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Pensacola Discussion Forum » General Discussion » 7 minutes with Warren Buffet.

7 minutes with Warren Buffet.

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17 minutes with Warren Buffet. Empty 7 minutes with Warren Buffet. 1/24/2013, 1:20 pm

Hospital Bob

Hospital Bob

I found this to be a very interesting interview. I'm not posting it because I endorse his opinions or repudiate them. I agree with some of his ideas and not others. But aside from that he's a unique and fascinating individual for someone who's worth $47 billion.
I would be interested in getting your opinions after you watch the interview though.

http://www.cbsnews.com/video/watch/?id=50139345n[url][/url][url][/url]

Hospital Bob

Hospital Bob

7 minutes with Warren Buffet. Buffet10

He's channeling General Smedley Butler with that, don't you think, Teo?

It's also totally in conflict with Phil Mickelson, Donald Trump, Mitt Romney, Sean Hannity, Rush Limbaugh, and just about everyone on Fox News and every other major conservative republican and tea party political figure and commentator.

Hospital Bob

Hospital Bob

interviewer: "what about our debt, $16.4 trillion"?

Buffet: "it's a lower percentage of GDP than it was when we came out of WW2. You've got to think of it in relation to GDP. It IS NOT a good thing to have it going up in relation to GDP. That should be stablized.
But, the debt itself is not a problem".

He's channeling you now, Sal. lol

Guest


Guest

I watched that just this morning, Bob.

Good interview. (Especially the stock pick)

TEOTWAWKI

TEOTWAWKI

Won't play on my tablet. Sure wish we had a bunch of Smedleys tell in it like it is...

Guest


Guest

TEOTWAWKI wrote:Won't play on my tablet. Sure wish we had a bunch of Smedleys tell in it like it is...

What kind of tablet are you using, Teo? It works fine on my iPad. I have to admit I didn't use Bob's link though. When I'm riding my exercycle every weekday, I watch CBS evening news from the night before (sans commercials... about 22 min.), then watch CBS Sunday Morning Videos... all on the Safari browser.

If it was Bob's link... try this one to the program website. Scroll down to the program called "Just a Regular Billionaire"
http://www.cbsnews.com/video/sunday/

77 minutes with Warren Buffet. Empty Re: 7 minutes with Warren Buffet. 1/24/2013, 11:24 pm

Hospital Bob

Hospital Bob

Yomama wrote: then watch CBS Sunday Morning Videos...
You're the first person who I've talked to who is even familiar with CBS Sunday Morning when I mention it. Let alone someone who watches it a lot like I do.
It's tv at it's best.

87 minutes with Warren Buffet. Empty Re: 7 minutes with Warren Buffet. 1/24/2013, 11:35 pm

Sal

Sal

I watch that show.

I'll always have fond memories of it not only due to the generally positive and well-produced segments, but also because that signature trumpet blast (or whatever horn that is) in the opening would always bring my toddler son running into the room to see what was up.

97 minutes with Warren Buffet. Empty Re: 7 minutes with Warren Buffet. 1/24/2013, 11:45 pm

Yella

Yella

Bob wrote:I found this to be a very interesting interview. I'm not posting it because I endorse his opinions or repudiate them. I agree with some of his ideas and not others. But aside from that he's a unique and fascinating individual for someone who's worth $47 billion.
I would be interested in getting your opinions after you watch the interview though.

http://www.cbsnews.com/video/watch/?id=50139345n[url][/url][url][/url]

Buffet, the third richest person in the world, has managed to accumulate 47 billion dollars. An almost unimaginable sum, but stop to consider that it still takes 953 more billion to make a trillion and we owe 16 trillion. So how much of that 16 trillion has been blown on wars in the past few years?

http://warpedinblue,blogspot.com/

107 minutes with Warren Buffet. Empty Re: 7 minutes with Warren Buffet. 1/24/2013, 11:54 pm

Hospital Bob

Hospital Bob

Yella wrote:
Bob wrote:I found this to be a very interesting interview. I'm not posting it because I endorse his opinions or repudiate them. I agree with some of his ideas and not others. But aside from that he's a unique and fascinating individual for someone who's worth $47 billion.
I would be interested in getting your opinions after you watch the interview though.

http://www.cbsnews.com/video/watch/?id=50139345n[url][/url][url][/url]

Buffet, the third richest person in the world, has managed to accumulate 47 billion dollars. An almost unimaginable sum, but stop to consider that it still takes 953 more billion to make a trillion and we owe 16 trillion. So how much of that 16 trillion has been blown on wars in the past few years?
He contradicted himself in the interview but it probably went unnoticed by the audience.
He emphasized two points about the debt.
1. It's bad to let it keep increasing
2. The amount of the debt is no problem

If the amount of the debt is no problem then it wouldn't matter that it's increasing. When Obama took office and the debt was $4 trillion less than it is now, Buffet would have said "we need to stop the increase but the amount of the debt is no problem".
The contradiction is that IF increasing it IS a problem, then THE AMOUNT also is A PROBLEM. There's a name for this. It's called "he's trying to have his cake and eat it too".

117 minutes with Warren Buffet. Empty Re: 7 minutes with Warren Buffet. 1/25/2013, 12:00 am

Sal

Sal

Bob wrote:
Yella wrote:
Bob wrote:I found this to be a very interesting interview. I'm not posting it because I endorse his opinions or repudiate them. I agree with some of his ideas and not others. But aside from that he's a unique and fascinating individual for someone who's worth $47 billion.
I would be interested in getting your opinions after you watch the interview though.

http://www.cbsnews.com/video/watch/?id=50139345n[url][/url][url][/url]

Buffet, the third richest person in the world, has managed to accumulate 47 billion dollars. An almost unimaginable sum, but stop to consider that it still takes 953 more billion to make a trillion and we owe 16 trillion. So how much of that 16 trillion has been blown on wars in the past few years?
He contradicted himself in the interview but it probably went unnoticed by the audience.
He emphasized two points about the debt.
1. It's bad to let it keep increasing
2. The amount of the debt is no problem

If the amount of the debt is no problem then it wouldn't matter that it's increasing. When Obama took office and the debt was $4 trillion less than it is now, Buffet would have said "we need to stop the increase but the amount of the debt is no problem".
The contradiction is that IF increasing it IS a problem, then THE AMOUNT also is A PROBLEM. There's a name for this. It's called "he's trying to have his cake and eat it too".

That's not a contradiction

The debt is NOT a problem in the short term.

But, it could potentially be a problem in the long term.

127 minutes with Warren Buffet. Empty Re: 7 minutes with Warren Buffet. 1/25/2013, 12:00 am

Guest


Guest

Wasn't he tying debt to the GDP?

137 minutes with Warren Buffet. Empty Re: 7 minutes with Warren Buffet. 1/25/2013, 12:02 am

Sal

Sal

Yomama wrote:Wasn't he tying debt to the GDP?

Shouldn't he be?

147 minutes with Warren Buffet. Empty Re: 7 minutes with Warren Buffet. 1/25/2013, 12:06 am

Guest


Guest

Bob wrote:
Yomama wrote: then watch CBS Sunday Morning Videos...
You're the first person who I've talked to who is even familiar with CBS Sunday Morning when I mention it. Let alone someone who watches it a lot like I do.
It's tv at it's best.

It is my favorite TV program too. My problem is that I sometimes sleep too long to catch it live. Now that I have found it online, and with no commercials too, it's great. (I don't see how they can present that content without commercials.)

157 minutes with Warren Buffet. Empty Re: 7 minutes with Warren Buffet. 1/25/2013, 12:12 am

Guest


Guest

Sal wrote:
Yomama wrote:Wasn't he tying debt to the GDP?

Shouldn't he be?

I am no financial wizard and hesitated even bringing it up at the risk of looking like a bigger buffoon. Bob brought up an apparent contradiction, but didn't mention the debt as it relates to GDP as Buffett did.

167 minutes with Warren Buffet. Empty Re: 7 minutes with Warren Buffet. 1/25/2013, 9:44 am

Hospital Bob

Hospital Bob

Here's what Buffet was talking about. As you can see, yes he's correct that the debt as a percentage of GDP hasn't quite yet reached the all time high we experienced following WW2...

7 minutes with Warren Buffet. Usgs_chart4p02

Unfortunately the situation is not as simple as making that comparison and trying to stop the debate with only that.
It was because of World War 2 that the country was poised to undergo the greatest industrial and economic revival in world history. The war had created an enormous pent up demand for most all goods which had been unobtainable during the war. And in 1946 we were the country with the industrial engine which would produce the largest growth in industrial employment the world had also ever seen. All of which led to a quick recovery from that upside down debt situation the war had put us in.

But that was then and this is now. There is nothing happening with our economy today which in any way points to a recovery from all that like was experienced following WW2. It's like comparing apples and oranges but Buffet doesn't want to recognize that only because his optimism is so impenetrable (as the piece also revealed) that no facts of any kind can get through. In other words, he can't point to anything which would provide a basis to believe we'll undergo another recovery like followed WW2 but that doesn't matter to him because he's an eternal optimist.
As smart as Buffet is, that kind of thinking to me is akin to buying a shit pot of lottery tickets every week just because one is "optimistic" that he will win the jackpot. That kind of strategy might have paid off for Buffet in the past but the past is no longer the present.

177 minutes with Warren Buffet. Empty Re: 7 minutes with Warren Buffet. 1/25/2013, 9:49 am

TEOTWAWKI

TEOTWAWKI

Don't show this to boards, he thinks zero interests rates have no effect on the economy.....of course he's an economist so how would he know anything about real life ?

187 minutes with Warren Buffet. Empty Re: 7 minutes with Warren Buffet. 1/25/2013, 11:41 am

Hospital Bob

Hospital Bob

Bob wrote: that kind of thinking to me is akin to buying a shit pot of lottery tickets every week just because one is "optimistic" that he will win the jackpot.

Actually I now realize I didn't even do justice to that analogy. The way I should have stated it is this...

that kind of thinking to me is akin to BORROWING THE MONEY to buy a shit pot of lottery tickets every week just because one is "optimistic" that he will win the jackpot. lol

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