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The President today had a phone chat with Warren Buffett about the state of the economy and...

The President today had a phone chat with Warren Buffett about the state of the economy and measures to spur investment and growth. The details of the conversation are unknown, but Buffett and his partner Charlie Munger were major advocates then and now of the 2008/09 financial bailouts.
Comments (8)
  • Tschurin
    , contributor
    Comments (313) | Send Message
     
    One of the reasons for the slowing economy may be that the technological innovations of last century have diminished. Buffett is knowing for investing in old fashioned businesses [insurance, newspapers, railroads] that have a moat around them, and staying away from newer technology businesses that he "can't understand." It's clear why he would want the government to throw trillions at propping up the economy for his old fashioned businesses. I'm not sure that he should be the last word on what we as a nation need.
    22 Aug 2011, 03:07 PM Reply Like
  • Tschurin
    , contributor
    Comments (313) | Send Message
     
    I should have added housing to the list of Buffett's old fashioned businesses.
    22 Aug 2011, 04:25 PM Reply Like
  • enigmaman
    , contributor
    Comments (2686) | Send Message
     
    Conversation went like this

     

    Obama " hey "W B hows its hanging
    W B " On the floor"
    Obama "Yeah I know what you mean, but whats up with this FU economy"
    WB- " You tell me , you the boss"
    Obama- "damn taxes are to low for those rich cats that fly in them jets"
    WB- " you mean like the jumbo Air force One you fly around in"
    Obama- " Its for the job man, So what to do about the economy"
    WB" Raise them taxes on the rich like me and you, we can afford to pay more"
    Obama- "Not so fast, my income doesnt just come from capital gains and dividends like yours does"
    WB- " dont worry your on the fast track to riches, once your out in 2013 you'll start making serious coin writing books and giving speeches, not like the chump change your making now"
    Obama- "What do you mean Ill be out in 2013"
    WB- " Thats your problem you cant see the trees for the forest"
    Obama -"what forest"
    WB- "forgetaboutit"
    22 Aug 2011, 03:12 PM Reply Like
  • haschrad
    , contributor
    Comments (49) | Send Message
     
    At this point, why not just consult a Ouija board or magic 8 ball?
    22 Aug 2011, 03:16 PM Reply Like
  • Swass
    , contributor
    Comments (419) | Send Message
     
    Yeah, if some form of government intervention directly benefits his businesses and investments, I'd presume he would be for it. I'm sure, based on what Buffett has commented on in the past, that he is telling the President how higher taxes would help spur investment and growth.
    22 Aug 2011, 03:18 PM Reply Like
  • Duude
    , contributor
    Comments (3358) | Send Message
     
    Why wouldn't he be supportive. Buffet had sizable investments with both GE and Goldman Sachs. If the government didn't bail them out, Buffet wouldn't have made so much money.
    22 Aug 2011, 03:38 PM Reply Like
  • Capt Herlock
    , contributor
    Comments (59) | Send Message
     
    Buffett, while being one of the greatest investors of all time during his prime, is also an island of self interest. It's quite disconcerting that the current administration is using him so publicly as a major advisor on economic matters. Whatever Buffett recommends, you can bet it will be aligned with Buffett's interests, and perhaps not so much for society as a whole. Of course, there is hardly an 'economist' out there today who isn't just a masquerade for some political agenda, so I guess I'm not sure who they should go to for help. Blowing the dust off an old econ 101 book would be a good start though.
    22 Aug 2011, 03:42 PM Reply Like
  • Swass
    , contributor
    Comments (419) | Send Message
     
    Depends on who wrote that book.
    22 Aug 2011, 04:12 PM Reply Like
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