Warren Buffett Warns: We're Going To Be Crushed By A Mountain Of Debt (NYT Editorial On Federal Deficits & Spending Gone Wild)

Well it's about time Buffett came around.  Been making the case repeatedly and painfully.  Since the day we launched.  The debt and deficits are going to kill Obama.  A $2 trillion deficit this year is 4x(Bush).  That's a big freaking number.  Warren Buffett finally got on board the sanity train with his editorial in this morning's New York Times 'The Greenback Effect'.  The shit stat of the whole piece is that we are spending 185% of what we take in this fiscal year.

Here are a few thoughts from the Oracle (yet none of this is new information):

• "To understand this threat, we need to look at where we stand historically.  If we leave aside the war-impacted years of 1942 to 1946, the largest annual deficit the United States has incurred since 1920 was 6 percent of gross domestic product.  This fiscal year, though, the deficit will rise to about 13 percent of G.D.P., more than twice the non-wartime record.  In dollars, that equates to a staggering $1.8 trillion.  Fiscally, we are in uncharted territory."

• "An increase in federal debt can be financed in three ways: borrowing from foreigners, borrowing from our own citizens or, through a roundabout process, printing money."

• "Then take the second element of the scenario — borrowing from our own citizens.  Assume that Americans save $500 billion, far above what they’ve saved recently but perhaps consistent with the changing national mood.  Finally, assume that these citizens opt to put all their savings into United States Treasuries (partly through intermediaries like banks)."

• "Even with these heroic assumptions, the Treasury will be obliged to find another $900 billion to finance the remainder of the $1.8 trillion of debt it is issuing.  Washington’s printing presses will need to work overtime."

Henry Blodgett and Aaron Task discuss the Buffett editorial.

Watch

Comments

[DailyBail]

Stop Deficit Spending

http://www.stopdeficitspending.com/

[DailyBail]

We broke the bank!

http://www.washingtontimes.com/news/2009/aug/11/we-broke-the-bank/

[DailyBail]

Paul Krugman: Huckster, Liar & Debt Apologist: "We Have 5 Or 6 Trillion To Play With Here"

http://dailybail.com/home/paul-krugman-huckster-liar-debt-apologist-we-have-5-or-6-tri.html

[DailyBail]

Warren Buffett Archive

http://dailybail.com/display/Search?searchQuery=warren+buffett&moduleId=4521698

[Ken]

My Fellow Americans

Do you get it now or not?

We the working class (So called Middle Class) Have been scammed by biggest MORTGAGE PONZI SCAM by Federal Reserve Banker Thugs /Walls Street Shills

Also Corporate Crooks have looted our Pensions with Zero Cost Back Dated stock option crimes and shipped our Industrial base & Jobs to Asia.

Federal Reserve Banker Thugs/Wall Street Shills/Corprate Crooks = HOME GROWN FINANCIAL AL QAEDA

Washington= DEMON_RATS & REPO-CONS =Politicians in Washington DC have worked for the HOME GROWN FINANCIAL AL QAEDA .

or this way to understand:

The Washington Criminal Blood Sucking Pests (SENATE & CONGRESS)+PRESIDENTS starting with BILL CLINTON/BUSHES/Now CHICAGO MOB SHILL(OBAMA) have sided with the HOME GROWN FINANCIAL AL QAEDA

My fellow Americans: remember it is our Blood Sweat TAX Dollar Credit card the HOME GROWN FINANCIAL AL Qaeda is using at Zero Percent Interest Rate handed by WASHINGTON CRIMINAL SENATORS * CONGRESS*

And do ya get it now or not?

It is our TAx Blood Sweat dollars and we are being banged and scammed by same criminal crooks with higher Credit card/ fees and Interest rates and thrown out of homes.

And no Criminal got punished but got rewarded by OBAMA(CHICAGO MOB SHILL) + DEMON RATS/REPO-CONS


BIGGEST PONZI SCAM CRIME EVER IN HUMAN HISTORY AND WE USA BAMBOOZLED FUCKS DON't GET IT?

My Fellow Americans;

WASHINGTON CRIMINAL CROOKS ARE CRIMINAL RULERS AND NOT OUR REPRESENTATIVES ANY MORE......................

HARSH REALITY: We are now broke and reeling under debt and are perma working slaves of this HOME GROWN FINANCIAL AL QAEDA

Now we must decide:

Do we want to be Working slaves of this Home Grown Financial Al Qaeda who busted and is rewarded for the crimes?

or

We must revolt now to free our selves from this enforced DEBT Slavery on us by these Criminals?

My Fellow Americans:

I give you my conviction, we must revolt and I provide you all with a NON VIOLENT WEAPON that we must unitedly use now

WEAPON: Dump all Mutual Funds and stocks and buy short term treasury bonds

Stop making all payments to Banker Thugs

this weapon will CRASH THE PONZI SCAM WALL STREET CASINO(EPICENTER OF THE HOME GROWN FINANIAL AL AQEDA)

And Shut the Federal Reserve down.......

LAUNCH NEW PARTY UNDER LEADERSHIP OF DR. RON PAUL and defeat both party criminal blood sucking pests.........

We refuse to honor Nation Debt enforced on us by these criminal Al Qaeda...................

A NEW NATION WILL BE BORN AGAIN ACCORDING TO WISHES OF OUR FOUNDING FATHERS........................

WE ALL WILL BE DEBT FREE................

MY FELLOW AMERICANS:LET US UNLEASH THE REVOLUTION NOW


The Great American Bank Robbery



(From UCLA's Hammer Forum) -- William K. Black, the former litigation director of the Federal Home Loan Bank Board who investigated the Savings and Loan disaster of the 1980s, discusses the latest scandal in which a single bank, IndyMac, lost more money than was lost during the entire Savings and Loan crisis. He will examine the political failure behind this economic disaster, in which not only massive fraud has taken place, but a vast transfer of wealth from the poor and middle class continues as the federal government bails out the seemingly reckless, if not the criminal. Black teaches economics and law at the University of Missouri, Kansas City and is the author of The Best Way to Rob a Bank Is to Own One. (Run Time: 1 hour, 38 min.)

http://neweconomicperspectives.blogspot.com/2009/08/great-american-bank-robbery.html

[Sonic Ninja Kitty]

Warren, sweetie {yawn}--we already KNOW this stuff. Where have you been?

[James H]

Nice, SNK.

[DailyBail]

Sonic.

Warren's been too busy advocating wasteful spending to pay attention. Wonder why the sudden religion.

Could he be worrying about all those S&P 500 puts he sold for 2017 as he starts to fear that we will lose the next decade.