Welcome to PatsFans.com

I could end the deficit in 5 minutes

Discussion in 'Political Discussion' started by IllegalContact, Jul 11, 2011.

  1. IllegalContact

    IllegalContact Rookie

    Joined:
    Jun 5, 2010
    Messages:
    9,626
    Likes Received:
    7
    Ratings:
    +12 / 1 / -2

    "I could end the deficit in 5 minutes. 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 reelection" - Warren Buffett
  2. The Brandon Five

    The Brandon Five Rookie

    Joined:
    Aug 21, 2010
    Messages:
    6,029
    Likes Received:
    4
    Ratings:
    +9 / 0 / -0

    But, doesn't Warren understand the absolute indispensability of "stimulus"?
  3. wistahpatsfan

    wistahpatsfan Rookie

    Joined:
    Jul 30, 2005
    Messages:
    15,671
    Likes Received:
    11
    Ratings:
    +11 / 0 / -0

    Who's gonna pass THAT law?
  4. Holy Diver

    Holy Diver Rookie

    Joined:
    Sep 13, 2004
    Messages:
    10,800
    Likes Received:
    6
    Ratings:
    +6 / 0 / -0

    Isn't this the same guy who sung "Margarita-ville"? get real.
  5. Gainzo

    Gainzo Rookie

    Joined:
    Aug 7, 2007
    Messages:
    2,127
    Likes Received:
    0
    Ratings:
    +0 / 0 / -0

    He is the guy donating 85% of his wealth to charity.

    Warren Buffett's Unprecedented Generosity - ABC News
  6. Holy Diver

    Holy Diver Rookie

    Joined:
    Sep 13, 2004
    Messages:
    10,800
    Likes Received:
    6
    Ratings:
    +6 / 0 / -0

  7. Harry Boy

    Harry Boy Look Up, It's Amazing PatsFans.com Supporter

    Joined:
    Nov 10, 2005
    Messages:
    37,502
    Likes Received:
    24
    Ratings:
    +29 / 0 / -5

    Democrat Loon

    Tax Tax Tax Tax Tax Tax Tax Tax Tax Tax Tax tax Tax Tax Tax Tax Tax
    Jesus Christ Jesus Christ Jesus Christ

    Holy Sh!t taxes, taxes RAISE THE TAXES.

    POOR SAP
    "OH MR PRESIDENT PLEASE HELP ME I CAN'T PAY MY RENT AND I HAVEN'T GOT ANY FOOD"

    DICK OBAMA (mr president)
    ALL RIGHT POOR SAP I WILL HELP YOU THERE WILL BE NOTHING TO WORRY ABOUT, I AM GOING TO RAISE YOUR TAXES"

    POOR SAP
    OH THANK YOU MY DEAR LEADER DICK OH THANK YOU JESUS AND ALLAH BLESS YOU, I'M SO F-CKING HAPPY MY TAXES ARE GOING UP, DID YOU HEAR THAT EVERYBODY WONDERFUL BEAUTIFUL BIG DICK OBAMA IS GOING TO RAISE OUR TAXES, OH SH!T I'M GETTING AROUSED, THANK YOU DICK, THANK YOU.

    HEY EVERYBODY GREAT NEWS DICK OBAMA SAVED US HE RAISED OUR TAXES
  8. IllegalContact

    IllegalContact Rookie

    Joined:
    Jun 5, 2010
    Messages:
    9,626
    Likes Received:
    7
    Ratings:
    +12 / 1 / -2

    spelling........void of any coherent thoughts, one goes for the spelling
  9. PatsFanInVa

    PatsFanInVa PatsFans.com Supporter PatsFans.com Supporter

    Joined:
    Mar 19, 2006
    Messages:
    19,528
    Likes Received:
    41
    Ratings:
    +43 / 0 / -2

    So what's GDP these days? ~ 14 trillion? So divide by 100, that's 140 billion, multiply by 3 is 420 billion. How old is Warren these days? I don't think he's getting to see the 5 minute solution, barring reincarnation.

    You know, because we can't ever raise more revenue.

    PFnV
  10. The Brandon Five

    The Brandon Five Rookie

    Joined:
    Aug 21, 2010
    Messages:
    6,029
    Likes Received:
    4
    Ratings:
    +9 / 0 / -0

    Yeah, what does Warren Buffett know about economics? I mean, he never worked as a community organizer. What a piker.
  11. wistahpatsfan

    wistahpatsfan Rookie

    Joined:
    Jul 30, 2005
    Messages:
    15,671
    Likes Received:
    11
    Ratings:
    +11 / 0 / -0

    Buffett knows nothing about economics. He knows a lot about being a businessman. The two are loosely related, but completely different in nature. One is mathematically based. The other is all about bullsh!tting the guy you're talking to at any given time.
  12. chicowalker

    chicowalker Rookie

    Joined:
    Mar 9, 2010
    Messages:
    12,376
    Likes Received:
    8
    Ratings:
    +14 / 0 / -0

    While you're right about the 2 being different, I'd argue that Buffett has his feet in both worlds.
  13. wistahpatsfan

    wistahpatsfan Rookie

    Joined:
    Jul 30, 2005
    Messages:
    15,671
    Likes Received:
    11
    Ratings:
    +11 / 0 / -0

    How so? What is his economics background?

    I do like his honesty, though.

    On the gold standard:
    "It gets dug out of the ground in Africa, or someplace. Then we melt it down, dig another hole, bury it again and pay people to stand around guarding it. It has no utility. Anyone watching from Mars would be scratching their head."

    On paying 19% income tax:
    “There’s class warfare, all right, but it’s my class, the rich class, that’s making war, and we’re winning.”
  14. tehmackdaddy

    tehmackdaddy Rookie

    Joined:
    Nov 12, 2010
    Messages:
    129
    Likes Received:
    0
    Ratings:
    +0 / 0 / -0

    Ridiculously false. Do a little reading on his education, training, and who his mentor was.
  15. The Brandon Five

    The Brandon Five Rookie

    Joined:
    Aug 21, 2010
    Messages:
    6,029
    Likes Received:
    4
    Ratings:
    +9 / 0 / -0

    I think this post reveals what you know about both of those.

    Buffett is primarily an investor. Who did he bull****?

    I'll take the guy who has had his judgments and predictions proven out by becoming the richest man in the world over people who write articles.
  16. BSR

    BSR Rookie

    Joined:
    Nov 7, 2007
    Messages:
    2,903
    Likes Received:
    2
    Ratings:
    +2 / 0 / -0

    I put economists right there with weathermen. I still check in to hear what they have to say but I take them with a grain of salt. Both have a tendency miss factors that lead to outcomes different then those predicted.

    That being said, I am sure Buffett has an army of economists that could challenge the President's. He isn't relying on the WSJ to give him information on trends and money movements.
  17. PatsFanInVa

    PatsFanInVa PatsFans.com Supporter PatsFans.com Supporter

    Joined:
    Mar 19, 2006
    Messages:
    19,528
    Likes Received:
    41
    Ratings:
    +43 / 0 / -2

    I might think this particular quote's a lemon, but I think Buffet more often than not has a very good sense of what's actually going on, including his understanding that the very rich are skating on taxes. He's a capitalist I can respect and usually eschews the pettiness of saying "wahhhh you'll kill jobs" when confronted with taxation issues. He's also a hell of a lot more optimistic about the U.S. than most of the American right, but realistic that we can't expect to repeat the period from the birth of the stock market to 2000 in the present century.

    Last coda, I'd usually rather read one of his letters to shareholders than most op-ed pieces on "the economy." And I'd way rather read them than the stuffy "Message from the Board" section of most annual reports, the thing his annual letter pretty much replaces.

    PFnV
  18. The Brandon Five

    The Brandon Five Rookie

    Joined:
    Aug 21, 2010
    Messages:
    6,029
    Likes Received:
    4
    Ratings:
    +9 / 0 / -0

    Those letters should be required reading in every business school. Heck, even in economics departments.
  19. wistahpatsfan

    wistahpatsfan Rookie

    Joined:
    Jul 30, 2005
    Messages:
    15,671
    Likes Received:
    11
    Ratings:
    +11 / 0 / -0

    You have some examples of his formal training in economics? Every degree he ever got was in business. There were probably some economics classes in there (I took one in college) but that doesnt make him an economist.

    Oh, and you response was "rediculously" lame. Back up your bashing.
  20. wistahpatsfan

    wistahpatsfan Rookie

    Joined:
    Jul 30, 2005
    Messages:
    15,671
    Likes Received:
    11
    Ratings:
    +11 / 0 / -0

    You want me to name names? Really?

    You need to check yourself and your lightweight responses like that one. What the hell do you know about either one? If you think business and economics are the same, you're the one with his head up his arse.

    I admit I know nearly nothing about economic principles. I do know something about business. I own a small business (my third). Really small and not comparable to Buffett's. I'm getting killed by the housing market collapse. I had to lay off 4 guys two years ago. Two more this year and I'm on a skeleton crew doing a fraction compared to what we used to do. Not easy. But I wouldn't call myself a "businessman". Just a grunt on the ground. I laugh my azz off at some of the people who call themselves that just because they own a business. There is a difference.
  21. wistahpatsfan

    wistahpatsfan Rookie

    Joined:
    Jul 30, 2005
    Messages:
    15,671
    Likes Received:
    11
    Ratings:
    +11 / 0 / -0

  22. The Brandon Five

    The Brandon Five Rookie

    Joined:
    Aug 21, 2010
    Messages:
    6,029
    Likes Received:
    4
    Ratings:
    +9 / 0 / -0

    It was a rhetorical question. He is not the active manager of the businesses owned by his holding company.

    Right, business actually deals with results.
  23. The Brandon Five

    The Brandon Five Rookie

    Joined:
    Aug 21, 2010
    Messages:
    6,029
    Likes Received:
    4
    Ratings:
    +9 / 0 / -0

    There has been some discussion on the board over the last six months or so about public corporations and the issues with them. I am of the opinion that the "agency problem" inherent in having managers who are not shareholders running corporations (i.e. executive management) is the primary source of corporate malfeasance and undeserved over-compensation. Buffet's holding company appears to have addressed that issue, which might be one of the secrets of their success. From the 2010 letter to shareholders (page 7):

    http://www.berkshirehathaway.com/letters/2010ltr.pdf
    Alignment of interests works. With that you don't need a million other mechanisms to make sure that the execs aren't screwing the shareholders. You still need to make sure they aren't screwing employees and customers, but at least they won't be raiding your 401k!
  24. tehmackdaddy

    tehmackdaddy Rookie

    Joined:
    Nov 12, 2010
    Messages:
    129
    Likes Received:
    0
    Ratings:
    +0 / 0 / -0

    He has a bachelor's in business and a masters in economics.

    Ever heard of Benjamin Graham? Graham mentored Buffet and Buffett used techniques Graham taught him to become one of the most successful investors ever. Go leaf through "Security Analysis" and tell me that isn't mathematically based.

    Buffet has very successfully managed his businesses and his portfolio through dozens of economic boom and bust cycles.

    To make a claim that "Buffett knows nothing about economics" is what is lame. Funny, you didn't care to "back up" your claims yet you call on me to do so.

    Would you like to back up your claim that Buffett doesn't know anything about economics because he's just a businessman? After all, business and economics are only loosely related and, according to you, Buffett has a history in bull$!tting, not math.

    I guess we can leave alone the fact that Obama has several times called on Warren Buffett for economic policy advice. Meh, what does he know? ;)
    Last edited: Jul 13, 2011

Share This Page