Listening To Warren Buffet Could Create The Next Depression

Toogood Reports ^ | May 9, 2003 | Mary Mostert

[Tauzero]

"I'll take Templeton any day. Buffett is a Democrat who has made lots of money."

Yeah, well, Templeton's as at least as bearish as Buffett.

[expatguy]

bump

[Tauzero]

"Buffett may well be right; but that's not the same thing as saying he's being helpful when he undermines the public confidence it"

He can't undermine the public confidence. You have cause and effect reversed. If the public was very confident, Buffett would not be invited on shows to give a very bearish opinion.

What do you expect him to do, just stay mum about what he really thinks?

If yes, how confident does that make you?

" Arguably, he's not doing anything helpful to counter such a development, if one is in fact on its way."

What on earth could he possible do to prevent such a thing?!

[Tauzero]

"And while you'd probably expect that from me, isn't that a bit strange when you think about it for Buffet; a man who continually tries to portray (at least in public) the market as being overvalued..."

Not at all.

Shorting is just not his game.

[arete]

Sir John is even more bearish. Templeton recently said the markets are broken. Both Buffett and Templeton know that that serious economic probems are being covered-up and spun into a rosy picture by Wall Street and Washington.

Richard W.

[headsonpikes]

bump.

[betty boop]

He can't undermine the public confidence. You have cause and effect reversed. If the public was very confident, Buffett would not be invited on shows to give a very bearish opinion.

For what it's worth, Tauzero, Mr. Buffett -- a lifelong liberal Democrat -- is an extraordinarily influential man who moves investors (i.e., directs capital flows) every time he opens his mouth. And I have noticed that, when he speaks, he usually moves the crowd in directions that are unhelpful to conservative economic policies, such as tax cuts.

Now we learn that Arnold Schwartzenegger (sp?) has hired him as his economic advisor. And what is the first thing he says? That California property taxes are "too low!!!" And should be increased!!! (This in a state paying among the highest property tax rates in the nation already, and suffering from a totally sick economy....) And this is supposed to "help" Arnold in his bid for the governorship??? Do you think this is going to win him the hearts and minds -- and votes -- from people who already believe (with good cause) that they are already "taxed to the max?"

When I hear stuff like this, I wonder whether Mr. Buffett may actually be working for "the other side" -- notably including Mr. Clinton.

Just my huble opinion. You are entirely free to disagree with it. Thanks for writing!

[Tauzero]

"And I have noticed that, when he speaks, he usually moves the crowd in directions that are unhelpful to conservative economic policies, such as tax cuts."

Buffett is no John Law, or Hitler.

Crowds follow people who promise to take them where they wanted to go in the first place. The main function of an authority is to provide people with a way to commit the logical fallacy of argument from authority.

Thanks for writing.

[Petronski]

I watched Buffet the other day on the Cavuto show. I was ready to throw myself off a cliff because of all the gloom and doom I heard from his mouth.

If you read the gold bug threads on FreeRepublic, you'd probably be reaching for the rope. They all profit from market declines, and hope doomsaying will make it so.

[betty boop]

Buffett is no John Law, or Hitler.

I never said he was. Please don't put words in my mouth, Tauzero. My comments were based on observation. And I described what I have observed. That's all. FWIW.

[Sam Cree]

bump

[Dead Dog]

Once there were 300 airplane manufacturers. Today there are only a couple. "If I'd been at Kitty Hawk in 1903 when Orville Wright took off," Buffet said, "I would have been farsighted enough, and public-spirited enough – I owed this to future capitalists – to shoot him down."

Once again, proof you don't have to be overly bright (just disciplined and practical) to make a butt load of cash.

How may aircraft manufactures are there now? Probably more than 300 world wide.

Of those US manufaturers that were around durig the great depression, how many were bought out in mergers that eventually became Boeing, Lock-mart, Grumman, Raytheon, Ect?. Someone investing any of those companies in '29 would have been well paid now.

Why pick on Aircraft and Auto's how about Buffets bread and butter, insurance companies. What percentage of those operating in '29 are still in existence?

He, like so many of our business leaders today, are either foolish or intellectually dishonost.

[Dead Dog]

...and Buffet ain't a fool.

[Sam Cree]

"you will be able to buy houses for 10 cents on the dollar. Interesting, isn't it?"

Makes you wonder how good real estate could be as an investment. Or anything else, for that matter.

[Buckwheats]

Buffett has it right as he almost always does.

Except for making money, he always has it wrong. I think he's an idiot savant (he looks like one, btw); instead of being able to play the piano or counting a ton of toothpicks, he picks cheap companies. Otherwise, he's a moron.

[arete]

Wow, you really are blinded by your own hate -- name calling and just making stuff up to suit your own purposes. You should be so lucky to be half as smart as Buffett.

Richard W.

[Buckwheats]

Why would you presume 'hate'? That's just silly. And, why would you say such a stupid thing as 'just making stuff up to suit your own purposes'? You need to learn to read for 'comprehension' before you post a response.

[arete]

Except for making money, he always has it wrong. I think he's an idiot savant (he looks like one, btw); instead of being able to play the piano or counting a ton of toothpicks, he picks cheap companies. Otherwise, he's a moron.

Prove any of your words there Sparky. You are being blinded by your own hate. Your words are the words from someone with some big personal problems.

Richard W.

[Buckwheats]

Why would I need to prove an opinion? You're an idiot (or just drunk).

[arete]

You're an idiot (or just drunk).

You keep proving my point. You have problems. Get help.

Richard W.