The jig is up. We are morally and physically bankrupt as a nation. BushCheney's mission is accomplished.
Warren Buffett says 'game is over' for Freddie and Fannie
http://www.iht.com/articles/2008/08/22/business/22warren.php
quote:
Originally posted by FOTD
The jig is up. We are morally and physically bankrupt as a nation. BushCheney's mission is accomplished.
Warren Buffett says 'game is over' for Freddie and Fannie
http://www.iht.com/articles/2008/08/22/business/22warren.php
Behind the curve. They sold 2 Billion in Debt on monday and are climbing back out. Will take some time, but selling off the debt was a big weight off their balance sheet.
Mr. Buffet is correct over 50% of the time. That's enough to be a Billionaire. He has been very wrong on many many occasions. In 2005 he said the Euro would destroy the American Dollar. He lost more money on that bet than I make in a day!
Did I say "day," I meant "100 LIFETIMES".
Gaspar... Not trying to call you out or anything, but over the past 5 years Berkshire Hathaway has had a pre-tax profit of over 2.3 billion dollars on foreign currencies. Plus some additional dealings with the bonds held in foreign currencies (specifically the Euro).
Not sure what your definition of "losing" is, but sounds like he is crying all the way to the bank.
source:
http://www.berkshirehathaway.com/2007ar/2007ar.pdf
quote:
Originally posted by JCnOwasso
Gaspar... Not trying to call you out or anything, but over the past 5 years Berkshire Hathaway has had a pre-tax profit of over 2.3 billion dollars on foreign currencies. Plus some additional dealings with the bonds held in foreign currencies (specifically the Euro).
Not sure what your definition of "losing" is, but sounds like he is crying all the way to the bank.
source:
http://www.berkshirehathaway.com/2007ar/2007ar.pdf
Yes, as of late, but his forecast was for 2005.
he was betting on a quickening European economy. That never happened.
And why does two mortgage companies failing due diligence coupled with federal mangling of the free-market mean we "are morally and physically bankrupt as a nation." Notes were issued to people who did not qualify on terms they should not have accepted. Stupid on both sides.
The only bad part is it drags everything else down. Let the pain happen as easily as possible, but let it happen. An economy bolstered by fake stimuli just falls further at a later date.
And Buffet is in the game for Buffet. You don't get to be among the richest men in the world but dispensing non-self serving advice. How do you make money off of a scare on Freddie and Fannie... because I'd bet he has that angle covered.