What is Digg?193 Comments
- thelastcivilian, on 09/28/2008, -6/+95Warren Buffett is a private citizen. As sketchy as it may be, he's free to do whatever he wants. He's not a government official who should have to be accountable to the public.
- dkichline, on 09/29/2008, -1/+44I was listening to NPR last Wednesday, and Warren Buffett was interviewed about his acquisition of GS. He said to the affect that the reason he purchased it in the first place is that he trusted that the legislation to bail out the banks would pass.
So there are no ulterior motives, his motives were very straight forward and laid right out on the table for everyone, who was listening, to hear. - barc0001, on 09/29/2008, -5/+46Breaking news! People act in their own best interests, even to the detriment of others! Film at 11!
- inactive, on 09/28/2008, -2/+41I'm interested in seeing who was responsible for the insider trading of Goldman stock, that took place the day before the Buffett announcement
- Aliendude, on 09/29/2008, -5/+38I don't know the exact figures, but hasn't Buffet pledged many billions to the Bill & Melinda Gates foundation? While it doesn't get him off the hook, it's a point to consider. He isn't completely self-absorbed.
While the bailout is flawed I think that it's better than nothing. I think the consequences would be worse even for us simpletons if these corporations weren't saved. I would rather lose some value on my dollar than have the banks collapse and lose all of my dollars. Not to mention the massive loss of jobs if these banks, and other dependent companies sank.
Admittedly, the situation is very complex and I'm by no means an expert. But these conversations on Digg seem awfully one-sided. - cheezintern, on 09/29/2008, -10/+36This whole article is BS. Buffet predicted this meltdown years ago, which is why his firm hasn't lost any money in it. They were prepared. He invested in Goldman Sachs cause it's a well run company and was able to get a good share of it for a low price.
The bailout is necessary to stop our economy from becoming worse. You think average people aren't affected? All businesses need financing to purchase inventory and stay afloat. Very few business are cash only. If these major banks all sink, so does that financing for business, which means everyone looses their jobs. The end. - kemp34, on 09/28/2008, -10/+34This is the same thing as when Bill Gross bought a bunch of Fannie and Freddie debt and then went on all the news outlets campaigning for the Fannie and Freddie debt bail out. These investors are sick plunderers just like the political class. We need to change this system of plunder NOW. Regular honest folks are the ones who are getting screwed. It's not right.
- willtrx, on 09/29/2008, -5/+21I'm all for riding the Digg bandwagon when it comes to legitimate goons like Bush, Palin and company, but Buffett is probably about as clean and straightforward as people come. He may be the richest person in the world, but he lives a relatively modest lifestyle, correctly attributes much of his success to good fortune, and has pledged his wealth to charity. In my book he's a class act.
- radicalchaos, on 09/28/2008, -29/+43This is deplorable. The money/power holders in this world obviously do not care about anyone except themselves. It is time for us to take the power back, because these people are spitting in our face.
- davewashere, on 09/29/2008, -3/+16Exactly. His investment in Goldman Sachs was public knowledge, so if anyone thinks there is a conflict of interest at least it's all right out there on the public record. He has made a lot of money in his lifetime with some very wise investments, and he's under no obligation to give any of that back to us just because we don't understand securities as much as he does. This may make me sound naive, but if Warren Buffett supports the bailout package, it's probably because he really believes it will save Wall Street (which directly connects to Main Street, by the way) and it might even make money for the government. Remember, Buffett has supported higher taxes for the rich because he thinks it's unfair that he pays a lower tax rate than his secretary. He's also decided to donate the vast majority of his riches to charity when he dies (actually, much of it will be donated before he dies), he lives in a house worth less than $1 million, and he drives a car worth less than $60,000. He is NOT out to con the American taxpayer for his own personal benefit.
- subsphinx, on 09/29/2008, -1/+14WHAT are yall talking about? His company bought stock and hes promoting the bailout. He is an investment banker and his goal is to make money for his investors. I see absolutely nothing wrong with this and I have a huge amount of respect for Warren Buffet. Hes lived in the same house for 30 years and essentially lives just as he would if he were not worth billions of dollars. He is a very humble man. Also, his purchase of the stock helps the situation.
- TopherT, on 09/29/2008, -1/+14I tend to trust Buffett, he has always invested in a constructive long term way that encourages corporations to think about long term profits when they are acting on behalf of stockholders. In fact, much of the problems today seen on Wall Street are a direct consequence of people making almost only short term trades, forcing companies to make short term deciscions which have destroyed their long term portfolios. When you go for high risk fast and high reward investments like subprime mortgages you are doing so because its what investors expect. If you don't, your stock price will plummet and the board will fire you right and quick. I think that Warren's understanding of this dynamic gives him much more legitimacy to suggest possible solutions or to endorse the solutions that others favor.
- infinitexx, on 09/28/2008, -5/+17Eh? Why would he have talked it up if he was considering investing, he knows he has to power to sway the market, and I'm pretty sure he likes money, so even if he was wholeheartedly behind the bailout from day one, he wouldn't have voiced his support until his money is where he wants it.
I'm not a big fan of the bailout (unregulated as it is), but I think people are looking for scapegoats. - donsnyc, on 09/29/2008, -1/+13I am with Buffett on this one.
- FENWAYFREAK, on 09/29/2008, -4/+16He invested money because thats what the market needs, it helps him as well, but the market really needs some money injected into it. Now he defends the bailout because without it the market will crash and we will lose all our money.
Conflict of interest? I think not. - chourobin, on 09/29/2008, -7/+18This is the guy who is donating his entire fortune to charity. Maybe we can give him a little more credit. You people don't understand the bailout so you reject it. A lot more is at stake here. And stop acting like your tax dollars actually account for much.
- greeniemeani, on 09/29/2008, -10/+21Maybe because Warren Buffet knows a lot more about economics than a bunch of Obamabot atheists on Digg? Get over yourselves. The government isn't trying to screw us - they know what they are doing.
- EtherGnat, on 09/29/2008, -4/+14I have a hard time believing it's an intentional effort by Buffett to increase his investment. He's been outspoken on issues like increasing capital gains taxes and other issues that would have a negative effect on his net worth, and he's giving away almost all of his money anyway.
Yes, these comments show poor judgment, but historically he seems like a pretty straight up guy so I'm willing to give him the benefit of the doubt. - imightbewrong, on 09/29/2008, -4/+14Buffet invested 5 billion dollars to HELP the US banking system struggle through this hardship.. WTF are you talking about
- joe573, on 09/29/2008, -5/+14Warren Buffet is probably the smartest investor in the US. If he is putting his money here then he knows something we don't....and its going to pay out big time for him.
- Pusod, on 09/29/2008, -1/+9Warren Buffet did not get to be the second richest man in America without being a very brilliant and shrewed business man. Let him do what ever he wants with his wealth. He is within his rights. Do you like people getting in your financial business? I didn't think so.
- erbbysam, on 09/29/2008, -0/+7For god sake, he's a private investor, not a government official. He interests are very well aligned if you ask me.
- charlietuna, on 09/29/2008, -1/+8Buffet is one of the minority of sane investors who looks for firms which are actually run well. The real traitors are the day traders who play roulette with the market. They try to game the system by buying stocks during times of uncertainty and selling days or hours later. They may even try to spread rumors to manipulate the market. Buffet seeks to hold on to stocks for years hoping to build up a strong long term portfolio. This is more likely almost an act of philanthropy, since he may be too old to see these shares turn around. I hear that only about 5% of the mortgages are truly bad, so this is largely herd mentality anyhow.
- Ajajadude, on 09/29/2008, -3/+10Well, the situation needs to be fixed right now. While I don't like this idea, I have yet to hear a better alternative.
- charlietuna, on 09/29/2008, -6/+13Amerika, heh. Your choice of spelling gives away your politics. As if every social program should be equated with the gulag. Even if 90% of all government programs are wasteful, some government programs can contribute to the public good. Adam Smith admitted as much.
http://adamsmithslostlegacy.com/2007/12/boundary-o ... - Ajajadude, on 09/29/2008, -1/+8Are you high?
And I notice a lot of digging down and no explaining to me why I'm wrong. Trust me, I'd love to be proven wrong. - inactive, on 09/29/2008, -10/+16America will not turn into a third world country.
- JoeJim, on 09/29/2008, -2/+8"But these conversations on Digg seem awfully one-sided."
Ummm. Are you new?
Well stated, Aliendude. - imightbewrong, on 09/29/2008, -5/+11Buffet wants whats best for him and whats best for everyone else...where is the contradiction??? Buffet is one of the biggest philanthropists in the world
- eclectro, on 09/29/2008, -0/+6Also, maybe he does know what the situation better than clueless people of digg or a Motley Fool hack who doesn't understand Libor. Really, I expected more from them. Buried.
- inactive, on 09/29/2008, -2/+8Well, at $5 BILLION,at least he's not a cheap whore..
Lot's of politician's that will sell out for a fruit basket, a bathroom stall blow job or just a pat on the shoulder. - coldkodiak, on 09/29/2008, -2/+7"The government isn't trying to screw us - they know what they are doing."
No they don't.
Buffet knows what he's doing. The people on capital hill let this economic crises happen. - gostars, on 09/29/2008, -1/+6Goldman Sachs never bought into risky mortgage-backed securities which are the assets the bailout is targeting. So the bailout does nothing for Goldman directly. Indirectly, half of what happens to a stock is what happens to the stock's sector. The bailout will lift the whole sector and Goldman will get lifted with it.
- Nairebis, on 09/29/2008, -0/+5Well said. I'm actually stunned to read a voice of reason here that admits to not understanding the whole thing. The Truth is that there is no one -- NO ONE -- on Digg that understands the total situation. There are plenty of people who pretend to understand, of course, and that's mostly from reading various bloggers who don't have a clue about this unbelievably complex situation.
And it may be that the situation is so complex that there is no human alive anywhere that understands it enough to know if this is really the right thing to do. Which is why they're throwing immense amounts of money at one particular big root of the problem. - charlietuna, on 09/29/2008, -1/+6Politicians are at fault for not requiring practical effective accounting rules all along. The electorate should take some heat for believing all that BS about the magic of a freewheeling market. The SEC admits as much as to the lack of oversight. Sarbanes Oxley was always a make-work feel good bill written by accounting firms to enrich their coffers. We will need better laws and regulations (not necessarily more laws).
http://www.nytimes.com/2008/09/27/business/27sec.h ... - elipabst, on 09/29/2008, -1/+6@brycelb: Just like he is "pretending" that he is going to give away virtually all of his money to charitable organizations when he dies? Is that all just a ploy to get more money...so that he can give it away when he dies.
- charlietuna, on 09/29/2008, -1/+6@sadilak:
Rome was *meant* to fall? I didn't realize divine intervention had a role. I thought it was due to corrupt syphilitic politicians hiring mercenaries to defend an empire which they felt little loyalty to. Broken systems can be fixed, though nothing lasts forever. Lets hope that the US is not the dead man walking that I fear it to be. Without a manufacturing base or exports beyond MTV and pornotube I see little propping up this country beyond credit. - charlietuna, on 09/29/2008, -0/+5Big time. Without a crises to force people to wake up and smell the *****, this game of musical chairs would have kept going. Soon enough the public will demand another investment bubble to replace the old one.
- AmazingSteve, on 09/29/2008, -2/+7Yeah really, I hate stuffed suit fat cats as much as the next guy, but Buffet is smart and he hasn't been stingy on sharing his knowledge with the unwashed masses and it's always been good advice. He may be not much different than all the rest, but he's one of the good ones in my book.
- aflaks, on 09/29/2008, -2/+6he sold his 2001 Lincoln continental which he him self drives to raise money for charity. He doesnt have a driver and he has a cadillac dts which can cost under 30k. This is a man who does not make money for his own well being. But regardless, he is the world's most successful investor who understands the market better than any other soul out there. I go with buffett and so does the market because he never looses.
- punkisnotdead, on 09/29/2008, -0/+4Are you serious? That explains EVERYTHING!
- EtherGnat, on 09/29/2008, -0/+4"It's a PROVEN FACT that an increase in the capital gains tax will result in a decrease in total taxes collected."
Not so much. http://en.wikipedia.org/wiki/Laffer_curve - inactive, on 09/29/2008, -1/+5America, like it or not, is the new Roman Empire. It's not going down anytime soon. It will draw upon the ends of the earth to feed itself if it needs to.
America isn't just a country. Sure, in title, it is. But we all know that's *****. Why do you think the UN is located in America? Why do almost all alliances and treaties necessitate the involvement of the Americans?
We're not living in Peru or Italy or Mongolia. This is America, the leader of the free world. - damonic, on 09/29/2008, -0/+4iPastafarian says it so it must be true. I feel better.
- chourobin, on 09/29/2008, -3/+7He is donating his fortune to charity, what else do you want him to do?
- stox, on 09/29/2008, -1/+5Buffet always talks his book. This has never changed. I don't see Bill Gross doing any different.
- erydan, on 09/29/2008, -2/+6He pledged most of his money to the Gates' and is giving the the balance away as well.
- erydan, on 09/29/2008, -2/+6Ya, umm... Buffet didn't inherit his wealth and his kids aren't inheriting his, so you make no sense.
- mshtml, on 09/29/2008, -1/+5When Goldman Sachs starts buying up the country for pennies on the dollar and Buffet cashes out, maybe then you'll realize what's going on.
- rframpton, on 09/29/2008, -1/+5Did anyone ever stop to think maybe he understands the bailout/economy/mess better than we do? Maybe he really believes this will help.
There's probably a good a reason why he's a billionaire and we aren't.
Just a thought... -
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