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Did Warren Buffett's Father Just Turn Over In His Grave?
Historically, Warren Buffett has seemingly disagreed with his father Howard who called for "a return to a gold standard" and knew the great Austrian economic school economist Murray Rothbard. However, we suspect his recent startlingly crony-laden comments on Tim Geithner's new book would have made his dad roll over his grave... "Sensational... Tim's book will forever be the definitive work on what causes financial panics and what must be done to stem them when they occur."
As Economic Policy Journal asks rhetorically, How much of a crony has Warren Buffett become?
He is quoted on the back of Tim Geithner's new book, Stress Test: Reflections on Financial Crises:
Sensational...Tim's book will forever be the definitive work on what causes financial panics and what must be done to stem them when they occur.
Buffett's father, Howard, who knew the great Austrian school economist, Murray Rothbard, must be turning over in his grave.
In the quote above, Buffett is not only discounting Austrian school business cycle theory but even Keynesianism, for an alleged-theory by the total crony Tim Geithner.
Let it not be forgotten that just days after Buffett invested $5 billion in Goldman Sachs, the Treasury announced that it would bailout Goldman and other top tier Wall Street investment banks. Buffett made a killing in Goldman stock as a result of the bailout.
So, would Buffett have put $5 billion in Goldman if he wasn't tipped off that a bailout was coming? But of course he would, bath or no bath.
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free Madoff!
exactly!
what ever happened to that guy? he seemed well plagued in london connection and all that ...
no doubt poor Ruth was so upset; she must have known how the game works and upset for being picked on
I'd say it's just a misquote. Here's how it should've read.
"Tim's work will forever be the definitive cause of financial panics."
+infinity for props to Rothbard. Other than his meddling in politics in the hopes that both "sides" would destroy each other, the man is my intellectual hero.
me thinks he doth protest too little..........ya think he may own the publisher?
Did Buffett also write how tax-cheat Geithner's peg as Treas Sec slapped in our face the misconduct and cronyism of the status quo.
Banzai special:
https://www.flickr.com/photos/expd/13996727730/in/photostream/
Tyler, heads up, most important story of the year.
http://www.latimes.com/business/la-fi-oil-20140521-story.html
Federal energy authorities have slashed by 96% the estimated amount of recoverable oil buried in California's vast Monterey Shale deposits, deflating its potential as a national "black gold mine" of petroleum.
Like I would ever believe a word uttered by any agency under the control of the Obama Regime.
Evil Eye for the Truck Guy
Canary on the fault-line, workin’ a slick line,
We’ll crack this baby open, ‘cause it’s a money mine,
Don’t worry ‘bout those tremors, nuthin’ ventured, nuthin’ gained,
To tempt the fate of half the State, you might think is hare-brained, but ...
We’ve all got to sacrifice to keep those wheels a-turnin’,
She all grinds to a halt, if there’s no oil for burnin’,
So what’s it to a Truck Guy if the ocean takes LA?
Don’t give a damn ‘cause he’s not goin’ there anyway.
So screw LA,
And San Fran too,
I got to have my fix,
Of that black, sweet sticky goo,
‘Cause I’m a Truck Guy!
Etc...
And free John Corzine damnit!
Madoff will be released sometime in the next year do to "failing health."
Mark my words.
Bernie should have been made FED chairman years ago, he knows how to properly manage a Ponzi.
He duped the tribe.
Therefore his son was punished and he rots in jail.
In other words-the NSA has sent each a copy of the others file-and let them know they're expected to play nice in public.
Just die already Buffet.
On second thought....let me kill you just a wee bit....the only way I know how....and transfer my auto insurance from Geico to another company.
Won't mean a thing.....but we all do what we must....when we can.
I for one want him to live long... well long enough to see his ill gotten stawk wealth evaporate into nothing when the reset comes. Then I want him to die of heartbreak.
Warren Buffet also touts that he was just raised in an average middle class house when his father was a US house Rep. Ha!
That does make it easier to raise money from dentists in your early 20s. Assuming you buy that official propaganda
Yeah, he was a house rep but if you have read Snowball (or check a few sources) his family was wiped out in the depression, twice. Buddy had his family name and thats about it when he started around 16.
Howard was an outcast and lost his seat, and failed in a prez. bid, and ran a failed brokerage. Family was pretty tapped out.
Just setting the record straight. What he did early on was good for financial empowerment & investor education.
A family name in politics goes a long way.
It does, but it did not really help him as a social pariah in Omaha if you read his unvarnished history. They had a family grocery store franchise which was pushed to the brink to get him started off with a small investment pool.
Not defending WB, because he has Loomis for that (and Charlie) but the guy was a product of his upbringing. He admits he had a bad experience with what being a goldbug brought the US economy, as seen being in a dustbowl town where payables days streched into years.
Depression shaped his view, and he was (and is) convinced that the emergency backstop of a large free cash flow machine should only be used when you need to reboot the credit cycle. He often views his legacy to that of a "pure" JP Morgan, who in his view was a hero for his work in rebooting the cycle in 1932/33.
2008 and 1987 however he made a hard call where do you support the existing system, or do like JPM and buy the dip. At the end, I suspect having everyone from Bush to Whitehall giving you flashbacks to 1931 may have forced his hand a bit. Or so the biography claims.
So whatev. Does not excuse the situation, but gives context.
JEB 2016
(lets see how fucking stupid they really are.....)
"I warn you that politicians of both parties will oppose the restoration of gold, although they may outwardly seemingly favor it.
Also those elements here and abroad who are getting rich from the continued American inflation will oppose a return to sound money. You must be prepared to meet their opposition intelligently and vigorously. They have had 15 years of unbroken victory.
But, unless you are willing to surrender your children and your country to galloping inflation, war and slavery, then this cause demands your support. For if human liberty is to survive in America, we must win the battle to restore honest money.
There is no more important challenge facing us than this issue -- the restoration of your freedom to secure gold in exchange for the fruits of your labors."
Howard Buffet
When will the Grim Reaper visit this old geezer already so I don;t have to keep hearing about this sycophantic bullshit?
Don't worry. It will only get worse after he passes, as he will be painted as a saint.
.
I'd find it amusing if he lived just long enough to see his fortune wiped out completely. However, each morning brings him one day closer to the day he soils his diaper in the playpen for the last time.
Yes, he'll be painted as a saint, and everyone will pretend to agree. Fortunately, though, he has sealed his legacy with this comment:
"Tim's book will forever be the definitive work on what causes financial panics and what must be done to stem them when they occur."
Warren Buffett will forever be the definitive embodiment of the guy who licked the ass of Timmah "The Rat" Jeethner.
That MickeyD's for lunch everyday is clearly the tonic spouting out of the fountain of youth.
Can we just chalk it up to senility??
Obama says Warren wears ugly ties.
Most Nebraskans know how to use a nail gun. Timmy should stay out.
Buffet and Munger: Heckle and Jeckle
http://www.youtube.com/watch?v=zBUlwt_EIsI
how much did they pay him for the quote?
What else would he be expected to say?? Just look where his bread is buttered!
Let's see... He loaned Goldman $5B at 10%...
$3.7B
http://blogs.wsj.com/deals/2011/03/18/buffetts-goldman-bet-reaps-8-7-bil...
Speaking of graves.... Isn't Warren way past due?
Warren Buffett is a perfect example of what happens when a lucky man becomes powerful. He starts to believe his own bullshit.
Yes, people like Tim Geithner and Warren Buffet are what causes financial panics and not letting people like them in the room when they do occur is perhaps the best way to deal with them.
Warren Buffett has always been a consummate insider. He knew that the Federal government was about to bail out Goldman Sachs and he used that information to add a few billion to his portfolio.
The sage of Omaha is actually the swindler of Omaha.
The establishment are CONPERSONS first ... look at what they keep out of sight:
http://www.showrealhist.com/yTRIAL.html
The cartoon with the dollar bills flying around him say it all.
Buffet stands for nothing but abject greed; his entire persona is about money.
To Hell with the poor or the law, morals, ethics, or right and wrong.
Yep, taking all to the grave.
He is also an outspoken advocate of an onerous Federal Estate Tax. He believes Uncle Sam should reap a significant chunk the harvest upon the deaths of those who produced it. Revolting.
Oracle_FUBAR.
Good to see such vitriol isn't reserved only for tribe members.
fair and balanced
i want every one of ya'll to take the time to view this revelation on Warren fucking Bitch ass Buffet...
https://www.youtube.com/watch?v=gJYLmDbIV9s
I liked the part where Napalitano talked about Geithner's criminality concerning AIG.
I sure would like to know what they are holding over Buffet's head.
Did he get caught acting like a Catholic priest of something?!
Nothing over his head, it's all going into his bank account...
Yeah. Somewhere between "derivatives are financial weapons of mass destruction" and TARP ... Warren got tapped ... somehow or other.
Howard Buffet's prescient quote:
Even if it were desirable, America is not strong enough to police the world by military force. If that attempt is made, the blessings of liberty will be replaced by coercion and tyranny at home. Our Christian ideals cannot be exported to other lands by dollars and guns. Persuasion and example are the methods taught by the Carpenter of Nazareth, and if we believe in Christianity we should try to advance our ideals by his methods. We cannot practice might and force abroad and retain freedom at home. We cannot talk world cooperation and practice power politics
"Our Christian ideals cannot be exported to other lands by dollars and guns. Persuasion and example are the methods taught by the Carpenter of Nazareth, and if we believe in Christianity we should try to advance our ideals by his methods. We cannot practice might and force abroad and retain freedom at home. We cannot talk world cooperation and practice power politics."
How many billions of American dollars are allocated annually to sweeten Israel?
Howard Buffet would be appalled by present day US foreign policy.$
another senile oligarch speaks...and we should give a fuck because...?
Guys like Warren work with, take advantage of the system.
Guys like me, finding the sytem corrupt tend to fight it.
I wonder who is better off?
If we use a comparison of bank accounts, I'm afraid you lose.
Don't forget all of the MBSs he bought a few months before QE3 was announced.
Can't wait for that corpse to officially croak.
Which implies that Warren not only expects there will be more financial panics in the future, but, that they will follow a prescribed path. And, since only the few like him will ever be in position to profit from them, I imagine he can hardly wait for the next one.
Ta-dah!!
> what causes financial panics and what must be done to stem them when they occur.
I think Warren meant that it identifies the people who need to be put on the hit list.
I feel sorry for anyone who must cheat, lie and steal. They cripple themselves by being unable to succeed without the goodness of others. How weak and simple minded must they be. To see the world in their own pathetic weakness. They create nothing, and have nothing, so want nothing for anyone else. Patheic and sad. To surrender to savageness before even giving civility a chance.
Mental, emotional and visionary cripples. Would you wish such a broken life for anyone.
Savagery and crulity is all they have left in a void of a broken mind, by their own hand.
Mr. Buffet has nothing i would want at that price.
'The Orofice of Omaha'. What a tool.
I wonder how he sleeps at night?
Of course people like him always sleep well.
Now that governments have discovered the wonder of fiat there is no going back. We need now to help savers, rich and poor, escape from the result of fiat abuse (which is an inevitable feature of fiat). Saving in gold is the solution but the classic 'gold standard' had the government declaring the price of gold and creating gold derivatives (they called them 'dollars'). If gold can float in value beside the fiat currecny the market can adjust the value of gold and it can serve as a natural buffer to inflation.
if you have an hour to spare.... http://www.usagold.com/halldiscussion.html