Warren Buffet: We are in a Recession. What will Bush say now?

[Mike03]

I'm truly beginning to respect Warren Buffet.

First he said, We should raise taxes on the extremely wealthy (those making tens of millions or more annually).

Secondly he said that wealth but not obscene wealth should be inherited, and he is leaving his children some money, but not tens of millions of dollars.

Thirdly, he has chosen to give his wealth away--now, and then upon his death--to worthwhile foundations devoted to preventing childhood disease and death in foreign countries.

And today, he dared to defy G. W. Bush and his Federal Reserve Puppets by saying that regardless of whether our current economic crisis technically meets the definition of "recession" at this time, to our common sense it IS a recession.

The reason I think this is significant is because Buffet is absolutely revered by enormous segments of the right and Republican parties. In my experience, he is taken far more seriously by Wall Street and money managers than any politician could ever be. His word is like the word of God. But more than that, I think working Americans will listen to him and trust his estimate of our current situation.

Regardless of what people think of the wealthy, Buffet has set an exemplary example of responsible wealth, and because he has the credibility and power he does have, he was able to overturn a shameless media and Bush myth with five simple words:

We are in a recession.

[AX10]

1. Buffett is one of the great ones out there.

There is also, Stanley Roach, the senior economist at Morgan Stanley.

[Mike03]

2. I couldn't agree more! Roach's commentaries were so prophetic that

I saved most of them over the past five years.

He was a brave, loan voice in the wind.

Some of the Prudent Bear commentators were onto this as well, and Krugman.

Good comment!

[AX10]

4. That is very telling. When a massive investment bank..

has someone like Roach as their chief advisor, it tells me that big business knows that alot of what they claim is pure bullshit.
They know behind the scenes you must have a realist who can make sure that proper things are done to ensure that the company does not go under.

[Richardo]

3. Buffett is a remarkably progressive billionnaire who contributes to Democrats

I love to point that out to Republicans who claim that we are all somehow anti-capitalist.

[predfan]

5. I'm no economist, but it appears to me that $4 American gas is a hell of a lot different from

$5.50 in Euros. Why? Healthcare. The high tax rate on much of European gasoline goes to pay for healthcare in most of those countries, right? Also , since the dollar sucks so badly against most worldwide currencies, Americans are hit harder at the pumps.

[tabasco]

16. Europeans also have excellent public transportation.

You can go to all but the smallest villages by train and a bus will take you to the tiniest of hamlets.

[Virginia Dare]

6. I saw some talking head "expert" from S&P say..

with a straight face that the economic stimulus package will head off a recession. Once everybody starts spending that $600 all will be well.:rofl:

[Ilsa]

13. Do you think he was trying to feed us the bullshit, or did he

really believe it himself? :rofl:

[TheCowsCameHome]

7. Bush: "Who's this guy Warm Buffet? That like an all-you-can-eat cafeteria?"

"Heh, heh"

[JBoy]

10. "Damn, I gotta hankerin' for a Margarita" n/t

[TheCowsCameHome]

11. "Yep, us cowpokes really go fer them Mexican gals, heh -heh"

[sendero]

8. He'lll say...

.. that it will take 50 years for Americans to realize these were high times.

[madrchsod]

9. been in one since at least december of last year

no big news to anyone who has their eyes open...

[scarletwoman]

12. Why no recs (besides mine)? I'd love to see this on the front page. (nt)

[gratuitous]

14. Bush will say, and this is verbatim

"Really? That's interesting. I hadn't heard that."

And it will never be mentioned again.

[goforit]

15. Buffet speaks ...All listen!