Varney Says Warren Buffett "Banana Republic" Warning is a Warning Shot to Obama - Video 8/19/09

Freedom's Lighthouse ^ | August 20, 2009 | BrianinMO

[Federalist Patriot]

Here is video of Stuart Varney talking about Warren Buffett's warning in a New York Times op-ed that the Obama Administration must stop the rise in our National Debt or America runs the risk of becoming a "Bananna Republic." Here's what Buffett said:

I want to emphasize that there is nothing evil or destructive in an increase in debt that is proportional to an increase in income or assets. As the resources of individuals, corporations and countries grow, each can handle more debt. The United States remains by far the most prosperous country on earth, and its debt-carrying capacity will grow in the future just as it has in the past.

But it was a wise man who said, “All I want to know is where I’m going to die so I’ll never go there.” We don’t want our country to evolve into the banana-republic economy described by Keynes.

Varney said this is meant as a clear warning shot to President Obama to stop increasing the nation's debt load. Buffett has been a big supporter of Obama, but Varney said it could signal that Obama is beginning to lose Buffett's confidence. . . . . (Watch Video)

[silverleaf]

As Buffet watches the totalitarian statists he backed gobble up democracy and capitalism, maybe he is becoming aware that liberal billionaires are the next course on the menu.

[panzerkampfwagen]

Obama doesn’t care.

[sarasota]

ping. Even Buffet is speaking out against 0.

[Boiling Pots]

Right, the problem with these wealthy Obama supporters is that Obama is TRYING to turn this into a banana republic. He secretly despises their wealth too. They think they’ll be spared b/c they’re “on board.” They couldn’t be more wrong.

[Voter62vb]

I think I saw this musical somewhere! Hmmmm...I think Madonna played Obama, too.

[Just mythoughts]

Is it not more than a bit strange these people came up with the acronym TARP to cover their hedges. Where was the money guru Buffet when that ponzsi scam was devised? Didn't he made-off with more than a couple of pockets of change out of that scheme.

[Outlaw Woman]

Right on!

[Wardenclyffe]

"Well, La Tee Frickin' Da Warren! About a day late and a dollar short!"

[newfreep]

"We don’t want our country to evolve into the banana-republic economy described by Keynes."

Even the liberal elitists are beginning to realize OBOZO's socialism is a threat to their wealth.

[antonico]

But even Banana Republics need some amount of productivity in order to function. Cuba and North Korea are Totalitarian; the Philippines under Marcos was a Banana Republic. There are w few “selected” individuals that are “chosen” by the government to corner production of necessary goods like energy, food, fuel, housing, etc. That’s why media are so in the tank for Obama and the left and they’ll stay that way for a simple reason: there’ll always need TV and newspapers. GE, owner of NBC, will continue to support him because they have nothing to lose by doing so. Even if Obama and the Democrats gets turned out - they’ll go on no matter what.

So the fact that Buffet is willing to speak out, knowing he can have his own future secure by throwing in with aspiring career dictators is what’s striking.

[12Gauge687]

We need more Americans (naturalized or otherwise) like Varney. I really enjoy his show on Fox Business and the fact that he often has the lovely Sandra Smith (former trader at CME) on makes it all the more entertaining.

[SampleMan]

Buffet is a political idiot. I'm always amazed how these super rich people come to look at politicians as chess pieces and manage to have no greater concept of ideologically impact.

I don't need to know the specifics of a Socialist's plans to know that they are either wrong or not really a Socialist. And if it appears to be the latter, they are likely lying.

Its like picking a pet for you kid. People like Buffet see no difference between a cute Lab puppy and a cute lion cub.

[MIchaelTArchangel]

I am surprised no one is calling Warren Buffet a racist for using the term “banana” with respect to the “Great Leader”.

[driftless2]

I would really like to get inside the head of someone like Buffet who as one of the most successful practitioners of capitalism in the history of the world, strongly supported the most ardent anti-capitalist president ever. What was he thinking? There must be some ulterior motive as to his support of Obama.

[iacovatx]

“I would really like to get inside the head of someone like Buffet who as one of the most successful practitioners of capitalism in the history of the world, strongly supported the most ardent anti-capitalist president ever. What was he thinking?”

If you want to get inside Buffet’s head, read his annual letters to stockholders of Berkshire Hathaway. He is open about his analysis of economic matters and economic matters dominate his thoughts. He has shown interest in population control (as told me by a longtime investor) and is interested in environmental issues (which is relevant to his energy company investment). Buffet’s peers are investment and insurance company personnel and people who control extremely large amounts of money. Those people feel quite in control and I suspect they feel they are in a superior position to most politicians. Politicians come to them to give respects rather than the other way around. His peers are mostly Democrats who have vast sums of money (B Gates, Goldman Sachs-type execs, Soros types). His associate Charlie Munger is an exception but not too different in philosophy. They are confident and comfortable—they don’t fear government. Buffet supported the death tax but ensured none of his vast wealth was taxed—it is evident that he figured the tax was fine for gov’t’s purposes. Of course, gov’t won’t be getting HIS money—that would not make sense to him—the death tax is certainly not something he is going to pay into. If you can understand his way of thinking on that, you will be “in his head”. He thinks he is “smart” (he is) and he thinks gov’t is being smart by collecting more money given the gov’t spends more than it takes in. I am speculating, but it is possible this is the logic he sees.

Favorable insurance rules help Buffet’s companies. His energy company negotiates rates with gov’t rather than with the consumers who actually pay the bills. Gov’t wants money just like he does. Gov’t matters to Buffet but gov’t also simplifies his task of making money.

Buffet sees opportunities to make money, gov’t leaders see opportunities to make money—it is the same philosophy.

[blam]

Coming Soon: Banking Crisis of Historic Proportions

[driftless2]

You’re probably right. There’s just no sane economical reason why a super-successful capitalist like Buffet should support a wealth-destroyer like Obama and his minions.

[Welcome2thejungle]

Buffett surely must have known exactly what he was getting into signing up with BHO & Co.

Buffett is, after all, a life long Democrat. I must conclude that Buffett, like his fellow billionaire Democrat, George Soros, is a committed Socialist—like most other hardcore Democrats.