Posted on 07/28/2011 9:47:37 PM PDT by verklaring
And we have a Federal Government providing $1,700 billion - 12% of GDP - in false economic demand that does not actually exist!
The alarm clock is ringing right now.
... there will be a crash.
(Excerpt) Read more at market-ticker.org ...
bump
Warren Buffett, in a recent interview with CNBC, offers one of the best quotes I’ve heard in all this drama about the debt ceiling:
“I could end the deficit in 5 minutes,” he told CNBC. “You just pass a law that says that anytime there is a deficit of more than 3% of GDP, all sitting members of Congress are ineligible for re-election.”
Best thing Buffett ever said.
Just an additional comment as background. Karl Denninger was one of the original founders of the Tea party movement. He know his stuff.
Truth is, we need a correction.
WS cant keep getting fat while the economy suffers.
3% of 16 Trillion is 480 Billion. Not quite getting it done there are we?
Wise analysis.
I welcome a massive correction. It’s gonna hurt, real bad, but it has to happen.
It feels all askew.
The correction needs to happen in government - not the market place. I was just talking to a guy that works for a government facility. He was in on a project meeting where the foreman is yelling/pleading with his guys. “Come on you guys - this is taking way too long. All I’m asking is to put in 4 hours of good solid work a day. Do that, and we’ll be back on schedule in no time. Come on - 4 hours is all I’m asking for.”
Of course they are all union, on the government payroll, near impossible to fire. And any more than that pleading for them to work would be considered harrassment. So they get by with their 1 to 2 hours (if that) of productive work each day.
But guess who will be paying for the massive correction? Lots of folks - but not these union, gov’t job for life losers.
This is like Steve Martins old bit “ you wanta know how to make a million dollars? Ok first get a million dollars...”
The whole plan falls apart when he said...” Pass a law..” Exactly who passes laws ???? Why the congress of course. And to thine own self be true.... They will never do such a thing.EVER.
FU WARREN BUFFET... IF YOU’RE SO SMART WHY’D YOU VOTE FOR BAMBI????
One day, there will be a crash.
So, unless Karl is sick that day, he will finally be right.
Makes sense. But I would raise it to 10% — there are lean years...
That’s a good quote from Buffett. Unfortunately, one of his solutions would be to raise taxes.
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