Warren Buffett spoke on cnbc this a.m., giving financial advice, and

[babylonsister]

everyone is listening.

First off, how much did Buffett lose in this market?

Second off, he lost a lot, so we should be listening to him because...?

Third, was he on the ballot? Why is his opinion suddenly so valuable? I'm concerned because of the markets. I know, he's a money man, so what's in it for him to be so outspoken today? Same applies to Jack Welsh, who apparently came out with the same opinion today.

Are these guys trying to help? Why are their actions so coordinated?

[high density]

1. Most of Buffett's money is in his own company

His outside holdings are negligible in comparison with his total wealth. His opinion has always been well valued.

[babylonsister]

3. Why today? And Jack Welsh, the former head of GE? Seems too

concerted an effort to me. Don't you think they could manipulate the markets with what they say?

[BlueJac]

2. They too, want our money.

[NC_Nurse]

4. A desperate attempt to get their credibility back. Too late, f*ckers!

[Schema Thing]

5. Buffett hasn't lost any credibility

[QC]

11. Yes, Buffett has called most of what has happened lately from the beginning.

But acknowledging that doesn't fit in with the with us/agin' us mentality that has taken hold in this forum.

[AnneD]

18. Warren Buffet is the antithesis of your usual WS type....

He is a buy and hold as oppose to a technical trader. That is a better way to invest in the long run for both the companies and the American worker. He opposed the 'Bush' tax reforms stating his secretary paid a larger percent of her income than he did. He has only posted 2 losses in Berkshire Hathaway history-and if I could scrape up the money to buy a share-I would jump at the chance.

Jack Welsh on the other hand is a useless sack of dog shit, and I am glad his net worth esp GE stock is plummeting.

[NC_Nurse]

32. I was referring to cnbc trying to revive their own cred by having him on.

[MannyGoldstein]

6. What Did Buffet Say?

Buffet is, as far as I can tell, smart and honest. He's repaired investment banks in the past. He's honest about what the Rich are doing to the Middle Class:

“There’s class warfare, all right,” Mr. Buffett said, “but it’s my class, the rich class, that’s making war, and we’re winning.” http://www.nytimes.com/2006/11/26/business/yourmoney/26every.html

Or this on his taxes vs. his secretary's: "Buffett blasts system that lets him pay less tax than secretary" http://www.timesonline.co.uk/tol/money/tax/article1996735.ece

I wouldn't trust Welch any further than I can throw him. When I have a bad back.

[babylonsister]

8. I don't know because I don't watch cnbc.

I woke up to this news-secondhand from a talking head, and wondered what was up.

[phleshdef]

7. Buffet is one of the most reasonable voices out there among the wealthy. They SHOULD listen to him.

[babylonsister]

9. If he's so 'valuable', what's he doing on cnbc? nt

[phleshdef]

12. Christ. Next thing you'll ask is why do comedians make appearances on comedy central.

[babylonsister]

14. Too bad I have such a low opinion of that channel. And Christ has

nothing to do with that.

[phleshdef]

17. I have a low opinion of most of CNBC regulars. But its still a highly watched finance channel.

[Teaser]

13. Maybe he's interested in educating people

And even a crappy platform is better than no platform.

But you seem to have your mind made up about him, without even having heard what he's had to say.

So kudos to you.

By the way, there's some books on Amazon you haven't read. Why not go write some reviews of them?

[babylonsister]

16. Ha! I have my mind made up about him?

No, I have my mind made up about cnbc after seeing santelli in action. Where did I disparage Buffett? Maybe you need to take a reading comprehension course.

[AnneD]

19. Sometimes even an idiot....

can get it right. I am sure it was a mistake they got Warren on-just like when they screw up and get Sorios on. Jack Welsh is their usual fare:eyes:

[Honeycombe8]

35. It's a money station. Investors and economists watch it. duh. nt

[Hassin Bin Sober]

10. I thought Buffett was one of the good guys.

http://www.washingtonpost.com/wp-dyn/content/article/2007/06/27/AR2007062700097.html
NEW YORK, June 26 -- Warren E. Buffett was his usual folksy self Tuesday night at a fundraiser for Sen. Hillary Rodham Clinton (D-N.Y.) as he slammed a system that allows the very rich to pay taxes at a lower rate than the middle class.

Buffett cited himself, the third-richest person in the world, as an example. Last year, Buffett said, he was taxed at 17.7 percent on his taxable income of more than $46 million. His receptionist was taxed at about 30 percent.

Buffett said that was despite the fact that he was not trying to avoid paying higher taxes. "I don't have a tax shelter," he said. And he challenged Congress and his audience to see what the people who "clean our offices" are taxed, to loud applause.

http://freakonomics.blogs.nytimes.com/2008/05/01/taxes-warren-buffett-and-paying-my-fair-share/
Well, let’s start with the ultra-rich. Bajillionaire Warren Buffett has argued that he isn’t being asked to pay his share. He went around his office, asking people what share of their income they pay in income taxes. Buffett’s 17.7 percent tax rate compared a bit too favorably with the 30 percent tax rate paid by his secretary.

So it appears that the tax system favors the super-rich over working stiffs.

[babylonsister]

15. He might be. I'm just wondering why both Buffett and Welsh came out

with their opinions today. :shrug: They could well be trying to help.

[ellacott]

20. Buffett probably was trying to help

He was an advisor on Obama's transitional and supported him during the general election. I'm glad he chose to appear on CNBC. Somebody needs to go on there and push back all the negative stuff they've been reporting. If he went on Countdown he would be preaching to the choir and won't make as big of an impact.

[Skidmore]

21. I'm glad you posted this thread.

I was listening to Welch while MSNBC was reporting Buffet's statements and wondering much the same things. I would lean toward not finding Buffet's comments a little suspect if Welch had not made an appearance spouting the same thing. At first, I thought Scarborough hustled him in to make the RW look like they are connected and in the know.

Aside from those thoughts, I personally do not give much credence to anything the uberrich have to say about the economy right now.

[babylonsister]

22. Thank you. I asked a question some people didn't like apparently.

I didn't see either interview but heard about them, and they seemed startlingly similar. So I was just wondering.

[ogneopasno]

23. The problem with labeling someone a "good guy" is that when he does something like come out against

EFCA, it's a little annoying.

[berni_mccoy]

24. Buffet probably lost a whole lot less than the market did. He's a smart man who knows how to manage

his wealth. And you do realize he's giving it all away?

[babylonsister]

25. If I was his age, and had that much money,

I'd have to be considering what to do with it that might benefit someone else. As for EFCA, what do you think his reasoning is behind opposing it?

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=389x5213762

[Fabio]

28. Your kidding, right?

He has given away 85% of his Berkshire Hathaway stock -- $37 Billion at the time -- all of it going to existing foundations (most notable $31 billion to Gates) because he is humble enough to not need his name on the door to do good. Warren Buffett is most definately one of the wise and good people in finance. He's a long term investor who looks for companies he can help grow and thrive. He is not a trader or a banker.

http://www.npr.org/templates/story/story.php?storyId=5512893

[Honeycombe8]

38. Does anyone have a quote of what he said about EFCA? Not someone SAYING what he said, but a direct

quote? The "thinkprogress" paraphrase of what he said doesn't sound like Buffett. I mean, Buffett doesn't really talk like that, his phrasing and such. So I'm wondering what he really said.

[Honeycombe8]

36. Heard on TV that altho he lost a bundle, he made even more. One of the few who made a profit last

One of the few who made a profit last year.

Maybe he has stacks of cash in banks just safely getting interest, plus investments in gold and such, which didn't lose value? Who knows?

[Aloha Spirit]

26. Buffett's annual report for Berkshire Hathaway came out last weekend... generates a lot of attention

People want to hear from Welch because he ran GE before it hit a rock...
That said, not sure what they said today, and I agree that guests should have to disclose something about their own interests before getting free air time for their opinion.

[ecstatic]

27. Buffett claims there's a mixed message: NO, President Obama

has been consistent. The mixed messages are due to the mainstream networks elevating every tool to "expert" status and allowing them to weigh in on the economy (Joe the Plumber, McCain, etc.).

[Honeycombe8]

37. No, I agree with Buffett. Mixed message. Obama was clear about the dismal outlook

for the country economically. He wanted to paint a realistic picture for everyone's expectations. Then, because the stock market reacted poorly to that realistic news, and maybe overreaction is more the word, his admin. has started saying snippets of "spend" and "investing for the long term is still good," and things like that.

It has been a bit mixed, since they haven't tied those messages up together. People are busy working (and getting laid off), dealing with their daily lives and problems, and they only hear bits and pieces. The administration has to be loud, clear, and repetitive when trying to give a message.

[DemocracyInaction]

29. Actually, Buffett made some good common sense

He said that names like Geithner, Paulson, Summers, etc. just don't mean anything to most people. Their remarks, etc. don't rally anything. But, that the only person in this country who can rally the people to feel better about the economy is the President. That really is totally correct. Obama is also the only cheerleader that makes the CNBC creatures look insignificant. I hope Obama watched and that he directly talks about this to the people and not through any spokespeople.

[crimsonblue]

30. Buffet is on our side.

He is one of the few remaining ethical captains of industry. He is firmly against credit default swaps, naked short selling, and he seems to understand that government involvement is warranted.

[mmonk]

31. There is nothing wrong with Warren Buffett credibility wise or ethically.

He isn't a Wall Street raider or conservative. He has made his money on knowing economics and markets.

[PBS Poll-435]

33. The 'Oracle of Omaha' is a very smart man

Not ethically challenged and has made his fortune by finding value where others couldn't.

Geico
Fruit of the Loom
Justin Workboots
Acme Brick
Dairy Queen

and 7.2% of the United States' strongest bank.


He called derivatives "Weapons of Financial Destruction"

[Honeycombe8]

34. Buffet's one of the good guys. He wouldn't coordinate with someone to

wreak havoc or anything, if that's what you're thinking.

He's one of the largest philanthropists in the country, and recently gave away the bulk of his fortune to Bill Gates and his philanthropic venture.

He is the richest man in the country. And he doesn't sit on his bags of gold and count his coins. He still lives in a modest home he bought decades ago in ...where is it...some smallish city in the west. Omaha, Nebraska, I think?

He is a friend of Obama's and one from whom Obama seeks economic advice (as do many others).

He didn't "suddenly" give his opinion today. He usually gives his opinion about economics and money, when asked.

When Buffet speaks, people listen. He is highly respected by just about everyone in the know, whether governmental economists or big whigs on Wall Street. He doesn't recommend trying to get rich quick. He's a long term planner who recommends conservatively investing over your lifetime, accumulating wealth (hopefully) as you go along. He says building wealth is as much about not losing your money as it is about making money.

He's one of the few in the country who actually made money last year. He lost a bundle, too. But he made more. (I heard this on TV, so I can't verify that.)

I own his stock. It has lost a lot. Like almost everything else. It's the things that didn't lose that you have to question right now. Like a Madoff investment that would've been doing fine last year. Red flag.

[RollWithIt]

39. Buffet is a strong supporter of Obama and I'm sure they greatly value his opinions

And btw, EVERYONE HAS LOST MONEY IN THE MARKET. I think he'd only had a down year one time before.