Warren Buffet business partner: "it's over" for the US economy[views:1828][posts:15]____________________________________ [Feb 24,2010 8:26am - arilliusbm ""] woke up to some good news this morning http://www.thedailybell.com/835/Buffets-Pa...rtner-Says-America-Is-Finished.html Charlie Munger (pictured left with Buffet), Warren Buffett's longtime business partner in Berkshire Hathaway, warns in a new column that the U.S. economic empire is crumbling before our eyes, thanks to federal debt and poor planning. In an article penned for Slate.com, Munger uses the form of a parable to explain how Wall Street's love affair with gambling has destroyed America's Main Street. The article leads with this headline: "Basically, It's Over." The Berkshire Hathaway vice chairman describes the economic history of Basicland, which happens to match U.S. history. Early in its history, debt is unknown except for home mortgages and some consumer loans, and people live within their means. Speculation is discouraged, and commodities markets are small and tightly regulated. Under this rational system, economic growth skips merrily along at a steady 3 percent, Munger explains. Taxes are limited and pay for only "essential services" like fire protection, courts, and defense. Most taxes are collected on imports, and government spending matches that tax income. Debt via government bonds is limited. Then things take a turn for the worse. |
| __________________________________________ [Feb 24,2010 9:35am - largefreakatzero ""] Arm yourselves kiddies, things could get fugly. |
| __________________________________ [Feb 24,2010 9:37am - brian_dc ""] this is a perfect business environment for the: RETURN OF THE MACK (OH MY GOD) |
| _________________________________________ [Feb 24,2010 9:39am - metal_church101 ""] Old news. |
| ______________________________________ [Feb 24,2010 9:44am - the_reverend ""] mosh |
| ______________________________________ [Feb 24,2010 9:44am - the_reverend ""] don't two-step, $2-step |
| ____________________________________ [Feb 24,2010 9:45am - arilliusbm ""] lol |
| ____________________________________ [Feb 24,2010 9:56am - arilliusbm ""] charlie munger? Doesn't mung mean consuming the liquid of a dead old lady? |
| ______________________________________ [Feb 24,2010 10:14am - timma@work ""] arilliusbm said:charlie munger? Doesn't mung mean consuming the liquid of a dead old lady? It most certainly does my friend. I recommend pairing it with some Triscuits and Pub Cheese. Yum. |
| _______________________________________ [Feb 24,2010 10:18am - goatcatalyst ""] Good. Bout time. Public executions should make a comeback. |
| ____________________________________________ [Feb 24,2010 11:14am - FuckIsMySignature ""] ya i read this earlier. more good news. |
| ____________________________________ [Feb 24,2010 11:47am - Paul CNV ""] goatcatalyst said:Good. Bout time. Public executions should make a comeback. [img] I hope to to saw people... Please God let me saw people |
| ____________________________________ [Feb 24,2010 11:50am - Paul CNV ""] [img] The saw is the LAW |
| ____________________________________ [Feb 24,2010 11:56am - Paul CNV ""] [img] Have a seat... Make yerself comfy |
| __________________________________________ [Feb 24,2010 12:11pm - TheRidersofDoom ""] you know back in the great depression banker CEOS and stock exchanged people threw themselves out the windows of NY, not because they knew they did evil but because they knew the public would do far worse to them. I think their modern day counterparts should follow their historical precedent |
| ____________________________________________ [Feb 24,2010 12:15pm - FuckIsMySignature ""] they put provisions in place after the Great Depression so that the blame would fall elsewhere. this is why they get "bailed" out instead of jailed/executed. |