Warren Buffett praises bailout efforts

Discussion in 'News / Current Events' started by Crabtownboy, Nov 22, 2010.

  1. Crabtownboy

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    Buffett approves of the bail out and says kind words about G. Bush ...

     
  2. targus

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    Sure - why not?

    Our tax dollars were used to protect his billions.

    Of course he would be in favor of that.
     
  3. Earth Wind and Fire

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    Still another level of dysfunction in America these days.

    At all costs protect the banking industry, dont consider that they were running a reckless con game doomed to failure at the very beginning. Sure, lets all just believe anything that media moguls & billionaires tell us & forget all tenants of capitalism that made this country great in the 1st place. Lets make this 'To Big to Fail" be our new call to arms & use fear to motivate us to making disastrous decisions.

    What ever happened to "True Capitalism" where the looser's actually loose so that new ideas people, companies can become winners-- they have now crippled our economy & kept millions out of work & damaged both your future & your children's & their children's futures.

    Sorry, I dont buy that nonsense.
     
  4. Crabtownboy

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    How many jobs does his company provide?
    How many jobs, outside his own company, are dependent on his company staying solvent?
    Now many people would be deprived of retirement if Berkshire Hathaway went under?
     
    #4 Crabtownboy, Nov 22, 2010
    Last edited by a moderator: Nov 22, 2010
  5. targus

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    Why should tax dollars be used to bail out a billionaire?

    Why couldn't he just use his own money to keep the company going?

    That's what small business owners do - they didn't get any bailouts.
     
  6. Crabtownboy

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    Quote:
    Originally Posted by Crabtownboy View Post
    How many jobs does his company provide?
    How many jobs, outside his own company, are dependent on his company staying solvent?
    Now many people would be deprived of retirement if Berkshire Hathaway went under?[/quote]


    Answer the questions asked. You claim to be a businessman and yet you ask such economically ignorant questions?
     
  7. targus

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    Ok.

    Question: Why should tax dollars be used to bail out a billionaire?
    Answer: They shouldn't.

    Question: Why couldn't he use his own money to keep the company going?
    Answer: He could and should.

    Why should he keep the profits in good years - and then get bailed out in the down times?

    Why are you in favor of saddling our children and grandchildren with debt in order to bail out a billionaire?
     
  8. Crabtownboy

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    The ignorance you show in your questions are beyond comprehension. There is no use trying to explain. If you are asking honest questions, honest from your understanding, then there is no help for you.

    It is like spitting into the wind. End of conversation.
     
  9. targus

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    IOW - Crabby again finds himself trying to defend the indefendable - so he disappears. :laugh: :laugh:
     
  10. sag38

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    We need a Crabby section where he can post all his liberal praising, Obama loving, Global warming believing junk. Non liberals can only post if they answer his baiting questions. Much better though is the fact that I wouldn't go there and wouldn't stumble upon yet another of his threads.
     
  11. Crabtownboy

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    Not quite. But there is no point in attempting to have a rational discussion with such ignorance.

    By the way, you still have not answered the question, how many people's jobs and retirement accounts depend on Buffet's company staying in business. So, how many do depend on this.

    If, as you wish, nothing had been done, how many jobs would have been lost if the following companies had gone out of business?

    Bank of America
    Merrill Lynch
    JP Morgan
    Goldman Sachs
    AIG

    What would the fall out have been. How many jobs and people would have been destroyed financially if they had gone under ... and those are representative companies ... the tip of the ice berg.

    Do you believe these companies are so isolated that their going out of business would not have affected untold numbers of people, including you?

    Now T disappears or returns and asks an inane question to blow smoke or change the direction of the thread. LOL




     
    #11 Crabtownboy, Nov 22, 2010
    Last edited by a moderator: Nov 22, 2010
  12. matt wade

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    Crabtownboy, can you give us the answers to these please? I am interested to know the answers.
     
  13. Crabtownboy

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    Thanks for a rational question Matt.

    I have not been able to find that information. However I was surprised to see the had 257,113 employees in 2009 [http://en.wikipedia.org/wiki/Berkshire_Hathaway]. If there are 10 clients per employee, a very conservative number I believe, then there would be 2,571,130 clients.

    Consider the other large financial companies and multiply that number and we get a small idea of how many people outside each company would be affected if they went out of business. It would be a domino effect going far beyond the clients.

    Additional data points:

    Merrill Lynch 60,000 employees
    Bank of America 286,000 employees
    AIG 116,000 employees
    Citicorp 258,000 employees

    Now consider the ripple effect if just these four company went out of business. A far greater number of companies were in danger of getting caught in the domino effect in 2008. I doubt anyone can give a really accurate number, but the financial industry would have come to a halt in the US and perhaps in the entire world. This would have brought manufacturing industries to their knees also. It would have been a complete disaster.


    If I find additional information on this I will pass it on.
     
    #13 Crabtownboy, Nov 22, 2010
    Last edited by a moderator: Nov 22, 2010
  14. rbell

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    Now, let me get this straight: This guy wants to pay more taxes, but then praises the American bailout of his empire.


    Riiiiight. Guess it's fun to have it both ways.
     
  15. Earth Wind and Fire

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    Any idea how many Americans are out of work, lost their homes, their 401K's due to Wall Street & their fraudulent bank activities? Any ideas how many of these guys will get performance bonuses this year? Any idea how many of them actually performed a service to the companies other than creating the biggest heist in our countries history?
     
  16. Bro. Curtis

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    Crabtownboy should be banned from this site. Enough people have tried to debate him. Like Satan, he twists words and tries to trick. Enough is enough.

    I will not be back while he is here.

    I'm sure a few of you will be happy about that. The majority here are honest folks. Too bad about the leaven that is allowed.


    Good=bye.
     
  17. targus

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    How do you know that even one job was saved?

    Obama promised that the $1,000,000,000,000 would keep unemployment below 9%

    He was wrong.

    He mortgaged our children's future for nothing.
     
    #17 targus, Nov 22, 2010
    Last edited by a moderator: Nov 22, 2010
  18. targus

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    I would say that is a fair description of the bailout fiasco.
     
  19. Crabtownboy

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    T is wrong again.

    Would appear you are quite wrong, again. And note the two quotes are only for the auto industry. They do not account for the hundreds of thousands of jobs saved in the financial/banking industry.

    T said:
    I'd like to see your link to this information.

    Your opinion is well known, but you do not back it up with any facts.

    And remember the first bailout was under Bush and IMHO this is one thing he did right during his term in office.

     
    #19 Crabtownboy, Nov 23, 2010
    Last edited by a moderator: Nov 23, 2010
  20. targus

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    Crabby, Obama and Biden are the only three people left in America that still haven't come to grips with the failure of the non-stimulus stimulus.


    Why the Stimulus Failed by Brian Riedl - National Review Online
    http://nrd.nationalreview.com/article/?q=MTViNmZiZmQ4NmMxM2Y5NmEzNWIwYWRmNmNhMWJlY2I=

    Jeffrey Sachs admitted the stimulus failed.
    http://blog.heritage.org/2010/06/07/morning-bell-why-obamas-stimulus-failed/

    Democrats' Trillion-Dollar Stimulus Failed
    http://www.humanevents.com/article.php?id=37736

    Harvard's Jeffrey Miron Explains Why the Stimulus Package Failed http://www.openmarket.org/2010/10/3...ron-explains-why-the-stimulus-package-failed/
     

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