Buffett: The Economy Has 'Fallen Off A Cliff'

[swstryker]

bunghole1000- You think that money isn't earned, it's just created by the government. You think if we all just share we'll be so much better off. Of course there will be a disproportionate amount of sharing going on, but don't mind that. If you work hard enough you too can give half your paycheck away to those that don't work, can't work or won't work. That's communism, not a Republic. As far as defense spending at least that money is keeping us safe, not bankrupting us with nothing in return.

[danimal9579]

Hey Warren, aren't you glad you voted for Obama?

[bigollameo]

Hey Dan, isn't tough that you didn't have a choice in whether or not  you wanted to be a tool?

[danimal9579]

People aren't born tools; they are molded into tools over time. For example, a Keith Olbermann viewer.

[peppilepew]

You guys don't get it. This is the American people's government. Not BO's or GB's but the American people's. We have allowed government too much power and now we will have to pay for our mistakes. There arn't enpugh patriotic Americans left to take it back. Sacrifice is a thing of the past. Suck it up! Take your punishment with dignity. In 100 years it won't matter. Just don't plan on retiring any time soon. Retirement and job security are a thing of past. Greedy lazy people this to happen!

[Vato03]

BHO = expensive

Not priceless

[Uwiluz60]

I wonder if Buffet is the guy behind the 550 billion dollar 2 hour electronic draw on our money markets on Sept. 15 2008 that led to the panic...That has set this Bailout wild fire going...I think he is even surprised at the reaction...If he did...He got what he wanted..And we got Shammed again !

[pbruyn]

By the way, the people screaming of the re-distribution of wealth must have been asleep the past eight years when the middleclass got pay cuts and benefit cuts while the rich got the big tax breaks at the expense of the U.S. infrastructure.

Isn't that welfare too?

[pbruyn]

The Dems were only in control of congress for two years and they had been filibustered or vetoed by the Republicans many times.

When Clinton was Prez and had a Republican congress, they blamed anything wrong on Clinton. When Bush was Prez and had a Democratic Congress, they blame everything on the Democratic Congress. When will the party of self responsiblity take responsiblity? They had eight years in power and just screwed everything up. Yet, they're complaining the loudest.

[konnigkratz]

I've no idea why someone put a thumbs down for your comment, it is exactly right

[theonly1daniel1]

listen up everybody we can just thank bush and wallstreet for all these problems.

BUSH was the worsh President in American History.

There Should Be A Criminal Investgation against that Cock Roach

[bpad2009]

buffett doesn`t know a thing about economy!

[plpfctn2007]

6 of the last 7 US recessions occurred under a Republican president. this shit ain't rocket science. it's obvious democrats are better for the economy.

[indigojoker454]

But the majority were under a Democratic congress! Congress is in charge of the budget, the President can only sign or veto.

[Uwiluz60]

plpfctn2007...Maybe... But not this Socialist...The market has done nothing but drop since he won the election...Soon I'll have no retirement IRA left..With many others....I guess this is what he meant by building the economy from the bottom up...Pork and Spend...Bush 3rd term !

[bungerman1000]

yea, like the market wasn't already in a downward spiral, sheesh. Ah yes, and they almighty pork you speak of constitutes 2% of the omnibus bill. Seriously?

[Uwiluz60]

bungerman 1000..You sound just like Obama...He or you don't get it..In 80 we had a recession where the numbers were worst, we handled by cutting spending and raising interest rates..Rode out 3 bad years and let inflation come under control.led to a 20 year boom.This FDR spend approach has no chance because of all the pork..FDR had WPA, TWA but a bill wasn't porked up than and the money went where it was needed..Hes just using his CRISIS to get his agenda Just like Bush did with the war.BUSH 3RD!

[bungerman1000]

once again, people like yourself are worrying about 2% of the whole bill, ala the pork.  That sure isn't a whole lot in the big scheme of things. Obama would be pushing his agenda whether there was a crisis or not. Its what new presidents do, ya know they whole first 100 days thing? Another thing you fail to understand is Obama was talking of these things 2 years before election day (remember how long the process was?) That was before there was any sign of a crisis which proves your point wrong

[zgarrett14]

bungerman 1000, may I have 2% of your weekly income please? I just love yard projects and I really think i need to beautify my yard in order to better my environment. I can't set it up to directly draw from your paycheck like the big FED, nor can I threaten you with imprisonment like the big FED, so i am asking you nicely. It is just a little pork, not a lot in the big scheme, c'mon?

[bungerman1000]

sure, if I deem your yard worth giving money too, or my representatives I vote for do. Sorry, you people think the country runs on hugs and not money. Go look at the defense budget if you want to see some real pork. Why are you not complaining about the other 98%? The part of the policy that actually matters? I'm sure I can search back a few years and see you crying about all the pork that was in the Republican projects, since I know you could not possibly be a biased hypocrite, right??

[zgarrett14]

bungerman1000, hows it going? you still liking Obama? I never did reply to your accusations, sorry. i grow tired of those fights sometimes. i appreciate your passion about your side of the argument but i want to convert you to my side so this country can be better than what it is today. Oh yeah my side, you ask? I try to be as independent as possible, unfortunately I have to pick a side sooner or later and sometimes I get lumped into unwinnable arguments by association. Fairtax!

[DillonX]

If my memory serves me right, Bush is the first 8 year President to have the DOW lower the day he left office than it was the day he took office.

And the really sad part is that if you pulled out your money to buy bread, milk, meat & fresh fruits & veggies -- the cost had doubled.

Bush's economic policies were a total failure unless you are a total nut.

[TylerNull]

Fannie Mae -- spawn of this market collapse -- is FDR policy, not Bush, and it's LOVED by Democrats, who now promise lots and lots more of the same fascist governance.

A "total failure" is the socialist notion that we can spend our way out of debt, and tax our way to prosperity.

[plpfctn2007]

FDR didn't privatize fannie mae. for almost a century fannie and freddie work very well. It was Bush and the Bush SEC who ignored the warning signs and let everyone regulate themselves. what a dumb idea. no doubt, this is Bush's mess.

[TylerNull]

"FDR didn't privatize fannie mae"

No, he CREATED it. It's a Government Sponsored Enterprise (GSE), not private. It's the epicenter of the mortgage mess, which is the epicenter of the credit crisis, which is the epicenter of the market meltdown, which is the epicenter of the global wealth destruction that is now occurring.

"

Shocking Video Unearthed Democrats in their own words Covering up the Fannie Mae, Freddie Mac Scam that caused our Economic Crisis

"

-- YouTube Video

[Richardgwm]

The stock market lost 53% of its value under George Bush. This is the only eight year Presidency under which the stock market has lost value.

Bush is the worst President in American history.

[WildRiverman]

On policies of total borrowed funding, Obama is fast learning our own privately held accounts, as well as the world. is not buying into his BS spending policy's that the educated know are doomed to failure based on history alone. Mkts crash, and Obama crashes with them. I can go a few years without making one penny on my limited wealth, and that is the mindset of most as evidenced by the freefall of the mkts in Obama's first 50 days.

[Theopolitical]

"this is still Bush's economy" George W. Bush Fiscal Year 2009 <--- Today's Economy Fiscal Year 2008 Fiscal Year 2007 Fiscal Year 2006 Fiscal Year 2005 Fiscal Year 2004 Fiscal Year 2003 Fiscal Year 2002 gpoaccess[dot]gov/usbudget/bro­wse[dot]html Oct 1, 2009 = Fiscal Year 2010: The start of Obama's first fiscal year.

[DISCOKINGRORY]

I preach on my show every day about obama doom

[iron1215]

With Barack in office. Sell all your stock!!!

[rvisaac]

Yes and it is obama's economy.

One main agenda of socialism is government engineering wealth redistribution. We will see more of it under obama.

He will be going after more death tax next. Mark my words.

[plpfctn2007]

this is still Bush's economy. no doubt about that.

[rvisaac]

The bush economy was a recession.

The day obama got elected the markets fell 500 points.

This is the Obama economy A DEPRESSION

[Theopolitical]

"this is still Bush's economy. no doubt about that"

Bush's Administration made the financial plans for 2009; Obama is currently making the plans for 2010. That is how our system works, they plan for the year ahead (so 2001 was still Clinton's economic plan, 1993 was still Bush's, 1989 was still Reagan's).

It doesn't update automatically to a new administration's plans... unfortunately.

[1000orsowords]

Oh no! The death tax! Now we won't have anymore trust fund babies!

[rvisaac]

As a kid I worked 4 hours before school and 4 hours after school for no pay so my family could eat and make the farm payment.

And you think I have no right to this farm when my dad passes.

You guys are so full of envy and hate.

[1000orsowords]

What did you produce?

I watched a six million dollar trust fund baby blow it all and drink himself to death. I would much rather have given it to someone that could really have used it. But that's just me. I hope you are successful with your farm.

[CarryANation]

Warren Buffet is the long time partner of Hank Greenberg of AIG - you know, the AIG that we have to bail out every month? Buffet's friend Greenberg is now indicted for accounting fraud at AIG.

Why would anyone listen to Buffet at this point?

[marniespeaks]

The American People should just take back the wealth these paper pusher scammed out of them

Yo Folks YOU Own the Country not these guys.

[Davenergy]

Warren Buffet should be looked up to more than any actor. He's made good choices his whole life, and is successful because of it.

[hiriumi]

"Economic Pearl Habor" sounds like this crisis was caused by a foreign nation, but that is not true. This crisis was caused by the American greed domestically.

[isisarchist]

Saying it was caused by greed makes it sound like it was an unforeseen accident which I personally don't think that it was. This was planned and this is intentional, did they use people's greed to further their plan yes, but those pulling the strings knew what was happening. Google: Bush Minority home ownership & you will see how intentional this really was.

[PersonalJesus348]

Its not greed. Its structural. Its a failed economic model. The 30's could've told anyone that. the question is why does it rear its ugly head again and again?

And also there hasn't been a wage raise in 30 years. Wealth is ownership of car and house now. And after the refinancing fiasco no one owns those. During the Great Depression, a person owed 20% of their wage. Today they owe 130% of their wage.

[isisarchist]

It's a failed economic model to us of course, but not to those at the World Bank, IMF & Federal Reserve. To them this is an orchestrated plan put in place to further their agenda.

[HelmutHedd]

Obama's socialist agenda is only making things worse. Buffett doesn't have the balls to say he was wrong about Obama. He doesn't have the backbone to criticize the messiah. Like Cramer and many others, he's finding out that his faith has been misplaced.

[isisarchist]

Partisan blinders are not helping one bit. So Obama is a socialist but Bush wasn't? Bush started the TARP Bush started the nationalising of private business.

I am not an Obama supporter but I also am not blind to what happened the last 8 years.

[Bunnicula71]

problem is the partisans on the right have sucked up the hater-ade, and it spills over to anyone who mentions the abject failure of the bush admin.

I respect the equal opportunity dissenter!!! My hats off to you.

I think a magic 8 ball has more of a clue about the current econ situation than I do, so I limit my Obama bitching to foreign policy. While disappointed, at least the realists seem to have some sway now. They exist on both sides, and were completely ignored under GW.

[moregravyplease]

President Obama is not a 'socialist,' nor does he have a 'socialist' agenda.

Mr. Buffet, man of reason that he is, does not believe that the current economic crises are the fault of the current President. Balls and backbone are not requisite anatomy for spreading lies and trashing the President with snarky, substanceless criticism. You are a perfect example of that fact.

Mr. Buffet is an atheist; he does not regard any man as a 'messiah.'

[HelmutHedd]

Socialism is simply Communism for people without the testosterone to man the barricades.

Gary North

[HelmutHedd]

If the marxist asshole is offended, as you are, my work here is done. Fuck you, comrade.

[HelmutHedd]

I recognize an idiot when I see one. Your village called wondering where you were.

[thereallurker]

He also said "slow downed a lot". Why isn't that the title of this video? Not as dramatic, is it?

Fearmongering media.

[smcmillan88]

Why is Warren Buffet destroying consumer confidence?

[juarezrt]

He's just stating the obvious. Would you rather he lie to us?

[HieiYYH2]

people have changed because we have to. That is the beauty of humanity, we stay constant but when threatened or things change, we adapt and grow and move on

[arivera3426]

he looks like a shaved down Colonel Sanders.

[averyellis]

that's what I said!!

[Intervene]

Wow. I feel so enlightened hearing that from a CEO.

/sarcasm.

[MichaelMogg]

Thanks Professor of the Obvious.

[MusaJames]

Belly flop, hope its into a lake. LOL