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October 20, 2009
SouthAmerica: Charlie Rose and Andrew Ross Sorkin canât be honest with the American people because they need to watch what they talk and write about otherwise they would both lose their jobs.
I used to respect and admire Warren Buffett for the last 40 years then he lost most of his credibility about an year ago when he went around peddling the Wall Street bailout that helped him to line up his pockets.
I used to believe that Warren Buffett represented ethics, and high integrity. Now I understand a little better why he is the richest man in the land and how naïve I have been all this time.
Today Warren Buffett credibility is zero as far as I am concerned, and I understand he is just a self-serving greedy old man and nothing else â and conflict of interest is his middle name.
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On Oct 19, 2009 on The Charlie Rose Show â Charlie Rose interviewed Andrew Ross Sorkin of The New York Times.
I prepared the following comments regarding last nightâs show that includes many things that Charlie Rose and Andrew Ross Sorkin are not allowed to include on their conversations, or Sorkinsâ book and newspaper articles at The New York Times â if they were honest with the American people.
*****
Desperate measures to try to save the United States Imploding Financial System
http://www.elitetrader.com/vb/showthread.php?s=&threadid=134932&perpage=6&pagenumber=3
October 2, 2008
SouthAmerica: After watching Warren Buffett being interviewed on the Charlie Rose Show - I posted the following in the comments section of that TV show.
I just watched Charlie Rose interview Warren Buffet the richest man in the United States and he almost begged that Congress pass the Wall Street bailout.
Warren Buffet looked desperate about this Wall Street bailout, and he even suggested that Congress should give Treasure Secretary Paulson a blank check probably for him to use it trying to stop a meltdown in the derivatives market related to the tsunami of redemptions that is affecting the $ 3 trillion dollar Hedge Fund industry and these guys are loaded with all kinds of derivatives instruments â that is why Secretary Paulson want the authority to buy any type of financial instruments since he already placed the orders to buy $ 700 billion dollars of toxic derivatives that just God knows if these instruments are already completely worthless at this point â and the derivatives market an unregulated $ 62 trillion dollar financial weapon of mass destruction that has exploded â and nobody knows what kind of toxic fallout is underway that is going to infect the entire global financial system.
After the new administration assumes office in January 2009 then they can request for another $ 1 trillion dollars to bailout the real estate market.
The current $ 700 billion dollars Wall Street bailout is going to disappear very quickly into the derivatives black-hole.
I worked for John M. Templeton for a number of years and learned a lot about his economic and investment philosophy and over the years I thought that Warren Buffett also had some similar beliefs â I am surprised that Warren Buffett is going around giving support to a bailout plan that is stupid and irresponsible and goes against all the economic philosophy that has made this country great.
I am disappointed of Mr. Buffett latest positions because Warren Buffett understands more than anybody else that this deep recession is the way that a capitalist society adjust the entire system and clean up the system of all the distortions that has been accumulated over the years â that is how the system cleanse itself and moves forward.
*****
CNBC and Economic Damage Control
http://www.elitetrader.com/vb/showthread.php?s=&threadid=131887&perpage=6&pagenumber=5
October 18, 2008
SouthAmerica: â¦As I mentioned above I have been an admirer of Mr. Buffett for almost 40 years, and I thought he was in the same league with Mr. Templeton â a similar investment philosophy, a similar outstanding investment record, a very high level of integrity, and I thought these were men of outstanding character who were beyond reproach.
Since I knew Mr. Templeton so well over the years I am almost sure that he would not have gone to the Charlie Rose Show to support the $ 700 billion dollars Wall Street bailout. He had an aversion to government intrusion in the private sector.
I know Mr. Templeton would be in shock today with the massive nationalization of US companies, and heavy US government intervention against the workings of a free market economy that is underway in the United States.
I am sure that he would not be a supporter of the Wall Street bailout since that would go completely against his investment and economic philosophy.
No wonder we have a crisis of trust in the banking system and financial market, with so much US government intervention making an effort to keep the distortions in the US market from adjusting itself and finding a new equilibrium and the real prices deflated from the artificial bubbles, and artificial thinking.
Here is what I mean by conflicts of interest by Mr. Buffett:
I mentioned on the above posting about Mr. Buffettâs relationship with Treasury Secretary Paulson, and his new investment in Goldman Sacks on the days prior to the approval of the bailout that Mr. Buffett was lobbying for it on the Charlie Rose Show.
Berkshire Hathaway, Inc. is the top institutional holder of Wells Fargo & Company stock. As of June 30, 2008 Berkshire Hathaway owned 9 percent or 290,654,868 shares of common stock of Wells Fargo valued at $ 7 billion dollars.
On this new US government welfare program for the major US banks the Wells Fargo bank is getting $ 25 billion dollars (including $ 5 billion dollars that was going to Wachovia now part of Wells Fargo)
Two weeks ago the Goldman Sacks investment banking company turned itself into a banking holding company just in time to qualify for this new US government welfare program, and they are going to receive $ 10 billion dollars.
In just these two companies that Mr. Buffett has interests worth about $ 10 billion dollars â combined these 2 companies are receiving from the US government welfare program for the rich â a handout to the tune of $ 30 billion dollars.
The latest issue of Business Week magazine dated October 27, 2008 has a table listing all the major banks that are receiving this handout from the US government and they list also the amount of the welfare check that each bank is going to receive.
I am sure that Mr. John M. Templeton wouldnât have involved himself in such a scheme completely full of conflicts of interest, and he also wouldnât have sold his soul and his credibility for a fist full of dollars.
*****
The Largest Swindle in Global Economic History
http://www.elitetrader.com/vb/showthread.php?s=&threadid=138152
September 24, 2008
SouthAmerica: It is underway in the United States the largest Swindle in global economic history.
The United States economy is becoming a case study for the largest economic swindle in world historyâ¦.
⦠These scoundrels want to assign unlimited authority to a system that has fail badly and they donât want any checks and balances attached to this bailout in the name of restoring confidence into the US financial system.
If Americans are so Dumb as to fall one more time to these scare tactics that the Bush administration has been using all along then Americans and the rest of the global financial system deserves to taken for another ride â only fools would fall for these empty scare tactics.
⦠Americans are not smart enough to connect the dots and realize that by assuming these massive losses today in the trillions of US dollars indirectly they are helping to dismantle in the coming years all the unfunded social programs that we have here in the United States including Social Security, Medicare, Medicaid, the pension system of federal employees, and so onâ¦.
⦠Americans are so dumb that they might pass this bailout without understanding what the scoundrels sold to them â that would be another signal to the world that the US financial system it is just a very risk casino with very dumb people in charge.
**********
http://www.elitetrader.com/vb/showthread.php?s=&threadid=138152&perpage=6&pagenumber=3
September 29, 2008
SouthAmerica: Right now the House is voting on legislation that it will be considered the largest swindle in financial history.
These Congressmen must be âBrain Deadâ to vote in favor of the passage of such bailout for Wall Street that it does not mean a thing to main-street.
I never imagined that Americans were so stupid â only âbrain Deadâ people would approve such a bailout.
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