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Warren Buffett’s Stern Warnings & Latest Rescue (G.E. This Time)

By SusanUnPC on October 2, 2008 at 1:30 PM in Current Affairs, Economy

Via CNBC and YouTube, posted @ 9 a.m. ET today, with Buffett’s own comments on the crisis. The CNBC hosts also interviewed Berkshire shareholders who are very pleased with Buffett’s new stake in G.E.:

Last night, Warren Buffett spoke for the full hour on Charlie Rose’s PBS show. You can watch (or listen) to the full hour at Rose’s Web site. I typed up one of Buffett’s comments for you to read:

We have a terrific economy. It’s like a great athlete. And it’s flat on the floor, and the paramedics have arrived. And they shouldn’t argue about whether they put the resuscitation equipment a quarter of an inch this way or a quarter of an inch this way.

Or they shouldn’t start criticizing the patient because he didn’t have blood pressure tests, or something like that. They should do what’s needed right now. And I think they will. And I think Congress will do the right thing. I think they’ve, they get into certain arguments about assessing blame. And there’s a certain demagoguery. But in the end — something this important — they’ll do the right thing.

Speaking for myself only since many here disagree: In my humble opinion, at a time like this, we’re all Americans and we’re all united behind helping this economy get back on its feet. … It’s incredibly difficult for us personally each to understand the complexities. It’s far easier to assess blame, and there’s been plenty of that (and that’s important so we identify all the factors, and there were many, that contributed to the crisis).

But it was moving, to me, last night to hear some of the speeches by Senators, Republican and Democrat — okay, Obama’s was a snoozer — but it sounds like enough senators heard from real people caught in this potentially catastrophic credit crunch, and did the right thing, as Buffett earnestly trusts they will.

Here’s a quote from another video on Buffett’s views via the TopNewsmakers YouTube channel:

Billionaire Warren Buffett told congressional negotiators that if they can’t agree on a proposed financial bailout, the nation will face “its biggest financial meltdown in American history, two sources familiar with the talks said.

I look for a YouTube of the Charlie Rose show last night, but couldn’t find any yet. However, I did discover that Charlie Rose now has his own YouTube channel, and subscribed to it. Probably later today there’ll be a snippet of Buffett’s interview up at Rose’s YouTube channel.

Pragmatist

so what?

NoTrollZone

Isn’t Warren Buffet on team Obama? And doesn’t GE own NBC/MSNBC?
I smell BS again.

Feeling like a fool

I was talking to a friend today and he told me that this whole crisis thing is a set up by the Dems to cover thier tails and get Obama elected. He was quite covincing. He told me Fanni and Freddi picked this time because McCain was ahead in the polls. That all the rich backers of Obama, like Buffet control the Stock Market and Banks along with the media. He told me that the American people are being played for fools. He doesnt think any of it is real. He was kind of convincing and I know a lot of you here seem to know a lot about what is happening, What does anyone else think? He said that is why so many Dems including Obamas people voted against it so if it was discovered to be a sham they could say thats why they didnt vote for it. I hate never knowing the truth.

Leisa

Meanwhile, the rich keep getting richer…

I wonder how much money is being made in this crisis.

Some see these times as great opportunities. Warren Buffett stands to make MILLIONS on his recent deals. He has a vested interest in this bailout.

John Smith

Millions is an understatement. It is more like 10s of billions.
wonderwoman

Yeah, that’s an easy company for him to turn around, provided he starts firing people.
Katie Couric must have seen into the future, they don’t have the kind of money to pay what she makes now.

rwc

Exactly, Buffet stands become even richer should Paulson’s cash for crap plan pass.

That said, I can’t see why Susan would trust a plan pushed Bush and developed by a blithering incompetent and crook like Paulson.

BTW Susan do you really want to trust a man who made his fortune selling crap and repeatedly lied to congress about the state of the economy and is now trying scam them into supporting legislation that would make more powerful than Bush?

Legislation that will do nothing to fix the underlying problems that caused the situation in the first place.

And our country can’t afford to bailout the rich and stupid homeowners who couldn’t do simple math. Our economy is tanking and we’re in hock to China and OPEC.

Adding trillions more in debt won’t fix anything, it will just gut the dollar and make everything we buy a lot more expensive.

lark

I just return from fetching my mail from my mailbox and there is another credit card offer. If there is a credit crunch, then why I am getting this card?

I know, how many ways can I be fooled.

HARP

Must be a credit card with Obama`s ugly puss on it.

workingclass artist

LOL…I have a bracelet too & I paid for it with shiny new Barkycoins…chuckle…

barbh

I got an offer from Wamu a couple of weeks before they went belly up for a credit card.

I don’t think it is bank to consumer credit (yet). It is all the money that banks loan each other that is frozen…

lark

No. Warren Buffet is very smart. With the prospect of Oblahblah winning the election, everything is going to the dumps and everyone will be hooked to the news.

Pragmatist

I repeat . . . So what? Obama is still a danger to america (can’t Warren Buffet see that or isn’t he THAT smart?)

tish

warren buffett is in on the scheme,,notice how he picked the gamers to put money in to keep afloat?
GE , sends weapons to iran to kill our troops..goldman sachs and paulsen are in deep.., he is not someone to trust..

MikeG

Can Nancy Pelosi save America if she gives some candy to the Boehner 12 so they’ll switch their votes this time around?
Pragmatist

I want the ‘oh so smart’ Buffet tell me why anyone should vote for Obama!
Pragmatist

I want the ‘oh so smart’ Buffet to tell me why anyone should vote for Obama!

beebop

I don’t think that there is any answer to that …

beebop

My new Pier One catalog reminds me that this is the year of the RAT and 2010 is the year of the TIGER …. I guess if 0mama’s boy is elected that makes 2009 the year of the Dumb ASS?

workingclass artist

lol

http://ahillarybmccainamericafirst.com/ gerard “Barracuda” Nedich

Virginia Teachers Union Sparks Outrage With ‘Obama Blue Day’

NEW YORK: Virginia Republicans are in uproar over state teachers union’s effort to get educators to show their support for Barack Obama during school hours.

Virginia Republicans are in an uproar after the state teacher’s union sent an e-mail to its members encouraging them to wear blue-colored shirts to school to show their support for Barack Obama.

State Republicans are calling it an undisguised attempt to influence students’ political views.

The Virginia Education Association sponsored “Obama Blue Day” on Tuesday. In an e-mail sent last week, it urged teachers to participate by dressing in blue.

“There are people out there not yet registered. You teach some of them,” the Sept. 25 e-mail reads. “Others, including our members, remain on the fence! Its time for us to come together, voice our unity, because we make a difference!”

“Let’s make Obama Blue Day a day of Action!” the e-mail continues. “Barack the vote!”

In a statement released to FOXNews.com Thursday, VEA President Kitty Boitnott defended the e-mail, saying that it called for teachers to wear blue shirts, but not ones that mentioned a candidate.

The invitation was not intended to “encourage teachers to use their classrooms for partisan political purposes,” Boitnott said.

“The e-mail did not encourage teachers to talk with students about voting for any specific candidate, although it did suggest that teachers can encourage eligible students to register to vote. There certainly is nothing wrong with encouraging students who are 18 years of age or older to register to vote.”

But many state Republicans are miffed by the plan, which they characterize as an obvious attempt by the teachers union to encourage young, impressionable voters to cast their ballots for Obama.

“It’s a breach of public trust on many levels,” Virginia Republican Party Communications Director Gerry Scimeca told FOXNews.com.

http://elections.foxnews.com/2008/10/02/virginia-teachers-union-sparks-outrage-obama-blue-day/

a. hillary
b. mccain

america first!

http://noquarterusa.net/ SusanUnPC

Which day is the “Obama Blue” day? There’s someone I know who’s a ‘bot, and I want to see if she’s in blue.
Duras

The fucking teachers’ unions are the single biggest reason why the quality of American primary and secondary school school systems lag behind those of other countries. It’s reflected in our standardized test scores relative to students in other nations.

Here in California, a primary/secondary teacher gets tenure after two years. TWO YEARS!!! Once that happens, no matter how incompetent a teacher they may be, it takes an act of Congress to fire them.

MikeG

I was a teacher for 4 years and I must agree with you re tenure, the original intention was good but it makes it too hard to weed out the poor performers. And I refused to join the teachers union because their main efforts seemed to be “less work and more pay”. I thought the emphasis should have been “more quality.” But in my opinion the greatest negative to public education in our country over my lifetime (I’m 61) has been the Republicans. They have opposed every bill that might advance education (modern facilities, curriculum, teacher training, smaller class size . . . ) and then complain loudly about failing schools! I can only conclude that they have a vested interest in a semiliterate populace, that’s their base and that base is easily duped.
rwc

An easy way to fix education is to hire intelligent teachers. Unless you get 1200 on the SAT you aren’t allowed to become a teacher.

Then pay them $80k a year.

Also reinstitute tracking and get rid of mainstreaming – take out the kids who are below average and place them classes designed for slow learners.

Keeping them in regular classes makes it hard on the rest of the students who can absorb the material.

NoBamaNoWay

actually, the biggest problem is not the schools or teachers, it’s the parents. and the fact that public schools cannot expel trouble-making students who make it impossible to teach the other kids.

http://www.madinthemiddle.blogspot.com churl

I call bullshit on this “blue day” idea; students will most assuredly know what’s going on. They often know what school adminers are up to long before the faculty– who are nearly always mushrooms– kept in the dark and fed horseshit. Anyone participating is creating an overt political act. But if they insist– that would be a day for wearing a black armband or something else– I can think of many things but they would all be interpreted as racist and banned.

Phishmelt

sounds like he agrees with mccain that the economy itself is stable. wonder how many dems are going to attack buffet for agreeing with mccain.
hadenough

Or they shouldn’t start criticizing the patient because he didn’t have blood pressure tests, or something like that. They should do what’s needed right now.

Right. Look over there nothing to see here. And the next time billinaires call for a bailout just shut the f*ck up and hand over the money.

Sorry warren. $700 billion picked out taxpayers pockets is way too much not to notice.
Duras

I agree with both you and Warren Buffet, Susan. At the end of the day, Congress will do what needs to be done. But I’m glad that the didn’t allow themselves to be rushed pell-mell into a course of action. The markets may not have liked the delay, but I did.

The question of who is primarily responsible for getting us into this mess (*** cough *** Democrats *** cough ***) certainly deserves to be debated, but not now.

On an unrelated note, I couldn’t help but be impressed with the calm demeanor that John McCain showed today during his interview on MSNBC. He knows that there’s still over a month left to go until Election Day. A lot can happen in a month. Just look at how much the picture has changed these past two weeks.

http://noquarterusa.net/ SusanUnPC

“But I’m glad that the didn’t allow themselves to be rushed pell-mell into a course of action. The markets may not have liked the delay, but I did.”

That is a great point. Yes, it was wise. And it was good that the minority prevailed on some points — which is what SHOULD happen in a true democracy. (No matter who’s in the minority.)

All I know, in the end, is that I am no expert on the economy. I could be plenty cynical about the entire mess — it’s easy to be cynical. And cynicism is a great way to avoid the harder work of trying to figure out what to do in a crisis. (Can you tell I don’t have much patience for cynics most of the time?)

To use Buffett’s analogy, the cynics would all be standing over the patient and making snide remarks about how much cake he ate the night before, or that he goes to Burger King, or that he exercises too much, or — a lot of them — would say, “Oh, he’s faking it. Just wait. He’ll get up in a few minutes.”

We need people willing to roll up their sleeves, pick up the patient, and rush him to the ER where the best-trained physicians can assess the patient.

I found out in the past many days – from watching Charlie Rose’s show and other programs rather religiously — that we have some great minds in Congress and in the private sector. And I don’t just mean the pro-bill people. Richard Shelby has made some great remarks and speeches. Barney Frank is clearly a brain on financial matters (agree or not). Judd Gregg is very sharp and clearly is gifted at negotiating and explaining complex matters very clearly (a rare talent).

Lindsey Graham — John McCain’s close friend and adviser — made some great comments yesterday in the final hours before the Senate vote.

My senator, Maria Cantwell, made an excellent speech *against* the bill.

It was impressive all ’round. It made me feel better, on the whole, about our Congress, and who we’ve elected.

I do not feel that way about Nancy Pelosi. Regrettable since it is historic that she’s our first female Speaker. But she played too much politics in the House vote – didn’t even have her whip Jim Clyburn round up the votes! And what’s with half of Barney Frank’s Democratic members of his finance committee voting against the bill? There’s something screwy in the House — or they’re just all chicken because of their reelection races. (Wish I had more time to read all the news articles on these past few days, and what went on in the House and Senate. Maybe this weekend.)

barbh

Tfhey have been rushed into this pell mell, they are anxious to shut this thing down and get home and reelected. They are listening to Warren Buffet an investor and NOT the 100s of very wise economists in this country. I would urge everyone to take a look at Nouriel Roubini’s website RGE and follow the links for interviews that he has done lately, he has excellent proposals that will WORK versus what is being proposed here which is like putting a kleenex to staunch arterial bleeding, not to mention rewarding those who do not need to be rewarded for their actions. Roubini says and I agree, this is socialism for the wealthy at the expense of the middle class…

There are excellent videos explaining MBS (mortgate based securities) CDS (credit derivative swaps and CDOs which are a large part of this mess, to say mortgage problems is to over simplify – anyhow excellent videos, including Paulson’s bailout plan and how we got here on utube by Khanacademy. To watch them and understand is trully a jaw dropping experience. I highly recommend this…

and the defazio no bailout bill has gotten absolutely NO coverage and it is a much better bill….

buckwheat waffles

breaking news……the law-suit filed by phillip berg is working..the judge just gave obama three days to produce the birth certificate, the real one, or face contempt charges…..the news came in my spam box, but i retrieved it and actually read the whole complaint on pdf.

http://noquarterusa.net/ SusanUnPC

Please put these comments in the Open Threads. Thanks.
rachel

what’s the last day he has to respond?
http://msnGodhelpusall Lee M

NOT TRUE – Go to Berg’s site – Obama Crimes – he says thisis just a rumor. The judge has not issued a decision yet. I just checked – it is 4:34 pm EST
Thursday, Oct.2nd. Someone is pulling our leg, or has more knowledge of the case than the plaintif has.

JP49

Screw Warren Buffet and Soros and all the rest of the big wigs sitting pretty. They don’t care about America, they care about their pocketbook. I don’t want to bail out Wallstreet. Christopher Cox could, with the stroke of a pen, without anyone else being involved, could free up 600 Billion as told by Newt Gingrich. Why won’t he do it? Because he isn’t suited for the job he has. Just like Obama, everything he touches turns to shit with a foul smell coming off it. Many of these super wealthy fools think we ought to mimic Britain and become a nation NOT UNDER GOD but under everyones elses’ views of what we should believe and do. John McCain is in a difficult position because most idiots in our society think the repubs are responsible for this mess and therefore he has got to somewhat go along with this to quiet this financial mess down and try for the next four weeks left to convince America that he is worthy of being our next POTUS. He can’t let this financial trainwreck take over the news as it has and because the democrats voted down the first bill so it could remain the top news topic. Screw the democrats, a now facsist party, an un-American political party.

lark

You convinced me.

hadenough

In my humble opinion, at a time like this, we’re all Americans and we’re all united behind helping this economy get back on its feet

A time like this? I watched the senate debate on the bailout. It pretty much came down to the little people have to give wall street fat cats and billionaires $700 billion or the little people would pay a steep price. The reasons senators gave for handing out $700 billion to the same bunch that caused whatever problem there is now sounded like threats. Bailout the fat cats or else.

And please do not start with the ‘Poeple Can’t Get Car Loans!’ crap:
Even Toyota Motor Corp., whose fuel-efficient offerings led to strong sales earlier this year, saw a decline of 32 percent, with the top Japanese automaker blaming the drop on the overall economic conditions.
…
Unlike other automakers, Toyota officials said its finance arm has a strong ability to provide credit, so that did not cause the sales decline. But a lack of consumer confidence did, they said, especially late in the month.

[I'd post a link to the full article but NQ keeps deleting my posts with links.]

Need a car loan? Toyota will be happy to help you out.

Karma

Isn’t Toyota’s financing is like twice the amount per $1000 as the American car companies?

Maybe they simply can’t afford the rate Toyota wants to charge.

rwc

Toyota could get away with it because people like their cars.

Even wrecked, Toyota’s command a price premium than American cars in similar condition can’t approach.
hadenough

Are you just guessing or do you have links to facts to back up your claim?

Will Smith

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º¤ø„¸ „ø¤º°¨ NO WAY * NO HOW¸„ø¤º°¨¸„ø¤º°¨
¸„ø¤º°¨ „ø¤º°¨ *****NOBAMA***** °º¤ø„¸¨°º¤ø„¸
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lark

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Leibniz08

Of course we want a stable and strong economy-that is why defeating this unconstitutional bailout of Wall Street and foreign entities is is essential.

First the bailout will not work. The issue is a quadrillion in bad paper.

Legitimate banks and the productive economy needs liquidity. As such a discount window of funds must flow to Main Street to make sure that businesses can
continue to go forward, but not to speculative gambling interests. The speculative vultures need to be put under bankruptcy reorganization.

On the other end we need to say no to all foreclosures: Homes, Hospitals, transport companies, etc…

Infrastructure is the way to pump money into the real economy, but not in the privatized formulations of Bam Bam Obama and the fascist public private programs where roads etc are privatized.

Again this bailout will fail because Wall Street and the Cayman Islands are a black hole of debt.
pcbedamned

O/T – DishNetwork has its very own Obama station. Bambam all the time. Channel 5890. As it says it is a paid ad, must be nice to be able blow that much coin…
http://www.fiscalliberal.com fiscalliberal

This bill has to much risk and does not address the problem the the country ( citizens and government) are living way beyond their means.

The risk is in what the bad paper is purchased for and will the people (mortgage holders) continue their payments. A lot of defaults are going on and the economy is tanking. More will come. Today on MSCBC a person said a lot of concern is out there regarding people lying regarding their income.

Furthermore; who is going to loan us the money and at what interest rate. With Iraq and this financial crisis, our government has proven it cannot govern rationally.

Kind of like a alchoholic who cannot balance the check book and asking for a outrageous loan. If the money condinues to come from overseas, foget fair trade negotiations as the banker alwayd dictates the terms of business
LIsabona

If this is really for the people, I totally agree, but I have doubts. Why we need millions and billions for p0rc money. The show us a few outlines,money fro rum production,money for Samoa. I was to nervous to be able to remember the rest.Before the House will sign, they should let the American people to know all the porc millions.
kavala007

It is not only the sub prime mortgage fiasco or the panic in the financial markets that is causing the current economic problems. It is a lack of trust in the system and in one another. This lack of trust, to a large degree, has been brought about by the current Democratic leadership and the MSM. Whatever they say no one believes. This has come about because of their attempts to subvert our democratic principles and shove a candidate for the presidency down our throats. They have trashed anyone who gets in their way.

This tendency to say “Do what we tell you or else” is anti American. The Speaker of the House’s behavior on both Sunday and Monday was deplorable and not geared towards solving problem. Their selected nominee’s arrogant statement that claimed he alone solved the problem was too much for many people. The MSM is still trying to push one candidate over another with fear, bogus polls, and the attempts to trash Governor Palin. Even Gwen Ifill is joining in the chorus with her you are all racist excuse for not stepping aside as a moderator of the Palin/Biden debate.

We apparently have an out of control group of people acting with no sense of
fair play or decency. No wonder there is a meltdown of trust. The media should bring in some actual bona fide reporters and journalists. The Speaker of the House and the Senate Majority leader should remember to treat all Americans with respect even those whose views differ from theirs. They should also stop trying to put pork back into a bill that needs to be passed. If those things were to be done perhaps a modicum of trust in financial and political systems would return.
tzada

Is this payback for their support of Obama?

Hollywood could get a cut of the bailout
The package making its way through Congress includes tax breaks for shooting in the U.S.
By Richard Verrier, Los Angeles Times Staff Writer
11:10 PM PDT, October 1, 2008
Hollywood would get a little unexpected boost from the proposed $700-billion bailout of the nation’s financial system.

The bill wending its way through Congress would provide tax breaks worth more than $470 million over the next decade for movie and TV producers that shoot in the U.S.

http://www.latimes.com/business/la-fi-hollywood2-2008oct02,0,6979043.story

Breaking News Full Details at the Drudge Report as they develop

UK ambassador delivers frank assessment of ‘decidedly liberal’ Obama in secret letter to British PM Gordon Brown… LONDON TELEGRAPH to reveal all in leaked letter… Developing…

http://www.drudgereport.com/

lark

The Senate can make a lot of people go UNPATRIOTIC pretty fast.

I wonder if Sarah could ask Biden who is or who isn’t patriotic when tax credits are given.

I’vehadenoughtoo

received a phone call from Phil J. Berg a few minutes ago. He informed me that a rumor is circulating on the Internet that the Court has ruled on the Motion to Dismiss filed by Senator Obama and the Democratic National Committee in the Berg v. Obama case. Some of the visitors to this website have posted comments claiming the Court has ruled. The comments on this site were written by visitors to the site.

On Mr. Berg’s behalf, I am posting this to state clearly the Court has not yet ruled on the Motion to Dismiss in Berg v. Obama.

Here’s the status:

Last week Senator Obama and the Democratic National Committee filed a Motion to Dismiss the Berg v. Obama lawsuit.
On Monday, Mr. Berg filed an answer requesting that the suit not be dismissed and that the Court order production of documents proving Senator Obama’s consitutional qualifications to serve as President of The United States.
As of 1 AM EST today, October 2nd, 2008, the Court has not ruled on the Motion for Dismissal in Berg v. Obama.

It’s Not Me

Thank you for correcting what was posted here. Did he say when he expects a ruling?

It’s Not Me

They need to do something, but did they REALLY need to add another 100 BILLION FREAKIN’ DOLLARS to the bailout bill? Honestly! WTF? Do they think our money grows on trees (quote from my dad…one of his favorites )….or what?

I’m sick of this crap…from BOTH PARTIES! The majority of politicians in Washington have become VERY wealthy from being where they are and trading OUR TAX DOLLARS for favors. I’m sick of it. I agree with the Harvard professor who was on Fox this morning…let the companies that caused this damn mess go up in flames. Give the 700, now 800 BILLION to local banks and let the chips fall where they may. People need to pay for what they have done. They are being rewarded for collapsing our economy by being bailed out of the mess THEY created.

If I didn’t pay my mortgage or bills, I wonder if the Government would pay them for me? I think we all know the answer to that question…HELL NO.

lark

They’ll pay but you first must make an oath to vote Democratic.

WasLNbutNoBamaBotsKeepStealingMyName

Warren Buffet could bail out the economy with one stoke of his pen.

I cannot believe that Buffet cares one iota about my welfare or the welfare of the average American. They just want us taxpayers to foot the bill for something that is not our fault.

Why don’t we use the gazillions of moola being spent on the war in Iraq to get us out of this hole?

I don’t think the House will go along so easily…

It’s Not Me

Buffet’s a good guy. He and his wife still live the the home they raised their children in. It’s a very modest home built many, many years ago and he could easily be living in a mega mansion. He lives simply and gives generously to charities. Really, he does. He’s not all bad…and he’s a Democrat who supported HILLARY’S campaign..

MikeG

Buffet went public for both Hillary and Barack last spring. Said he’d support either one of them against McCain. It’s easy to agree with him, Hillary does too.

pal3

The judge in the Berg vs. Obama case was appointed to the federal bench by President William Jefferson Clinton. The case will not be dismiss…Hillary ’08.

workingclass artist

Hmmm…that is interestink news pal3….no?

Good article Susanunpc. I think the panic rush stunk to high heaven…
a three page bill is now a 435 page bill…hmmmm…

PamFlorida

As much as I respect Warren Buffet, I can’t ignore the fact that he is in the business of making money-Big Money.
All the fear and chaos has given people like him great opportunities to profit from low stock prices. I doubt he would be investing in the market if it were going to collapse.
tek

Larry, I totally agree with you.

O. T. I just read that McCain has pulled out of MI due to Obama’s lead. Just hate to read that stuff. I keep hoping the polls are skewed.
Katy

Buffett is Obama supporter and he is on his and corporation’s side not looking after people’s interests.

It’s Not Me

Buffet WAS a Hillary supporter before BO stole the nomination.

MikeG

Hillary was a Hillary supporter before she became an Obama supporter.

miriam

So Buffett is rescuing GE…which also means he is rescuing that sea of contamination: NBC and MSNBC. Clearly he must approve of their Obama propaganda schedule.
30yrdem-not any more

I have been thinking….and no, Larry is right, we don’t want the fox taking care of the chickens. If this goes through the people responsible must step down. The people have to make this clear.

I see all the press is using the Obama talking points…”If Palin doesn’t do well then it is over for McCain/Palin”…don’t fall for it people please….MSNBC…they are saying the race is over just like they did the primary (Tim Russert’s call)

Never has a VP mattered in an election, Obama talking points made her matter…it is all fake…

From Drudge:UK ambassador delivers frank assessment of ‘decidedly liberal’ Obama in secret letter to British PM Gordon Brown… LONDON TELEGRAPH to reveal all in leaked letter… Developing…

[is it October?]
Dee

Yet according to bloomberg.com, over 150 economists from liberals to conservatives to libertarians, including 3 Nobel prize winners, sent a letter to Congress to not make a knee jerk reaction on this situation. So who do you believe?

I do have an issue with some of the sweeteners they have now added — like $500 million in tax breaks to the TV and movie industry.
VMorris

I am still mad as hell. I recently paid off all of my credit cards and got a letter from one of them yesterday INCREASING MY CREDIT LIMIT by SEVERAL THOUSAND DOLLARS.

I keep getting blank checks in the mail asking me to spend and run up my credit cards. I did some quick math last night and I could go out today and spend nearly $300,000 if I decided to max out all of my credit cards.

So I guess I will go do that now and be saved by the bailout because obviously, being a responsible spender who pays my mortgage and pays off my debt doesn’t mean squat.

The message is: play by the rules and be there to pay for the mess of all of those who didn’t.

Independent from Vermont, Bernie Sanders, who I respect and admire voted NO! Here was his impassioned speech:

http://www.sanders.senate.gov/news/record.cfm?id=304013

The most important point he makes:

Maybe I am the only person in America who thinks so, but I have a hard time understanding why we are giving $700 billion to the Secretary of the Treasury, who is the former CEO of Goldman Sachs, which, along with other financial institutions, actually got us into this problem. Maybe I am the only person in America who thinks that is a little bit weird, but that is what I think.

By the way, Bernie’s amendment did not pass.

Buffet omits this detail which is not minor. If I may extend his metaphor, are you going to allow the same doctor who mismanaged the athlete’s health in the first place be the primary physician leading the triage to save him/her??? No, you might have that doctor standing there providing details of the history, but you bring in MORE COMPETENT physicians to perform all of the critical care.

I live in the Washington State. Maria Cantwell voted Nay, Patty Murry vote Yay.

Cantwell’s statement:
http://cantwell.senate.gov/news/record.cfm?id=303998

Murray’s statement:

http://murray.senate.gov/news.cfm?id=303965

Usually, I respect Patty and agree with her. But this time, she sounds like a parrot mimicking what everybody else who voted for the bill said.

IMHO, Cantwell is spot on this time. She points out the other major problem I have: Congress is hell-bent on passing some variation on the original proposal and hasn’t considered any other approach:

I am for the full faith and credit of the U.S. Government backing these institutions. What I am not for is turning the keys to the Treasury over to the private sector.

Instead, we could have an equity program where the United States would leverage our capital and spur 10- to 12 times the private sector investment at the same time, our Nation would be better funded, better prepared, for the onslaught of trouble that is still going to remain after we pass this legislation.

“I could not even get my amendment to be considered.

“So, so much for the transparency of the Senate.

30yrdem-not any more

I had one who voted yea and one who voted nay too.

If you want to contact your senators:

Contact Senators

Kat

Buffet is not rescuing GE, which is a DOW component. He invested in GE and GS to stabilize the market because he has so much at stake. If the market crashes, he will lose much more than the 3B in put in GE, and 5B he put in GS.

He is buying preferred stock, which gives him 10% dividend, and he has the options to buy the actual stock at this price 10 years later. Same thing with Goldman Sachs. Basically these two companies take Buffet’s money as deposit, paying him huge dividend to earn his endorsement.

Steve1

Listen, we are paying our obligations, no one is giving us< Mainstream America a handout. They made their frigging bed, let them ly in it. The very people who made this are going to correct the problem? Excuse me. No to the crooks! Than they are going to provide donations the the various politicians. Its all a frigging scam job. We, the public have to put a stop to this type of scare tactics.

30yrdem-not any more

hello?

Freedom Fighter

I think Warren Buffet’s analogy is wrong. It’s more like, we have an athlete on the ground, and his trainer, who has been feeding him the steroids that got him in this condition deciding on what types of treatments should be administered to rectify the problem.
doc99

I’d agree if the Senate hadn’t turned their “Bailout Bill” into a handout bill the size of a novel. Someone called the Limbaugh show today and got his bank’s loan officer on 3 way calling. The Bank, she said, was still making loans and most of ‘em were Fannie, Freddie and FHA. Something peculiar is going on here.
Steve1

Who in their right mind will support a $850 billion rip-off without any type of hearings, no expert testimony, no public input?????Who the god damn crooks…

beebop

I don’t know how many days they spent asking baseball players about steroids, but not one day putting Paulson on the furniture? This is absurd.

For Impartial Journalism

First, it’s important to understand that the whole bail out plan is simply an amendment sponsored by Dodd to a Bill that was shelved up in the Senate.

Here is a reason to be against the current bail out plan. I believe this is the amendment Maria Cantwell wanted added rather than the Dodd Amendment which is what was approved:

http://www.youtube.com/watch?v=QUcnnsaLwP4

This is a little over 8 minutes from Lou Dobbs with Reps. Fazio and Kaptur explaining the cheap way out of this mess. Of course, no one wants to do this in a fiscally responsible manner.
Pyromancer76

Warren Buffet , Charlie Rose, Gwen Ifill, Mark Shields (almost all of PBS as far as I can see) are all in the tank for Obama. They were snide to Hillary all along the way. So, if this bounteous bailout helps the fat cats, our lying “liberal” media, and Obamas minions, it must be the right thing, huh?

And, of course, we have Buffet’s connection with GE “who” will not let its stations say anything but sweet nothings about Obama/Biden and lies about McCain/Palin. What a joke.

I don’t like any of this at all. It smells. And I think we are stuck with it from what I know and read. It is all those bits of worthless debt (mostly caused by Dems) bundled up in fraudulent somethings (caused by Repub financial hot-shots) that people around the world have bought. People’s life savings — including ours — are tied up in these worthless trillions. Someone has to stop the hemoraghing and sort out the garbage from that which is worth saving.
John Smith

Buffet is an investor and he only looks out for him self and his share holders. He could give rat ass about the Country otherwise he would not be hanging out with Obama. He is about to make billions off of this bail out that will not do anything but make billions for a few people and let the countries economy claps anyway.

The only way to save the economy is by electing McCain.

Buffet is very good at making money for him self and that is about it. What do you think he will do if he had a choice between making 100 billion or help out the country. He would make a 100 billion.
TeakWoodKite

SusanUnPc, Thanks for picking the Rose interview with Warren Buffet.

There was one impression that stuck with me after watching it. Warren Buffet is looking to make a killing on this deal. That is not to say he was not making valid points.

He is after all working in the interests of himself and his stock holders.
I personally could care less who he is endorsing. The most important thing people may not relize is that many people in congress call on him for his views, and in that regard folks like Buffet will have an influence in the final outcome.

I am very surprised that Pelosi did not have her whip count votes. That is a deriliction of her responsibilities. Does she not honestly thing the House rebuplicans would not express themselves?

Considering the global markets have had 6 trillion dollars in investment equities vaporize in the last few weeks, I take Buffet at his word that he has NEVER seen anything like this. Depise the oligarchy if you must but the game is what it is.

http://chriss chris

And she is 2 heartbeats away from the Presidency. Makes me shake with fear to even think that.

http://nobho.blogspot.com/ Johnny at Work

Better to have Palin one heatbeat away, than Obambi one stutter away.

rightagain

Pray for me tonight, as I am going off to watch the debates with two elderly, long-time feminists who have drank the Koolaid (belatedly). They are Hillary supporters, yet have been brain-washed by years of being Democrats. Must be the Stockholm Syndrome. They still think I am a loyal Dem (former recording secretary for the 7LD in WA state.) Now, I am a closet McPalin supporter. Can I drink or eat something that makes me forget each second as I fake it tonight? I talked with a friend last night who was recently in Alaska. They LOVE Sarah up there and don’t really want to part with her. So, good luck my new friend Sarah, and know we are with you.

John Smith

How are things looking for McCain up there. I know that the support for Obama is not very strong in FL. I mean people might say they are voting for him but they are not showing it.
beebop

Go drunk. Take ear phones. Wear shin pads.

http://www.despair.com/changewinds.html Smilin’ Jim

Icebergs must be breaking up in Hell.

Hu and I agree on something for the first time since Spring.
John Smith

McCain giving up on Michigan race.
rightagain

My take on WA state: In the Eastern part, rural, McCain will win big, as it is always Republican country. In urban parts of the state, BO will be favored. He will carry Western Wa because of Tacoma, Seattle, and Olympia. They make the Koolaid in that part of the state. Washington would have been alot closer for Hillary in the primary if the stupid laws had been changed, which they were after the primary. As it was, the caucus came first and the BO storm trooppers were all over that. Many Dems did not vote in the primary at week later, as they thought their vote did not count.
Linda

So, let me get this straight, Warren Bufffet agrees with John McCain that the fundamentals of our Economy are …wait, what did Warren say….”TERRIFIC”, not good, not sound, but “TERRIFIC”. Even though Warren was an early supporter of Obamas, he agrees with John McCain.

And we know that it’s government lack of oversight and Democrats lack of regulation that has brought us here. Giving riskier and riskier loans. Heck, even Oprah’s Mama blasted that store for giving her so much credit. It’s THEIR fault.

So, Obama goes on the floor of the Senate, and to not upset his donors and advisers for creating the problem, he instead THROWS MAIN STREET UNDER THE BUS.

“I won’t pretend this will be easy or come without cost. We will all need to sacrifice and we will all need to pull our weight because now more than ever, we are all in this together. What this crisis has taught us is that at the end of the day, there is no real separation between Main Street and Wall Street”

wonderwoman

I guess they are terrific if you are a billionaire.

MikeG

Or if your sugarmomma inherited $100 million.

http://nobho.blogspot.com/ Johnny at Work

Since Obambi has not been able to get the Congressional Black Caucus to support this bill, is Buffy going to back away from is support for Obambi?

The Congressional Black Caucus unanimously rejected the first Rescue Bill, and they are aligned once again against the revised bill.

If Obambi cannot lead the AAs who are supporting him by 98%, how is he going to lead anyone?

lark

The Congressional Black Caucus unanimously rejected the first Rescue Bill, and they are aligned once again against the revised bill.

All the Hollywood actors, producers and directors that gave big time to Oblabla were white and they get 100 percent return on their investment within just a few weeks or month after. Greatest return ever dreamed by anyone of them. And Ophra doesn’t get that much in return but a shrinking viewership and shrinking magazine subscriptions.

Linda

Good, I hope they do. It will show how self serving they are for their few special interest than the American people and McCain should be able to play that well.

lark

Why can’t the stupid Republicans lay it out on the line and attack the MSM in a way that makes it clear that they are just distorting everything in favor of the God/Man OBstrama.

And now Hollywood actors and actresses producers and directors are getting back every penny they gave to the Obama campaign. Isn’t that nice.

Why am I so stupid?
http://www.despair.com/changewinds.html Smilin’ Jim

“Why am I so stupid?”

Do not tempt the gods, they have a wicked sense of humor.
http://www.deathofthedemocraticparty.com xax

GE?? I hope Buffet’s prepared to lose all his money
MP98

Is Buffett going to rescue the US economy after his boy (the man-child) blows it up?
Robert Francis

JPM in the need of 25 Billion to stay alive.There survival is deep trouble.
D. Starkey

Does anyone remember that Bush and Cheney got us into all this crap? Anyone who blames Obama for it, should check into a Mental institution. And, how many of you VOTE? 48% ?

WAKE UP AMERICA AND HELP OBAMA TAKE BACK THE COUNTRY !
D. Starkey

I’ve been accused (?) of repeating myself. Well, it usually takes repeating many times before people get what’s going on in this country. Or is this sight for Righties, only? And let’s change the ending of the Pledge of Allegiance from “Liberty and justice for all.” to “Liberty and justice . . . for some.”
30yrdem-not any more

After watching Edwards speak (via u-tube)at that ACORN meeting a few months back I wouldn’t let my dog take advice from him.