Posted on 09/25/2008 12:53:45 AM PDT by FocusNexus
Billionaire Warren Buffett, calling turmoil in the markets an "economic Pearl Harbor," said his $5 billion investment in Goldman Sachs Group is an endorsement of the Treasury's $700 billion bank rescue plan.
"I am betting on the Congress doing the right thing for the American public and passing this bill," Buffett said on cable channel CNBC Wednesday. "I certainly have a vote of confidence in Goldman and vote of confidence in Congress."
Treasury Secretary Henry Paulson and Federal Reserve Chairman Ben Bernanke are pushing Congress to quickly approve the proposal to remove illiquid assets from the banking system. Buffett is buying a stake in New York-based Goldman after three of the investment bank's biggest competitors collapsed or were forced into emergency sales.
"I think the Treasury will pay back the $700 billion and make a considerable amount of money," Buffett said, adding that if he had $700 billion on the government's terms to buy distressed assets, he would. "Unfortunately, I'm tapped out."
(Excerpt) Read more at chron.com ...
Yeah no conflict of interest here...
Sure you do Warren. Especially when the plan would remove all of the toxic debt from Goldman Sachs through a $700 billion dollar pump. This pump will be used to funnel trillions of dollars onto the taxpayer's back.
This would leave you, Warren, with a very tidy profit - and the real problem would not even be fixed.
>> This would leave you, Warren, with a very tidy profit
Shhhh! You’re not supposed to know that!
How did you find out? You didn’t hack Warren’t yahoo email, did you?
I reserve criticism on Warren. The man was right on .com, right on derivatives, right on housing bust when everyone called him a fool. Meanwhile he makes 30% per annum for 40 years now.
I was right about all those issues as well. But I don’t suffer from conflict of interest.
Then Warren can obviously see that the Credit Default Swap market is what is sinking all of the investment banks, not the mortgage paper that has yet to be sold to the bond market.
What's the solution to this?
“”I think the Treasury will pay back the $700 billion and make a considerable amount of money,”
He’s future bullish, as always when a correction takes place, positive, unlike many of his colleagues who are all preaching doom and gloom which certainly can led to collapse.
Warren says we should give him our money. No thanks.
If the “market meltdown is ‘an economic Pearl Harbor’”, then who played the part of the Japanese, and shouldn’t we declare war on them?
Warren Buffet is all about the little guy...more taxes to keep the LG out of the big house. I think he’s a tool!
NO BAIL OUT!
Thank you, Mr. Buffett.
I've got to hand it to Mr. Buffet; he's one very smart man in re money. If I had the money, I'd be buying everything in sight right now. As it is, I can do what buying I'm able to; lol, but yeah, I wish I had the $700B right now to invest, too! I have no problem grokking the profit he's going to make on the uptick; nor do I resent him for that.
...”This would leave you, Warren, with a very tidy profit - and the real problem would not even be fixed”...
Yes. I heard that he will get 10% return consistently and always on this deal. How would you like your small CD to earn that on a steady basis? Buffett is a big liberal and is one of those who gets richer and richer. In fact, the super rich seem to mostly exist these days in the Land of the Left.
He’s tapped out. That’ a great line. Yes the gub with it’s army of regulators will make out okay. It’s a bookkeeping entry. These are assets backed by deed ultimately. Not like the dotcom where there was nothing but computers and chairs.
This is a 700b re-regulation bill. It’s got to be done ever so often. And once the bill is signed we can all point to the democrats who insisted on easy credit to get people into houses.
I think we are going down this time.
That would be the Democrats. They have been the enemy of this nation for a long time now. Declare war on them and put them in detention camps for about 20 years.
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