Warren Buffett on Gov't Intervention

[Darwin333]

ATPN is stocked to the gills with world-class, right-wing economists who clearly see how wonderful the U.S. economy would be now if there'd been no stimulus and no bank bailouts. They know this because the U.S. economy isn't wonderful right now, and it's impossible that the stimulus and bailouts prevented far worse from happening.

It's impossible that the stimulus and bailouts prevented unemployment from being 25% right now; impossible that the DOW would be at 3000; impossible that there would be 5% deflation and negative growth; impossible that the housing market would be down 50% instead of 20%; impossible we could be in another great depression. Because the economy isn't wonderful right now - only two years after pulling back from the precipice of disaster - it must be the case that the U.S. government did the wrong thing. There can be no other possibility.

The right knows this because - unlike the large majority of actual economists who tell us the stimulus and bailouts actually worked - the right has knowledge of the universe that comes from a very special place that's immune to logic and education and intelligence. That special place is called faith and certainty; and when you feel faith and certainty, what you believe just has to be true. Just ask Osama Bin Laden and the Taliban.

Then you have those of us who are neither "right" or "left" but we can do basic fucking math so we know you are full of shit.

You guys do provide some amusement in a twisted kind of way when you argue about which side would get us out of this shit better when both sides do the same fucking thing.

For example, if the left is doing such a great job how come we have seen zero indictments of the banksters even though they have admitted to crimes in sworn testimony? Or how about a simple one, why are the banksters the only assholes who seem to be doing better? At least you guys reinstated Glass-Steagal though..... ah fuck, yall didn't even do that when you controlled both houses and the WH? I guess we can overlook that little issue since you made sure the too big to fail assholes at the very least didn't get bigger, right? Fuck, you bastards didn't even do that. The least you assholes can do to say you are better than the other assholes is send a hot (i'll even settle for a semi-hot) stripper to all of our homes to give us handjobs (the individual can even pick the sex of the stripper). As bad as you assholes have been fucking all of us I think a reach-around is the least yall can do. Oooh, it would create jobs too so you can call it "stimulus".

 

[theeedude]

I would probably say the same thing if I was one of the lucky few that have profited off of said "government intervention" at the expense of everyone else.

His fortune is going to charity anyway, so if you are implying he's doing this for personal gain, it's pretty weak.

 

[Darwin333]

Nope, I mean no inflation, period. BLS headline inflation index (one that includes energy, food, etc) puts inflation for the last 12 months at a staggering 1.2%.

http://www.bls.gov/news.release/cpi.nr0.htm

You probably shouldn't get your economics advice from Sarah Palin.

I am not a fan of Sarah Palin so I don't know what she is rambling about these days.

I do know what I actually pay for stuff and umm, its gone up. I also can watch those little commodity tickers cuz I has the intertubes and umm, they are way up too.

Gas prices are up more than 1.2% in the last fucking week alone you asshole. How about the price of corn? Price of soy? Price of wheat? Nat. Gas? Silver? Copper? Yeah, I actually buy most of that stuff and it has all gone up more than 1.2 fucking percent. I won't even waste my time clicking the link to figure out what bullshit tricks they used to come up with that bullshit number.

 

[Darwin333]

His fortune is going to charity anyway, so if you are implying he's doing this for personal gain, it's pretty weak.

Last I checked he ain't dead yet so its still his personal gain. Now if he gave all of his money to charity right now and moved into the house next to me and got a $50K a year job which was his only source of revenue, then I might buy that line.

Seriously, your best retort is that he won't have his money after he is dead and MY argument is weak?

 

[theeedude]

Last I checked he ain't dead yet so its still his personal gain. Now if he gave all of his money to charity right now and moved into the house next to me and got a $50K a year job which was his only source of revenue, then I might buy that line.

Seriously, your best argument is that he won't have his money after he is dead and MY argument is weak?

Buffett lives in a house he bought 50 years ago for $30K. Is your implication that his personal lifestyle would be crimped in any way shape or form if it wasn't for the bank bailouts? This guy has also been asking repeatedly for his own income taxes to be raised. You are going to claim it's for his personal profit too?

 

[fskimospy]

I am not a fan of Sarah Palin so I don't know what she is rambling about these days.

I do know what I actually pay for stuff and umm, its gone up. I also can watch those little commodity tickers cuz I has the intertubes and umm, they are way up too.

Gas prices are up more than 1.2% in the last fucking week alone you asshole. How about the price of corn? Price of soy? Price of wheat? Nat. Gas? Silver? Copper? Yeah, I actually buy most of that stuff and it has all gone up more than 1.2 fucking percent. I won't even waste my time clicking the link to figure out what bullshit tricks they used to come up with that bullshit number.

Well that's a coherent argument. Your response to this and shira's post are pretty awesome for their complete lack of self awareness.

I dun' know what them thar fancy economists r sayin'! Bureau of Labor? Nev'r heard of it! All I knows is corn prices are up!

Of course you wouldn't want to click a link from an authoritative source that has actual facts in it, it might rob you of your cherished delusions.

 

[yllus]

Food prices are definitely up, and probably only going to go higher (many months of QE2 still to come).

The Economist - The price of food since 1980

 

[bamacre]

:hmm:

 

[fskimospy]

:hmm:

Dude, that meme was old in 2004. Seriously, get some new material.

 

[bamacre]

Dude, that meme was old in 2004. Seriously, get some new material.

When you begin to learn from the past, I'll stop reminding you of it.

 

[fskimospy]

When you begin to learn from the past, I'll stop reminding you of it.

Says the gold guy.

 

[bamacre]

Says the gold guy.

I don't own a single ounce of gold.

 

[fskimospy]

I don't own a single ounce of gold.

Smart move!

 

[sMiLeYz]

Consumer Price Index report released to today... http://bls.gov/news.release/cpi.nr0.htm

TA DA.... lowest core inflation level EVER.. verging on deflation.

Wheres the inflation?

 

[JSt0rm]

Last I checked he ain't dead yet so its still his personal gain. Now if he gave all of his money to charity right now and moved into the house next to me and got a $50K a year job which was his only source of revenue, then I might buy that line.

Seriously, your best retort is that he won't have his money after he is dead and MY argument is weak?

hahahaah... Oh man you drink the koolaid

 

[Darwin333]

Buffett lives in a house he bought 50 years ago for $30K. Is your implication that his personal lifestyle would be crimped in any way shape or form if it wasn't for the bank bailouts? This guy has also been asking repeatedly for his own income taxes to be raised. You are going to claim it's for his personal profit too?

I don't claim to know what he is actually thinking. However, I do claim to know what he is actually DOING and that is making a shitload of money. Do you dispute this?

 

[manimal]

I'm sure the 20% of Americans who still can't find a decent job are happy for Buffet. "It worked!" Yeah, for the rich.

nice deflection there. bravo...

 

[manimal]

BTW inflation right now is at its lowest since 1957.....

 

[Darwin333]

Consumer Price Index report released to today... http://bls.gov/news.release/cpi.nr0.htm

TA DA.... lowest core inflation level EVER.. verging on deflation.

Wheres the inflation?

Oh gee, the governments CPI numbers says that all the bullshit the government has been doing hasn't really made the shit I buy go up in price and everyone is just imagining those price increases. Guess that settles that.

Question: Since the shit we need to buy isn't increasing in price, per the government and a few people here that are primarily on the left, medical insurance prices must have also remained either flat or their increase was offset by other costs decrease, right?

Everyone bitching about their insurance costs going up just needs to add a bit of perspective and stop bitching, right?

Gas prices really haven't gone up right? Food prices haven't gone up either, right? The price of the copper I purchase at work hasn't really gone up either, right? Silver hasn't gone up a dime (I don't touch gold so I leave it out on purpose) right? These are all necessities of life or basic industrial materials and they have ALL gone up more than 1.2% and the fact that anyone can say shit like "lowest core inflation" with a straight face shouldn't be taken seriously.

You can pull out any chart you want but in my little world of reality actual prices trump your government CPI numbers.

For the record, I am not a "hyper-inflationist" or a gold bug or anything of the sort. I didn't actually think we would see significant inflation until recently because I didn't think the Fed and the .gov would be this fucking stupid. I was wrong.

 

[fskimospy]

Oh gee, the governments CPI numbers says that all the bullshit the government has been doing hasn't really made the shit I buy go up in price and everyone is just imagining those price increases. Guess that settles that.

Question: Since the shit we need to buy isn't increasing in price, per the government and a few people here that are primarily on the left, medical insurance prices must have also remained either flat or their increase was offset by other costs decrease, right?

Everyone bitching about their insurance costs going up just needs to add a bit of perspective and stop bitching, right?

Gas prices really haven't gone up right? Food prices haven't gone up either, right? The price of the copper I purchase at work hasn't really gone up either, right? Silver hasn't gone up a dime (I don't touch gold so I leave it out on purpose) right? These are all necessities of life or basic industrial materials and they have ALL gone up more than 1.2% and the fact that anyone can say shit like "lowest core inflation" with a straight face shouldn't be taken seriously.

You can pull out any chart you want but in my little world of reality actual prices trump your government CPI numbers.

For the record, I am not a "hyper-inflationist" or a gold bug or anything of the sort. I didn't actually think we would see significant inflation until recently because I didn't think the Fed and the .gov would be this fucking stupid. I was wrong.

You do realize how stupid your argument is right? Your isolated experience does not equal what is going on in the US as a whole. What makes it even more ridiculous is how you try and talk about how you know what 'reality' is while wallowing in self delusion.

It's basically like arguing that global warming isn't happening because you opened your window and it's cold outside. A fifth grader could see the problem with your reasoning.

 

[Darwin333]

Food prices are definitely up, and probably only going to go higher (many months of QE2 still to come).

The Economist - The price of food since 1980

That damn near straight line up at the end of that chart must be a lie because the government says so.


To be honest, I can't think of a single reason the government would want to fudge the numbers a bit. Its not like it would make the deficit any worse or hurt consumer confidence or cause political fallout. Naw, nothing like that could be possible, all of these price increases are just in our heads and the stuff I buy hasn't gotten a bit more expensive.

Then again, if that is really the argument then you must agree that we are about to have a serious issue in the stock market. There is absolutely no argument that commodities have skyrocketed in the last 6-9 months so if manufactures are eating that cost increase (the only way for prices to remain the same when talking about everything we buy) then they will be making significantly less money in the near future. I am pretty sure that isn't a good thing for the overall market. If you disagree then please explain how we can have virtually no inflation in prices while the cost of commodities (the raw materials they use to make their shit) has in many cases risen over 50% AND business can make the same margins. This should be good...

 

[fskimospy]

That damn near straight line up at the end of that chart must be a lie because the government says so.


To be honest, I can't think of a single reason the government would want to fudge the numbers a bit. Its not like it would make the deficit any worse or hurt consumer confidence or cause political fallout. Naw, nothing like that could be possible, all of these price increases are just in our heads and the stuff I buy hasn't gotten a bit more expensive.

Then again, if that is really the argument then you must agree that we are about to have a serious issue in the stock market. There is absolutely no argument that commodities have skyrocketed in the last 6-9 months so if manufactures are eating that cost increase (the only way for prices to remain the same when talking about everything we buy) then they will be making significantly less money in the near future. I am pretty sure that isn't a good thing for the overall market. If you disagree then please explain how we can have virtually no inflation in prices while the cost of commodities (the raw materials they use to make their shit) has in many cases risen over 50% AND business can make the same margins. This should be good...

Of course what's funny about that is even if you take the economist's numbers over the US government's, their explanation for food increases have absolutely ZERO to do with the fed intervening in the market here in the US.

(of course this is why food and energy are excluded from the CPI, but hey, who's counting?)

 

[Darwin333]

You do realize how stupid your argument is right? Your isolated experience does not equal what is going on in the US as a whole. What makes it even more ridiculous is how you try and talk about how you know what 'reality' is while wallowing in self delusion.

It's basically like arguing that global warming isn't happening because you opened your window and it's cold outside. A fifth grader could see the problem with your reasoning.

A fifth grader could take a look at a 6 or 9 month chart of damn near any commodity and tell you are completely full of shit. You have yet to address that wee issue in your argument and have instead relied on "but the government says its not so".

Tell ya what, I'll play ball. Who exactly is eating the increased cost of raw materials that go into the stuff we buy? The market is on a tear so profits expected future profits must be good, you claim that stuff is not more expensive, and yet the commodities are still higher than a giraffes ass. Please explain, in small words for me if you don't mind, exactly how that can be.

 

[JSt0rm]

It was a poor crop yield year for the world. We know this.

 

[bamacre]

You do realize how stupid your argument is right? Your isolated experience does not equal what is going on in the US as a whole. What makes it even more ridiculous is how you try and talk about how you know what 'reality' is while wallowing in self delusion.

It's basically like arguing that global warming isn't happening because you opened your window and it's cold outside. A fifth grader could see the problem with your reasoning.

The only ones here looking dumb are those who are giving all credibility to government-produced charts even when reality disagrees. It's like a Christian saying the earth is 6000 years old, the proof being the bible.