then that would no longer be the case. 

Either the oil price would remain at $10 dollars which would now equate to only 5 euros per barrel or the price would remain stable at 10 euros which would now equate to 20 dollars per barrel. If it stays at $10 then the price falls to 5 Euros, a spine shattering deflation rate of some 50% in the euro-zone. If it stays at 10 Euros the price of oil would rise to $20, a 100% inflation rate in dollars over the period. 

You can have one or the other extreme, but anything less than the extreme MUST manifest itself as deflation in euros to some degree, which we categorically do not have. 

Any movement in the exchange rate will affect ALL costs in that currency so we aren’t just looking at oil, yet miraculously the inflation rates in both Europe and the US remain similar despite this massive divergence of currencies which is simply not mathematically possible.

How can these figures possibly NOT be fixed?

Tue, 04/05/2011 - 21:49 | 1139380 Thomas
Thomas's picture

I had an allergic reaction to Buffett's consolidation of his assets with Gates since it happened. If you view capital like some natural resource, the idea that he could strip mine the US and then do this, although his prerogative, is troubling to me.

I thought Steinhardt beat Buffett like a baby harp seal. Watched it three times.

Tue, 04/05/2011 - 23:18 | 1139646 bania
bania's picture

agreed on the allergic reaction front, my reaction too.

having watched this three times myself, it seems to me steinhardt goes well out of his way and off the course of the interview to take these shots at buffett.

he comes across bitter, envious and petty albeit in a very subtle way.  i'm surprised there's such a big cheering section here on the boards for him.

Wed, 04/06/2011 - 00:12 | 1139728 wisefool
wisefool's picture

Envy is a sin. If you are willing to expand your mind, I'd offer: It has, and always will be the disembodied force of taxation vs. the "Its there to taxed" model of that mouse face sanguine CNBC spokesmodel for the '57 chevy.

Chevy made some good vehicles. Women are pretty. DO NOT EVER cross the IRS unless you have a former (and pensioned) IRS agent looking to play grab ass in this mortal world.

Fukishima 50 vs. the 1000 dedicated G.E. Staff assigned to mine the tax code.

 

We are fucked.

Tue, 04/05/2011 - 23:46 | 1139693 Hal n back
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Remember Buffett is all for the estate tax-which he avoided by gifting his money--but since he has a life insurance company it is good business to have a steep estate tax. But he is like others-caught up in the conflicts of inteest.

Tue, 04/05/2011 - 17:10 | 1138589 covert
covert's picture

he is just trying to make up dirt instead of digging to find the real dirt.

http://covert2.wordpress.com

 

Wed, 04/06/2011 - 02:03 | 1139894 Popo
Popo's picture

Actually, I'm not exactly clear on what the dirt even was.   Steinhardt said something about him leaving all his money to Bill Gates -- and that that was "food for thought".  What did he mean by that exactly?  

Is there some hidden agenda, ulterior motive, tax haven, etc. that Buffet is actually working towards by giving away his wealth?  There seems to be a whole lot of head nodding, and nudging going on around here -- and from where I'm standing I still haven't seen any facts.

Yes, Buffet is an oligarch.  He's as crooked as any other Billionaire tycoon -- and likely guilty of insider trading on 1000's of occasions.  (Steinhardt is likely equally as crooked, for the record).

But Steinhardt seemed to be getting at something specific about this 'final giveway'.  As if there was a darker motivation at work.   

Except, I have no idea what that is -- or what Steinhardt meant.

Anyone?

Wed, 04/06/2011 - 03:11 | 1139952 reader2010
reader2010's picture

My take is that Buffett wanted to send a signal to his investors, and that signal said take your money and run.

Wed, 04/06/2011 - 11:46 | 1141189 Marla And Me
Marla And Me's picture

Watch this and you might get it:

http://www.youtube.com/watch?v=JaF-fq2Zn7I

It's subtle in that video, but eugenics has always been popular with the elites... 

Tue, 04/05/2011 - 18:45 | 1138922 In Fed We Trust
In Fed We Trust's picture

The thing on Philantropy is this:

So he gives his money to Bill GAtes. 

Gates left MS many years ago to start his health foundation.

But his foundation only spends the interest on the 20 billion, so its more like an endownment, it will be around foreever. 

Gates decides what the money is spent on, like vacines for the children of the world.

There is no proof that Gate's efforts are totally motivated by good will.

His vacines could be a form of population control.

So Gates convinces, Warren to give him his fortune, because he 1) avoids taxes, 2) it's a foundation that only spends the interest, so it will be around forever. 3) Population control is the best thing the elite could do for themselves. 4) Convince other Billionaries to give to the same fund or similar funds. 5) Carry out more Bill Gates Science Projects. 

 

 

Tue, 04/05/2011 - 19:36 | 1139068 AN0NYM0US
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Bill and Melinda Gates Foundation, which is a total front for the modern day eugenics movement.

 

Gates has stated that a healthy society produces fewer offspring and that in part is his motivation for vaccine work  I will post the clip when I find it ...

 

found it from early Feb of this year

http://bit.ly/hsBhhX

Wed, 04/06/2011 - 11:48 | 1141197 Marla And Me
Marla And Me's picture

Posted it upthread, but here you go:

http://www.youtube.com/watch?v=JaF-fq2Zn7I

Tue, 04/05/2011 - 19:35 | 1139081 Seer
Seer's picture

People have been theorizing "population control" efforts for how long now?  Where has anything surfaced, other than through (the other door, the one where all the hard core Christians don't want to look) militarism?

No, I am not in favor of any such thing.  I'm also not in favor of BS used to drown out folks on some other side of a religion (such are the currents of history).

But... all you lovers of capitalism better realize that it's the koolaid that you love, the one that allows power to be concentrated in ANYONE'S hands.  If you don't like the outcome then you're probably not going to like the alternative (full equality of income/power).

Don't sleep, don't turn your back, they're after you and you won't get away...

Tue, 04/05/2011 - 23:10 | 1139635 Harlequin001
Harlequin001's picture

you are suggesting what?

Tue, 04/05/2011 - 19:55 | 1139160 Chicken_Little
Chicken_Little's picture

When I moved here to Thailand I was taken to a restaurant called Cabbages and Condoms.

http://www.cabbagesandcondoms.co.th/  There was a big picture of Bill Gates. The now deceased Thai owner pushed condoms for birth control. I'm not totally convinced of your view that the Gates Foundation is all about population control, but what I saw here sure backs it up.

Tue, 04/05/2011 - 22:19 | 1139519 captain_menace
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Not sure why you are anti-population control?  Maybe your Catholic? (go ahead junk me)

I remember reading somewhere that educated women are likely to have fewer children.  There's all kinds of ways to encourage a smaller population, and not all of them are nefarious.

Wed, 04/06/2011 - 03:03 | 1139947 AnAnonymous
AnAnonymous's picture

I remember reading somewhere that educated women are likely to have fewer children. 

 

Makes me laugh every time.

The US economy is one that has been draining resources from all over the world, to keep up an economic model based on the resources drain, later claiming that resources drain does not matter and every one, including the drained, could developp the same kind of economy.

So education is synonym to jobs. Women with jobs, as long as they can not have servants, have less time for family. It is a constraint.

Educated women with no job have the same amount of time as other women. Look up at communauties the education of small children is made by women. Women are educated but they have no jobs. High birth rate.

 

Wed, 04/06/2011 - 00:50 | 1139803 snakeboat
snakeboat's picture

Remember that compy simulation, Life?  In the end after the bloom and the subsidance, all that's left are small pools of subsisting life.  That's where we're headed.  Warren AND this guy'll be dead.  Their spawn will have to come together with what's left of US to survive.  Simple truth.  Prepare.

Tue, 04/05/2011 - 20:47 | 1139300 bankonzhongguo
bankonzhongguo's picture

One doesn't have to understand high finance to understand Buffet.

Dig into all the sweetheart tax breaks his Nebraska Furniture Mart got when it built its 420,000 sqft barn in Wyandotte county, Kansas.

420,000 sqft of bullshit cheap-ass Chinese made furniture sold to home equity goofballs and they still would not pay their property taxes on time.

http://www.bizjournals.com/kansascity/stories/2009/07/20/daily51.html

'Nuff Said.

The kindly old fart from Omaha is a carnivore for human flesh and tears.  He, Soros and their whole crew get off on hurting others.  Money isn't enough anymore.

Truth be told, the whole Buffet/Gates world tour of billionaire philanthropy is about sucking those billions to be given to the perking clones of Gates/Buffet. 

Got Telomerase?

Tue, 04/05/2011 - 23:16 | 1139644 Harlequin001
Harlequin001's picture

Buffet's investing days are numbered, his entire philosophy was to buy stocks, let Greenspan devalue the dollar and take profits. That's why he doesn't sell. No mystique there I'm afraid, just a lot of investors who could have simply bought stock, held it and let Greenspan devalue the dollar.

and keep their fees...

He couldn't do it again, and he cannot now get out. Stand by to crater...

Tue, 04/05/2011 - 21:32 | 1139406 bigelkhorn
bigelkhorn's picture

Miton Friedman  Chicago economist and Nobel prize winner, was hired by the Chicago Mercantile Exchange for $10,000 to do a study on the feasibility of trading futures in the foreign exchange markets 

Very Eye opening!!!!

http://www.forecastfortomorrow.com/news/2011/04/this-one-guy-has-it-righ...

Tue, 04/05/2011 - 22:34 | 1139551 Twindrives
Twindrives's picture

Warren Buffett is a self centered pig.  His buddy Charlie Munger is a piece of shit.  Enuf said.   

Tue, 04/05/2011 - 14:52 | 1138060 T Rex
T Rex's picture

The video you are trying to access is no longer available.

Tue, 04/05/2011 - 15:06 | 1138138 NOTW777
NOTW777's picture

eventually this note will apply to everything ever broadcast on cnbc

Tue, 04/05/2011 - 18:52 | 1138957 I think I need ...
I think I need to buy a gun's picture

THIS GUY IS AWESOME

Tue, 04/05/2011 - 15:23 | 1138200 sundarb
Tue, 04/05/2011 - 15:34 | 1138250 Jigsaw
Jigsaw's picture

Carry Buffett's water Bitchez

Tue, 04/05/2011 - 16:38 | 1138300 rocker
rocker's picture

This guy looks like suck it up Charlie?  My bad.  Two different people.  Two different personalities for sure.

I've said it before and I say it again, "We are Japan".  Our two decades of hell have just begun as much as I hate to admit it.     

Tue, 04/05/2011 - 18:42 | 1138921 reader2010
reader2010's picture

You sure about that? We ain't Japan because we are worse than Japan. 

Tue, 04/05/2011 - 17:21 | 1138628 reading
reading's picture

click the link

Tue, 04/05/2011 - 17:23 | 1138629 reading
reading's picture

.

Tue, 04/05/2011 - 23:34 | 1139677 Shocker
Shocker's picture

yeah it will work, just keep trying. This guy has some interesting points.

Tue, 04/05/2011 - 14:55 | 1138063 williambanzai7
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Tue, 04/05/2011 - 14:57 | 1138085 t0mmyBerg
t0mmyBerg's picture

Now that is hilarious.  Far too little discussion in the MSM of exactly who is in line to be helped by official US policy of destroying the dollar and recapitalizing the banks and who is hurt.  Uncle Warren knows where his bread is buttered and is not above taking free money if someone is going to give it to him with no ethical qualms about it.

Also not surprising CNBS may have taken the unflattering video off-line.

Tue, 04/05/2011 - 14:59 | 1138102 magpie
magpie's picture

Very fitting, American Yeltsin needs strong Oligarchs.

Tue, 04/05/2011 - 15:02 | 1138108 t0mmyBerg
t0mmyBerg's picture

Although with Pucker-My-Lips-To-Kiss-Obama's-Ass Jeff Immelt no longer associated with them, I am not sure why they would continue to spin so.

Tue, 04/05/2011 - 15:27 | 1138226 Ruffcut
Ruffcut's picture

I watched it, well, sort of live. He spoke, so soft and somber. I did notice the crews low tone to his comments.

But, when looking for trades at that early hour, or whatever hour, I can't listen to CNBullPoop, or my brain will explode in a zillion pieces of shit contaminated grey fecal matter.

Tue, 04/05/2011 - 17:26 | 1138652 MSimon
MSimon's picture

grey fecal matter.

Ostriches have that problem as well.

 

Tue, 04/05/2011 - 16:44 | 1138496 williambanzai7
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What would Livermore say about the way everyone fawns on the old coot taking his book.

Tue, 04/05/2011 - 15:01 | 1138117 tony bonn
tony bonn's picture

rotflmao....

Tue, 04/05/2011 - 15:13 | 1138155 Clueless Economist
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I approve of Warren Buffett!

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