Warren's Billions Thank Uncle Sam For Bailing Them Out

Tyler Durden's picture

Nothing quite like the billionaire whose entire fortune is invested in the successful perpetuation of the ponzi, thanking the administration for taking trillions of dollars out of the taxpayers' pocket and preserving the broken system for a few more years, just so said billionaire can wax holier than thou on the pages of the administration's newspaper and thank the administration for allowing him to swim in his nickel pool through expiration. If one tries hard enough, one can almost spot a ridiculously hypocritical vicious loop in there somewhere...

Below, Warren Buffett thanks YOU for saving his money, via the NYT.

DEAR Uncle Sam,

My mother told me to send thank-you notes promptly. I’ve been remiss.

Let me remind you why I’m writing. Just over two years ago, in September 2008, our country faced an economic meltdown. Fannie Mae and Freddie Mac, the pillars that supported our mortgage system, had been forced into conservatorship. Several of our largest commercial banks were teetering. One of Wall Street’s giant investment banks had gone bankrupt, and the remaining three were poised to follow. A.I.G., the world’s most famous insurer, was at death’s door.

Many of our largest industrial companies, dependent on commercial paper financing that had disappeared, were weeks away from exhausting their cash resources. Indeed, all of corporate America’s dominoes were lined up, ready to topple at lightning speed. My own company, Berkshire Hathaway, might have been the last to fall, but that distinction provided little solace.

Nor was it just business that was in peril: 300 million Americans were in the domino line as well. Just days before, the jobs, income, 401(k)’s and money-market funds of these citizens had seemed secure. Then, virtually overnight, everything began to turn into pumpkins and mice. There was no hiding place. A destructive economic force unlike any seen for generations had been unleashed.

Only one counterforce was available, and that was you, Uncle Sam. Yes, you are often clumsy, even inept. But when businesses and people worldwide race to get liquid, you are the only party with the resources to take the other side of the transaction. And when our citizens are losing trust by the hour in institutions they once revered, only you can restore calm.

When the crisis struck, I felt you would understand the role you had to play. But you’ve never been known for speed, and in a meltdown minutes matter. I worried whether the barrage of shattering surprises would disorient you. You would have to improvise solutions on the run, stretch legal boundaries and avoid slowdowns, like Congressional hearings and studies. You would also need to get turf-conscious departments to work together in mounting your counterattack. The challenge was huge, and many people thought you were not up to it.

Well, Uncle Sam, you delivered. People will second-guess your specific decisions; you can always count on that. But just as there is a fog of war, there is a fog of panic — and, overall, your actions were remarkably effective.

I don’t know precisely how you orchestrated these. But I did have a pretty good seat as events unfolded, and I would like to commend a few of your troops. In the darkest of days, Ben Bernanke, Hank Paulson, Tim Geithner and Sheila Bair grasped the gravity of the situation and acted with courage and dispatch. And though I never voted for George W. Bush, I give him great credit for leading, even as Congress postured and squabbled.

You have been criticized, Uncle Sam, for some of the earlier decisions that got us in this mess — most prominently, for not battling the rot building up in the housing market. But then few of your critics saw matters clearly either. In truth, almost all of the country became possessed by the idea that home prices could never fall significantly.

That was a mass delusion, reinforced by rapidly rising prices that discredited the few skeptics who warned of trouble. Delusions, whether about tulips or Internet stocks, produce bubbles. And when bubbles pop, they can generate waves of trouble that hit shores far from their origin. This bubble was a doozy and its pop was felt around the world.

So, again, Uncle Sam, thanks to you and your aides. Often you are wasteful, and sometimes you are bullying. On occasion, you are downright maddening. But in this extraordinary emergency, you came through — and the world would look far different now if you had not.

Your grateful nephew,


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Tortfeasor's picture

Grateful nephew...and sole heir.

Watauga's picture

I cannot recall the last time I felt physically sick as a result of reading something ostensibly financial in nature.  Sure, I have read about crashes that swept away 20% of my investment portfolio practically overnight, but even that reading did not sicken me like this piece of trash did.

Warren Buffet has just proven, in writing, that he is a Statist monster, willing to praise a tyrannical government that takes from the (poor) taxpayer and gives to the (rich) bankers and hogs like Buffet.  The 2008 bailouts, TARP, the "stimulus" bill, the federal budget deficits, the national debt, the nation's obligations (Social Security, military retirements, government employee retirements and benefits), Obamacare, and on and on--all simply means by which the Middle Class is being destroyed.  But to what end?  The ONLY thing I can imagine is some form of more globalized central government power.  Destroying America's Middle Class cannot do the United States any good (assuming one wants the United States to remain a sovereign nation that promotes liberty, property, and free enterprise).  Thus, the powerbrokers in finance and politics must be destroying the Middle Class and the dollar and our way of life in order to benefit themselves from a new global order.  How else can this be explained?

Buffet, in this piece, clearly aligns himself with the monied and political classes and against Middle America.  He can thank Uncle Sam all he wants, but he should be thanking you and me, because Uncle Sam has nothing we don't give him.  It is time, I think, to stop giving to Uncle Sam, since all Uncle Sam is doing is giving back to Warren and other cronies.  It is a sick system, and only WE, THE PEOPLE, can change it.  Time to get to work, folks.

ElvisDog's picture

Here's something to give you comfort - all of Warren's billions and connections cannot defeat the strongest force in the universe, time. He is an old man and will be dead in a few years. Time doesn't care how much money you have. And before he dies, his body will fall apart.

macholatte's picture
Living well is the best revenge.
George Herbert
functionform's picture

Life is like a hurricane, here in Duckberg.

Ferrari's picture

Sorry, but that doesn't do it for me. Like Stalin, Mao & Pol Pot, Bufffet, Blankfein, Bernanke, Paulson, et all, will all probably die peaceful, natural deaths with their adoring families at their bedsides. I worry that the rest of us down here will go out struggling with each other over rotting corn.

Kat's picture

I'm with you on this.  We either stop them now or we will be in the predicament you describe.


strannick's picture

If there is no God, everything is permitted, so shaddup and get back to work...

Popo's picture

While the fact that Warren is not long of this Earth does offer some comfort.... let's just say that I wouldn't be overly upset if someone were to accelerate his passage. 

Waterfallsparkles's picture

You are so right.  The Money or "Bailout" was from the American People. The Government did not give "Their" Money, they appropriated Money from Americans thru taxation to give to Buffet so he can have a nice Thanksgiving.  Leaving the American People to sell their remaining possessions to buy dinner.

Widowmaker's picture

Notice buffet didn't thank those in the military fighting ghosts in fabricated wars in third world countries, or the youth/unborn paying for all the record bonuses?

Me too.

This letter simply frames the re-writing of history later.

greased up deaf guy's picture

it warms my heart to know we're sucking it up to keep old coots like uncle warren relevant.  sigh...

Lets Hang Parliament's picture

Tyler - you should delete all the others and just leave this one comment on the thread. It's a perfect summary.

slaughterer's picture

Thanks to Uncle Sam, bitchez.

Mercury's picture

It doesn't really matter but it's possible that it was suggested he write this. 

But my God, even if it weren't true just the possibility of creating the perception that the richest man in the world is publicly thanking the government for making him even richer while most everyone else (taxpayers - a.k.a. the red headed step-child in this analogy) is struggling should have been enough to stay his pen.

But it's OK...I'm a Liberal...anyone can buy BRK/A....or at least BRK/B...

macholatte's picture

The elite have thrown down their masks. Buffet's comments are completely appropriate since they are true, for him, and we live in a facist state. It is only proper that he thank Government Sachs for all it has done for him.


It is not a sign of arrogance for the king to rule. That is what he is there for.
William F. Buckley, Jr.

VaJim's picture

PS, Please raise estate taxes so that my life insurance companies can sell more wealth replacement insurance policies.


RonnieHonduras's picture

Amen.  Let's not forget that huge bunch of welfare artists with Esq, CLU and ChFC on their cards.

jellydonut's picture

'Economic meltdown averted'


Christ these people are so full of shit.

goldmiddelfinger's picture

He follows me on twitter

slaughterer's picture

Thanks to Warren Buffett,

Your dutiful grandsons,

Hank Paulson, Ben Bernanke, Lloyd Blankfein, and B. Obama 

snowball777's picture

" Just days before, the jobs, income, 401(k)’s and money-market funds of these citizens had seemed secure."

johngaltfla's picture

Warren Buffet has one thing going for him. He's never been caught doing the Pee-Wee Herman in a theater. He's a low life scumbag and when he croaks, I hope one of his former minions writes an expose book on him.

Dagny Taggart's picture

...but John, at least Pee Wee hid in a theater. Buffett just did it in the NY Times.

kathy.chamberlin@gmail.com's picture

ruins his own kin, tells me a lot about this fucking bastard. he obviously hates woman. he and this charlie munger probably go to the dark side of night with each other. i don't really want to imagine such activities by men but am assuming this is the only way a man like warren buffet can get off. GOD made the urge for men to do devious shit to each other, so i am happy for that. in this case maybe warren will get HIV.

snowball777's picture

"And when bubbles pop, they can generate waves of trouble that hit shores far from their origin."

Not if you don't by on margin, asshat.

pagan's picture

Obama... Just an empty suit.

This guy, what a Madison avenue success! J as many Europeans were fooled by his charisma. But I learned fast, shortly after his inauguration I realized that his administration was Baby Bush adm. version 2. 

At least pretty much the same thing.

RockyRacoon's picture

Perhaps the right agenda, but the wrong forum.

Buffet... Warren Buffet... we're talking about Warren Buffet.

And now, back to our regularly scheduled program...

umop episdn's picture

I fail to understand how banks failing would destroy the entire world. I fail to understand how a fictional 'Uncle Scam' saved anyone from anything. I wholeheartedly wish that the world looked far different than it does now, unlike Mr. Buffet. Propaganda FAIL.

orangedrinkandchips's picture

Could be worse....Buffet could be a total jerk-off like the Bushes or Rangler...the list goes on....so yes, it is good he thanks Uncle Sam for his billions...but we are far far far from normal.


Death to the fed!

RedPacket's picture

... Mission Accomplished

TheGreatPonzi's picture

Buffet will end his life millionnaire.

Taking bets?

Watauga's picture

Ponzi--what are you saying?  That Buffet will commit suicide?  That he will die a millionaire and have the last laugh?  I don't get it?

If the latter of those, he can have it.  Lots of folks succeed in this world by selling their souls to Satan.  You and I can do the same, if we signed on that dotted line.  I don't want to trade Eternal Life for a fleeting instant of comfort here.

VisualCSharp's picture

These men have no fear of God in them. They undoubtedly believe there is nothing greater than themselves. How else to explain their actions? Their one-track focus seems to be pursuit of all wealth to whatever end.

tom a taxpayer's picture

Give me a barf bag. Buffett helped save Goldman Sachs, the ringleader of the Wall Street criminal enterprise and the continuing rape and pillage of taxpayers.

Widowmaker's picture

Its not rape if you're wearing a corporate-condom, just like it's not rape if a girl is drunk.

America got drunk on government sponsored fraud-credit and fucked by the rich inc. 

Buffet Dick Inc.  "We fuck America's children, but it's just business."

No, thank YOU Warren (and friends in fraud).

John McCloy's picture

Notice the genius of Scrooge McDuck. Minimal fiat paper and a money of primarily gold and silver coins.

Watauga's picture

Now this comment is brilliant. 

Widowmaker's picture

Interesting you should bring that up.   

In the US the vast majority are intimidated by "immigrants" and even a foreign language being taught in school.

 I will attest first hand that many, many Mexicans I know are loading up (LOADING UP) on silver.   Sure doesn't look like Scrooge McDuck in reality.

The average US citizen worshiping the wanker-Buffet and spending his fiat at Wal-Mart is getting cleaned out of his country, AND his wealth thanks to Buffet and his corporate chodes.


Calculated_Risk's picture

"In the US the vast majority are intimidated by "immigrants" and even a foreign language being taught in school."

No, the vast majority of Americans are pissed off at having to slow down an entire classroom to accommodate one student that can't speak the language. Then, to add insult to injury the ILLEGAL "immigrant" DEMANDS goods and services, while paying no taxes to support said goods and services. Then, to rub salt in the wounds, has the nerve to protest and wave a foreign flag claiming superiority of said nation, that doesn't even want them!

 So, tell your little friends to stop free loading like shit bag buffet. Parties over, no more funds for the freeloaders.

Widowmaker's picture

I hear your frustration about side effects, but my premise was the massive holdings of silver these folks are trading their fiat in for... they literally can't invest in much else.  

Also, the ones collecting silver aren't freeloaders (actually have money they've earned) so your rant is moot in this context.

What is surprising is that many of the younger Mexicans have recognized the sham of fiat.  Mostly 20-somethings that ALL had "some" silver.

Get mad all you want, soon these folks will be educating your kids because their spineless incompetent sucker-parents watered the classroom down by removing dicipline and inserted profit by legislating education with "no profit left behind."

LiquidBrick's picture

Parties over, no more funds for the freeloaders.

ROFL! That's like trying to shut down Studio 54 at 2:30am when you can't even get inside!