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

Tyler Durden's picture


Just after dawn, hedge fund manager Michael Steinhardt appeared on CNBC as the token contrarian in the Titans of Groupthink series. After some pleasantries we hit the 6 minutes mark where the formerly trite narrative experienced a flash crash. In the most candid discussion of the truth in America, Steinhardt said that “we live in an inland sea of calm waters while surrounding us are turbulent, horrible places,” to which everyone nodded soberly in agreement, unaware of what was coming next. “America seems almost as insular as it has in times past,” He continued. “America is not the wonderful place it used to be... Look at the rest of the world compared to America, look what’s happening all over and then here the biggest thing we have to worry about is how long it will take Buffett to come down to earth…how long until people like you begin to realize his reality and get off some…cloud.

Yet the smackdown of the Becky Quick/Joe Kernen Buffett-sycophant brigade was the prime attraction by far.

"Here in America's the biggest thing we have to worry about is how long it will take for Buffett to come down to earth where he should have been a long time ago, so people like you begin to realize his reality and get off some cloud."

"What is Buffett’s reality,”
His reality is that he is the greatest PR person of recent times. And he has managed to achieve a snow job that has conned virtually everyone in the press to my knowledge…and is remarkable that he continues to do it.”
“Really,” Quintanila responded with a shake: “so outperforming the S&P, I don’t know how many hundred times, over the course of his portfolio…doesn’t matter?”
“Ooo, I’m not sure he’s done that. What he has done, and this is a great measure of the man’s wonder, is that he gave away two and a half cents for the first 70 years of his life- he gave away nothing- and then in one fell swoop gave almost all of his money thoughtlessly, to one guy. And from that moment on became the greatest advocate of philanthropy and pitched all the bumbling billionaires to do the same thing. That takes a special guy having given away nothing and then in one fell swoop ‘boom!’ he gives it all away and pitches the other yo-yos to give it away too. Now what does that say? I think that’s worth reflecting.”

And why a special place is reserved in the 9th circle of hell for the Chairsatan, right next to his true master: "He has just screwed all those nice old people who saved all their lives to retire and he is paying half of one percent so he could recapitalize the banks... The Journal does not talk about this because those people don't matter...If you listen to Bernanke inflation is low even though you can't help noticing what is really going on. Inflation is so skewed where inflation is commodities is flying and wages inflation is zero so for the average guy in America it is terrible. Not bad but terrible."

There are many CNBC producers packing their cubicles after this truthy disaster of unbelievable proportions.

Absolutely must watch (link)


h/t Paulo


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Tue, 04/05/2011 - 14:52 | 1138058 sundarb
sundarb's picture

Cannot see the video Tyler...says error code VID: 502.

Tue, 04/05/2011 - 16:09 | 1138393 Dental Floss Tycoon
Dental Floss Tycoon's picture

Cannot see the video Tyler...says error code VID: 502.

Try this link.

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
AN0NYM0US's picture

This is a clean link to the embedded video without the CNBS frills etc

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

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
Hal n back's picture

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.


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.


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:

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
AN0NYM0US's picture

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

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

Posted it upthread, but here you go:

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.  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
captain_menace's picture

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.

'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!!!!

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


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
williambanzai7's picture

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
williambanzai7's picture

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


Tue, 04/05/2011 - 15:13 | 1138155 Clueless Economist
Clueless Economist's picture

I approve of Warren Buffett!

Tue, 04/05/2011 - 15:39 | 1138278 williambanzai7
williambanzai7's picture

Tue, 04/05/2011 - 16:19 | 1138427 Cognitive Dissonance
Cognitive Dissonance's picture

Each half of the fortune cookie looks like Buffets nose from below. Look what was mixed in with the snots.

Man, I think I need some sleep. :>)

Tue, 04/05/2011 - 18:21 | 1138864 New_Meat
New_Meat's picture

"looks like Buffets nose from below."

... eeewwww... ;-)

- Ned

Tue, 04/05/2011 - 22:41 | 1139569 agrotera
agrotera's picture

Sleep....poppies for you CD!!!  And for your friend...awesome post!!!

Tue, 04/05/2011 - 16:19 | 1138426 Smu the Wonderhorse
Smu the Wonderhorse's picture

Buffett is surely no saint.  Nor, might I add, is Michael I-might-be-an-atheist-but-Jews-are-still-better Steinhardt.  Both have been very successful investors.  Next.

Wed, 04/06/2011 - 02:56 | 1139937 bonddude
bonddude's picture

Good one ninja

Tue, 04/05/2011 - 14:55 | 1138069 unclebigs
unclebigs's picture

So how is this bullish for silver?

Tue, 04/05/2011 - 15:04 | 1138124 Long-John-Silver
Long-John-Silver's picture

Everything is Bullish for Silver. Haven't you noticed? Even Silver raids do nothing but start buying frenzies.

Tue, 04/05/2011 - 17:42 | 1138688 bruinjoe93
bruinjoe93's picture


Tue, 04/05/2011 - 19:03 | 1138982 let-them-eat-cake
let-them-eat-cake's picture


Tue, 04/05/2011 - 14:57 | 1138080 Misean
Misean's picture

CNBS is just going to start pre-recording its live interviews.

Tue, 04/05/2011 - 15:22 | 1138194 Mach1513
Mach1513's picture

Pre-recorded live!

Like that - like pre-owned cars, clean coal, nuclear exhchange, quanhtitative easing! Great.

Tue, 04/05/2011 - 15:38 | 1138253 Cognitive Dissonance
Cognitive Dissonance's picture

Each morning as I ready for the office I subject myself to an hour of CNBC torture to get an idea what the other fools (I include myself) are being feed first thing in the AM. This morning I was finally rewarded and ironically I almost missed it.

I listened to Steinhardt for the first 2 or 3 minute and then almost shut it off to leave. But something told me to stay and watch and in doing so I was rewarded with a live performance of CNBC Cognitive Dissonance the likes of which I have never seen before. The looks on their faces was worth several years of morning CNBC abuse. 

Tue, 04/05/2011 - 15:45 | 1138310 rocker
rocker's picture


Tue, 04/05/2011 - 16:12 | 1138400 Another Texan
Another Texan's picture

I listen just about every morning as its helpful to see and hear others opinions, no matter how orchestrated it is sometimes.  When I heard Mr. Steinhardt drop the Buffet bombs on air, i was like a deer in the headlights.  It was wonderful to hear the half ass attempts from the crew at a rebuttal.  Simply a great start to the day.  Once again, he will not be invited to do the morning show.

Tue, 04/05/2011 - 16:30 | 1138454 huntergvl
huntergvl's picture

You are a bigger man than me...I have found I just can't watch CNBC anymore. I am glad that someone can stomach it enough to occasionally post garnish like this. I wasn't really familiar with Michael Steinhardt before today and based on this interview, I'll likely never see him on CNBC or Bloomberg or other POS SPIN NETS, again.

Still, a refreshing view and nice to hear somebody say that bullshit actually has an odor to it. I like his phrase, "you have to reflect on it." I don't think any of the 3 talking heads know the word, reflect. Spin, yes, the market always goes up, yes.....challenge the status quo? Not so much.

Tue, 04/05/2011 - 20:29 | 1139255 disabledvet
disabledvet's picture

Steinhart's awesome.  Balls of steel relative to the Fed--should have admitted he was wrong on GM--because he's so right on everthing else.  No need to make it personal imv.

Tue, 04/05/2011 - 23:52 | 1139700 Hot Shakedown
Hot Shakedown's picture


Tue, 04/05/2011 - 18:48 | 1138931 In Fed We Trust
In Fed We Trust's picture

No shit. Did you notice when he started taking about America being insular, CNBC ran several graphs over his face, so you would get distracted , or wouldn't see the emotion in his face. 

Tue, 04/05/2011 - 14:57 | 1138089 the not so migh...
the not so mighty maximiza's picture

how dare this bald man pick on Becky Quicks sugar daddy/lollipop

Tue, 04/05/2011 - 15:24 | 1138201 Mach1513
Mach1513's picture

f**kbuddy, do ya' think?

Tue, 04/05/2011 - 15:53 | 1138333 Revolution_star...
Revolution_starts_now's picture

Uh Becky, that wasn't a "lollipop" in your mouth.

Tue, 04/05/2011 - 17:15 | 1138610 Flakmeister
Flakmeister's picture

+ 3 1/2 flaccid grizzled inches

Tue, 04/05/2011 - 14:57 | 1138092 spiral_eyes
spiral_eyes's picture


Tue, 04/05/2011 - 14:58 | 1138094 Id fight Gandhi
Id fight Gandhi's picture

Finally. So sick of hearing Warren knows all, and made all his money honestly. I bet some investigation is in order.

Tue, 04/05/2011 - 15:11 | 1138151 unwashedmass
unwashedmass's picture


puncturing the truthiness of CNBC....

love it.

where was the rah rah girl, Erin? Passed out in the back?

Tue, 04/05/2011 - 15:36 | 1138252 NOTW777
NOTW777's picture

erin had morning obama prayers

Tue, 04/05/2011 - 14:59 | 1138101 thedrickster
thedrickster's picture


6:00 minute mark.

Tue, 04/05/2011 - 15:01 | 1138103 long juan silver
long juan silver's picture

Buffetts greasy fingers are all over the 2008-2009 blow out:

AIG which really represented GS at the time
MCO (Moodys)
MTB(M&T Bank)
USB (USBancorp)
The largest private insurance portfolio in the world.

The whinings pleas:
The crying plea for govt bailouts and then when the market got whoopassed:
the famous plea for Americans to Buy, Buy, Buy
---3 months early

The courious politics:
Having an a-political history and nature, Buffett surprises the world with a much trumpeted endorsement of Obama. Where did this come from?(Did I mention his GE position? The Washington Post and Gannett positions?)

The 45 billion cash position as/of late 2008:
You could make a case that he created the blowout in order to buy cheap.

Warren buffet is a thief in my view and If he don't like it I'll give him my address and see if he's man enough to come over.

We dont drink soda and dont serve it either

Tue, 04/05/2011 - 15:29 | 1138229 Cheyenne
Cheyenne's picture

Right the fuck on.

Can I come over if I bring Charlie Munger? I have some questions about what "sucking it in" looks like. I'd also like to ask Warren why he sold a big chunk of MCO when he did.

Late night works best.

Tue, 04/05/2011 - 15:00 | 1138106 Hot Shakedown
Hot Shakedown's picture

I liked the dead silence that ensued when Steinhardt asks if Obama deserves a second term.....Not

Tue, 04/05/2011 - 17:18 | 1138604 malek
malek's picture

They pulled the vid, and in the version at
they took out that part.

This seems to be the full version:

Tue, 04/05/2011 - 15:03 | 1138113 nah
nah's picture

the man is just a billionaire

Tue, 04/05/2011 - 15:34 | 1138256 Zero Govt
Zero Govt's picture

a billionaire maybe but at least Sheinhardt notices what impoverished parts of America like Detroit and Chicago have become and that the place isn't what it used to be (unlike the usual sugary talk-up artists like Immelt and Blankfein) ..notice the word "superficial" to describe the "recovery"

meantime Buffet (billionaire) gives his billions to Bill Gates (billionaire) Foundation ...members of Club Parasite giving 'charity' to each other, it doesn't get more incestuous than that!  

Tue, 04/05/2011 - 15:53 | 1138337 Ruffcut
Ruffcut's picture

Being outside of Detroit, I like being picked on.

I went downtown to a hockey game, greektown restaurant and casino. It was fine.

In the burbs, blonds still drive lexuses talking on the cell phone about the same stoopid shit.

It is quieter, but not down and out, laying on the pavement. The auto retirees still keep a lot of this economy going. But you can tell the lower mid class younger folk is becoming stressed. They know their future is at best, weak.

Tue, 04/05/2011 - 16:33 | 1138460 Kickaha
Kickaha's picture

May I invest in your teleport machine, since you apparently travelled from Birmingham to downtown Detroit without passing through the residential and industrial (?) areas in between 8 Mile Rd. and downtown , where 2,000,000 people used to live, and where now only about 600,000 live, and every third house has been abandoned or demolished.

Take a trip into Macomb County, where the union guys used to live in places like Warren and Sterling Whites, and sees all of the vacant homes and the beginnings of neighborhood blight.

Absolutely nothing has even begun to replace the billions that the Big Three used to pump into the tri-county area every year.  I used to caddy for the rich owners of auto parts companies.  Those days are long gone and not coming back,  both as to the rich owners and the regular guys who worked in the plants.

Yes, indeed, give thanks for all those pensioners.  They have become the financial lifeblood of the community.

The best that can be said about the situation is that it is an early indicator of what awaits the rest of the nation.

Tue, 04/05/2011 - 16:34 | 1138461 Cleanclog
Cleanclog's picture

Right.  Buffet and Gates don't go to Detroit and Cleveland.  They meet up at "The Vintage" in the California dessert and play bridge and go to the parties that cost $1million per event to get dressed up and hobnob with the same people over and over again.  And all those other zillionaires drool and cream to shake their hands and have a seat nearby.  

the United States’ most prestigious and ultra-exclusive private country club community.  Highly regarded as the pinnacle among its peers, The Vintage Club has come to set the standard for which other country club communities aspire to achieve.


Tue, 04/05/2011 - 22:13 | 1139506 tarsubil
tarsubil's picture

Their logo looks like a vajayjay. Gaia worshipers?

Wed, 04/06/2011 - 11:37 | 1141133 Cleanclog
Cleanclog's picture

Hadn't noticed the logo - Gaia - matriarchal worship potential.  Makes me like it more.

And look!  We got junked by a Vintage member.

Tue, 04/05/2011 - 15:01 | 1138115 smlbizman
smlbizman's picture

i watched him this morning, i thought wilford brumley was selling me insurance.....anyhow the guys message was so good, you didn't mind him falling asleep every 5 mins...he must have been driving them insane with his super slow motion delivery....i loved it

Tue, 04/05/2011 - 15:28 | 1138223 A Man without Q...
A Man without Qualities's picture

Yes, I am surprised they didn't try to run commercials during the pauses...

Tue, 04/05/2011 - 15:30 | 1138233 subqtaneous
subqtaneous's picture

There's a world of difference between frenetically filling a void of time with verbosity, and a calm, calculated choosing of words which impart that sort of wisdom (while deftly skewering a few sacred cows along the way).


An extremely nimble-minded fellow for certain.



Tue, 04/05/2011 - 16:14 | 1138404 TheDriver
TheDriver's picture

Yes. This is a man with whom I'd like to share a scotch or three and listen intently for several hours as he tells his truths.

Tue, 04/05/2011 - 16:17 | 1138418 TruthInSunshine
TruthInSunshine's picture

Dying declarations are admissible, and not subject to hearsay objections, in open court.


Tue, 04/05/2011 - 15:29 | 1138118 Zero Govt
Zero Govt's picture

the 'editorial control' (propaganda command central) at CNN and CNBC is slipping... the truth is getting out, you know, real opinions

Tue, 04/05/2011 - 15:46 | 1138308 Cthonic
Cthonic's picture

Mainstream zeitgeist inversion approaching.  Say goodbye to the sudsy cultural remainders of generation bubble.

Tue, 04/05/2011 - 15:02 | 1138122 Ying-Yang
Ying-Yang's picture

Well worth the viewing. I listened in awe this morning as Michael taught school. His demeanor accentuated his honest statements to the horror of Becky Lick Buffett.

I enjoyed every minute.

Tue, 04/05/2011 - 15:04 | 1138127 Rogerwilco
Rogerwilco's picture

And deep in a basement bunker at DHS headquarters, the ranks of "terrorist" web sites are adjusted. moves another notch closer to the top spot.

Wed, 04/06/2011 - 00:33 | 1139779 Homeland Security
Homeland Security's picture

You got that right, son.

Tue, 04/05/2011 - 15:49 | 1138322 dogismyth
dogismyth's picture


And my dick slept with Liz Taylor's cold body last night....wanna hear more?

Tue, 04/05/2011 - 15:57 | 1138346 baby_BLYTHE
baby_BLYTHE's picture

I love Stanley Kubrick.

The Shining + 2001 are in my top 10 all time favorites.

Liz Taylor is dead, may her soul R.I.P

Tue, 04/05/2011 - 16:20 | 1138430 dogismyth
dogismyth's picture

everyone who dies is in peace...especially after leaving this shit bucket.

Tue, 04/05/2011 - 22:45 | 1139575 disabledvet
disabledvet's picture

Not Liv Tyler tho!  Whoooo-hoo!

Tue, 04/05/2011 - 15:05 | 1138132 walt_sobchak
walt_sobchak's picture

Classic Buffet - Sokol cartoon mocking the whole affair.





Tue, 04/05/2011 - 16:39 | 1138476 Atomizer
Atomizer's picture

Larry King look alike. :)

Tue, 04/05/2011 - 15:06 | 1138136 shushup
shushup's picture

I was able to open the video.


Tue, 04/05/2011 - 15:10 | 1138143 hambone
hambone's picture

Artificiality Bitchezzzzzzzzzzzzzzzzzzzzz.

Tue, 04/05/2011 - 15:15 | 1138146 bob_dabolina
bob_dabolina's picture

In all honesty I wouldn't really mind him all that much because lets face it...every billionaire is corrupt in someway, they didn't get to where they are honestly buying/selling shares of coca-cola (I don't give a shit way you say)

But it was really when I think Charlie Munger that told the tax payers to "suck it up" and that is a mentality I'm sure Buffet agreed with otherwise Munger would not have had the audacity to make such a comment after getting bailed out.

That really made me sick.

Fuck them both I hope they get AIDS and cancer of the eyes.

Tue, 04/05/2011 - 16:52 | 1138528 dogismyth
dogismyth's picture

and what would you have done if it were you within the "insiders circle" of power and wealth? Our environment (and experiences) form our beliefs which we then realize as truths.  Unless you walk in the man's shoes, you have no idea where the path will take you.  So cut'em some slack....let's hold off on the AIDs for now.  We may need that as a follow-up treatment.

Tue, 04/05/2011 - 19:43 | 1139107 SteveNYC
SteveNYC's picture

Your second and third sentences, while true, do not allow these slime quarter. We all have the ability to mindfully assess our "own" situation relative to that of others, we also possess the ability to objectively view how our words and deeds affect others. Neither of these pieces of shit have done so.

The punishment stands.....

Tue, 04/05/2011 - 21:18 | 1139368 t0mmyBerg
t0mmyBerg's picture

You know its funny but I used to work for the son of a billionaire, who was of course himself a centimillionaire.  I became his sort of adjutant.  Late one night when we had been working hard and were in his office shooting the shit he said to me "You know behind every great fortune there is a great crime".  I later asked him about that and he denied he ever said anything like that.

Tue, 04/05/2011 - 15:12 | 1138147 The Count
The Count's picture


I just knew that the orifice of wherever is just satan in disguise of santa.


Tue, 04/05/2011 - 15:12 | 1138148 TruthInSunshine
TruthInSunshine's picture

Video is working now (for me at least), bitchez.

Tue, 04/05/2011 - 15:11 | 1138150 Pepe
Pepe's picture

Thanks so much again ZH

Tue, 04/05/2011 - 15:13 | 1138156 irishlink
irishlink's picture

WOW! Watch out zerohedge, your truth is going mainstream. He is so right about the superficiality of the market. 20 years ago the companies rated AAA in the dow thirty was in double digits . It is now 1 OR 3. 

Tue, 04/05/2011 - 15:13 | 1138158 hognutz
hognutz's picture

With Warren Buffet, its not just who you know, but also who you blow.

Tue, 04/05/2011 - 15:28 | 1138220 Id fight Gandhi
Id fight Gandhi's picture

Lemon party

Tue, 04/05/2011 - 16:08 | 1138375 Sweet Chicken
Sweet Chicken's picture

Funny shit right there!

Tue, 04/05/2011 - 15:14 | 1138162 Yield2Greatness
Yield2Greatness's picture

Becky must have been devastated.  All the foreign trips where she pretends to be Warren's girlfriend, lettin him inappropriately (accidently) rub against her, etc. *** sniff *** "I thought he was such a nice guy, like my grandfather,,," *** sniff ***

Tue, 04/05/2011 - 15:15 | 1138164 thedrickster
thedrickster's picture

First the pretty CNN faces being schooled on Libya and now the truF with a capital fucking F going out on GE_TV.

Something really bad is about to happen isn't it?


Tue, 04/05/2011 - 15:20 | 1138184 TruthInSunshine
TruthInSunshine's picture

First thing I said to myself upon hearing Steinhardt (who's no angel, by the way) publicly thrashing Bernanke is -

Shit's about to get real, yo.

Tue, 04/05/2011 - 16:53 | 1138534 T1000
T1000's picture

Hide yo kids, hide yo wife, they rapin everybody 'round here...

Tue, 04/05/2011 - 17:01 | 1138543 T1000
T1000's picture

TPTB are letting this get out now. They have news lock down on all the media, then all of a sudden, they can't control themselves and their puppets anymore? Yeah.....right. 

They're letting the real get out, starting the next phase in the plan. 



Tue, 04/05/2011 - 16:58 | 1138549 dogismyth
dogismyth's picture

They just painted a bullseye on their back (courageous as it may be), Bernank is calling Geithner now and saying, "time to call the suicide notewriter in and get this taken care of".

Tue, 04/05/2011 - 15:15 | 1138167 Homey Da Clown
Homey Da Clown's picture

wow that was quick. Video not available.  I guess Becky needs to get out the kneepads after that interview to keep ole Warren happy. Remember the stories in 2008 when Immelt came down on anyone telling the truth about Obama and Buffet? Remember when Santelli and Gasparino were taken to the woodshed?


CNBC has long since lost any semblence of an impartial medium. Any organization that allows Cramer, Liesman, and others that led millions of lemmings over the cliffs have a special place in hell.

Tue, 04/05/2011 - 15:16 | 1138173 Chasecran
Chasecran's picture

He Balls...

Tue, 04/05/2011 - 15:19 | 1138174 The Count
The Count's picture

Get the pitchforks, tar and feathers out guys cause we're all  a gonna clean out DC!!!! May the chips fall where they may. Anybody in congress for more than 8 years - out. FED - out, lobbyists - tar and feather... there is hope my friends.


Tue, 04/05/2011 - 15:43 | 1138304 NotApplicable
NotApplicable's picture

You voters are so cute, with all of your quaint anachronisms.

Tue, 04/05/2011 - 17:34 | 1138667 philgramm
philgramm's picture

+ 2012

Tue, 04/05/2011 - 18:01 | 1138787 tj3
tj3's picture

well, dam gum-it ; i thank you and i must say i do like the cut of your jibe

Tue, 04/05/2011 - 15:16 | 1138177 TruthInSunshine
TruthInSunshine's picture

I'll bet Bernanke kicks his kitten when he sees this interview.

And then he'll have to go and do some POMO to let some steam off.

Tue, 04/05/2011 - 15:18 | 1138178 famousamos
famousamos's picture

So why DID uncle Warren not give any money away for 70 years, then give it all away at once in the name of philantropy?

Tue, 04/05/2011 - 15:22 | 1138202 famousamos
famousamos's picture

Will have to do some googling later... "The fact is that Warren Buffett’s bizarre transfer of his fortune to the Gates Foundation might have been responsible in part for the mortgage default situation that rocked the financial stability of the United States of America. Warren Buffett’s fortune being transferred to the Gates Foundation might have been a very poorly planned strategy and the reasoning behind seems aimed at hurting the United States itself."

Tue, 04/05/2011 - 15:21 | 1138196 Dr. Porkchop
Dr. Porkchop's picture

This guy painted such a sombre and serious tone, that they could but sit there in silence. It was awesome. Then in closing, he reminded them all of the world beyond thunderdome.. the rust belt.. the bad America, the promising America of past times.

I like this guy.

Tue, 04/05/2011 - 15:22 | 1138204 alien-IQ
alien-IQ's picture

Looks like another guest added to the CNBC "Do Not Invite" list.

Tue, 04/05/2011 - 15:25 | 1138216 equity_momo
equity_momo's picture

Respect for pissing in the punch bowl

That was a breath of fresh air.


Tue, 04/05/2011 - 15:27 | 1138217 AldoHux_IV
AldoHux_IV's picture

I knew I had respect for this guy-- love the fight the fed comment. Always good to hear from another that respects truth.

Tue, 04/05/2011 - 15:27 | 1138219 tek77blu
tek77blu's picture

If Buffett had half a brain, he'd remember what his father fought for--Gold and Silver. He'd also pick up some mining shares if he had a brain also.....

Tue, 04/05/2011 - 15:27 | 1138227 Pecora
Pecora's picture

This is hilarious coming from Steinhardt who made the acquisition of inside information into an art form long ago. And there's his family connections...

Tue, 04/05/2011 - 16:46 | 1138505 Josh Randall
Josh Randall's picture

Do tell..

Tue, 04/05/2011 - 18:04 | 1138796 tj3
tj3's picture

eff google, spill the beans

Tue, 04/05/2011 - 19:19 | 1139036 Fred Fernakie
Fred Fernakie's picture

lol exactly its the pot calling the kettle black.

Tue, 04/05/2011 - 22:03 | 1139481 Welfareisfraud
Welfareisfraud's picture

What's wrong with "inside" information? Are you one of those fruitloops with an issue against it?

Wed, 04/06/2011 - 01:05 | 1139830 i-dog
i-dog's picture

"Trading" without inside information is simply gambling. Very inefficient.

Tue, 04/05/2011 - 15:27 | 1138230 Hacksaw
Hacksaw's picture

Here's a link to the video, very interesting if you haven't seen it. I especially liked it when he was telling them life in America isn't what it use to be, they should take a trip to Detroit or Cleveland if they wanted to see how bad it really is. There was little to no comment from the CNBC crowd.

Tue, 04/05/2011 - 15:30 | 1138239 TruthInSunshine
TruthInSunshine's picture

Try this if you're having problems getting video to open:

Tue, 04/05/2011 - 15:31 | 1138243 hoyasrule
hoyasrule's picture

While he makes some good points on the economy and inflation, his buffett attacks seem to be petty jealousy to me. 

Tue, 04/05/2011 - 18:05 | 1138803 tj3
tj3's picture

they have a history, at least, as he pointed out...through a Solman(sic) Brother's scandel.

Tue, 04/05/2011 - 15:37 | 1138247 The Count
The Count's picture

The fucking Gates foundation should be forced to use its money to clean up the millions of infected Windows machines all over the world which are used by crooks and secret service agencies world wide to screw us over. For those that have never really thought about it: don't you think a country like the US could have finished off the Mafia a loooong time ago if they really wanted to? Meditate on this... The powers that be are playing all sides and we think we have some sort of control. Ha haaa. Organized crime, the big 2 parties, banking, oil and defense. They have it all cornered.

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