BUFFETT: WE’RE STILL IN A RECESSION
23 September 2010 by Cullen Roche
5 Comments
Warren Buffett disagrees with the NBER. He says we’re still in a recession and likely to remain in a recession for quite a while. These comments are far more tempered than the ones that were published last week. Of course, my favorite part in this clip is where he says the U.S. government did the right thing in responding to the crisis. They certainly did the right thing for Berkshire Hathaway shareholders. Whether or not they did the right thing for America is a whole other story….
Source: CNBC
Loyal followers of Warren Buffett are finally realizing what a true scum bag this crony capitalist truly is and are selling their holdings in response to his hypocritical ways. Check out some of the letters his once loyal investors and admirers have written. The one by “JL” is particularly noteworthy.
http://globaleconomicanalysis.blogspot.com/2010/09/janet-tavakoli-on-myth-of-amoral-debtor.html
When the reaper comes for him and his partner in crime I hope their told to “suck it in and cope”!
He has really fallen from grace. I wrote about the same topic Mish touched on last year: http://pragcap.com/the-many-myths-of-warren-buffett
Buffett is a banker. Make no mistake. He’s a great capitalist (perhaps the greatest), but don’t mistake him for his folksy charm. He’s a money hungry, greedy capitalist. He will suck this country dry if it benefits his shareholders. Great CEO, not a great American.
Oh, I remember that post of yours well. I got into a spirited debate in the comment section with “Chris” about WB. I wonder what ever happened to Chris? I haven’t seen him around here, probably blew up his portfolio.
I can’t say WB is a great capitalist, not when the taxpayers gave his companies over $95 BILLION and GUARANTEED ANOTHER $134 BILLION.
Even a great crony capitalist would know not to fan the flames of public angry by making such a galling statement like the one his co-conspirator, Charlie “Fear” Munger, made by telling people to “suck it in and cope”!
Ah yes. Good old Chris. He was the guy who had a leveraged long position in the banks based on the idea that they were a no brainer trade because of the steepness of the yield curve and easy money Fed. He told me I was a fool not to own the banks and that I was insane for shorting the market in April. I was really trying to help the poor guy by telling him to be careful in the position as I thought it was well overextended. We were on opposite sides of the trade and he didn’t like it one bit. I was very bearish at the time if you’ll recall and worried that the market could crumble. The market crashed a few weeks later and he sent me a lovely profanity laced tirade calling me all sorts of names and describing what a jerk I was for telling him to be more prudent….I was only trying to help….In the end, he got crushed:
Yeah, I remember you two going back and forth, you were very polite. I knew it was going to end badly for Chris because he was so cocksure. Like Mark Twain said, “It ain’t what you don’t know that gets you into trouble. It’s what you know for sure that just ain’t so.”