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Buffett Calls Crisis an `Economic Pearl Harbor,’ Backs Paulson
Linda Shen and Andrew Frye
Bloomberg
Wednesday, Sept 24, 2008
Billionaire investor Warren Buffett, calling the market turmoil “an economic Pearl Harbor,” said Treasury Secretary Henry Paulson’s $700 billion proposal to prop up the U.S. financial system is “absolutely necessary.”
“The market could not have taken another week” like last week, Buffett told CNBC today, a day after saying his Berkshire Hathaway Inc. will buy a $5 billion stake in Goldman Sachs Group Inc. “I think it was the last thing Hank Paulson wanted to do, but there’s no Plan B for this.”
Paulson and Federal Reserve Chairman Ben S. Bernanke are pushing Congress to quickly approve the plan to remove illiquid assets from the banking system. Lawmakers have balked at rubber- stamping the proposal, with Democrats demanding it include support for homeowners and limits on executive pay and Republicans questioning the plan’s reach and size.
(Article continues below)
“I am betting on the Congress doing the right thing for the American public and passing this bill,” Buffett said. The economy is “everybody’s problem,” he said, likening it to “a bathtub — you can’t have cold water in the front and hot water in the back.”
Berkshire is buying the stake in Goldman, Paulson’s former firm, after three of the investment bank’s biggest competitors went bankrupt or were forced into emergency sales. He has already agreed to spend at least $25 billion this year to acquire companies, finance buyouts and purchase securities for Omaha, Nebraska-based Berkshire.
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17 Responses to “Buffett Calls Crisis an `Economic Pearl Harbor,’ Backs Paulson”
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September 24th, 2008 at 11:31 am
Then we must declare war on the logical equivalent of the Japanese Government.
September 24th, 2008 at 11:39 am
Screw this bailout, it’s just another bandaid,the market is going to crash anyways there way to many variables right now for it not to crash .700 billion will only prolong the inevetible .So basically we bail them out for 700 billion then in six months when the stock drops again and crashs were now in a depression AND we still owe the 700 billion.It’s a lose lose situation.
September 24th, 2008 at 12:32 pm
I 2nd “Screw this bailout” let the economy go, let the ignorant go with it. Let’s pursue these assholes like paulson who created this mess and their masters and co-conspirators and then educate the people of the truth of these zionist who control our government, the media and the corrupt financial system and let us resolve to never let it happen again.
September 24th, 2008 at 12:43 pm
With 52% or more of the working US. population working for the state, thus producing no product of wealth, to receive a pay check that comes from the use of force against the other 48%. One of the largest population booms from the end of world war II now hitting retirement age, with large 401 k plans beeing “cashed in”, and the millitary bases in over a hundred countries around the world. Lets not mention the” wars” in Iraq and Afganistan. The thousands and thousands of regulations and taxes placed on small businesses. With all this being contained by a market that uses Fiat currency worth less then the paper its printed on, being backed by a government with aproval ratings that are laughable. I am suprised it took as long as it has for the ecconomy to crash. Some how, I and every one else in the US., is supposed to belive that printing more dollars is going to fix this mess. I may have been born at night, but not last night. If the US government proceeds with this bailout it will exceed any rational definition of hyper inflation. Just in time for the holidays.
September 24th, 2008 at 12:57 pm
I want to share with you what I think has the potential to be a huge scandal. Cheney and his gang knew about the bailout plan months in advance. Does the word “insider trading” ring a bell? Here is some hot evidence:
“Fratto insisted that the plan was not slapped together and had been drawn up as a contingency over previous months and weeks by administration officials. He acknowledged lawmakers were getting only days to peruse it, but he said this should be enough.”
This has Cheney written all over it. Yes, the bailout plan that was put to Congress as some kind of emergency was put together, like the Patriot Act, way in advance, months, in fact. Here is the URL: http://www.rollcall.com/news/2.....r_friendly
September 24th, 2008 at 1:55 pm
They are well aware of plan B’s, one of which is listed on worldreports.org .. the bill will compound the wall street chaos that much more, and not only are they fully aware of it , they have to convince the congress to likewise bury themselves because ultimately everyone will be aware of it – and Buffett I believe is a member of the Committee of 300, which is THE top elite conspiratorial organization of the new world order
September 24th, 2008 at 2:30 pm
may i remind you all that pearl harbour was allowed to happen by the US government, to get the US in the second world war.
this is a known fact in the world, US were forewarned prior, but let the attack go ahead. just like 911.
the US created this financial mess, helped it get bad, allowed it to happen.
why ?
to continue the enslavement of the US people. send all the money to the elite people at the top.
when will USA wake up ?
when will you practice the right to bear arms ?
when will you overthrow your corrupt government ?
you are fed information by your supposed free media. this is worse the nazi propaganda the garbage you people believe.
wake up, take action, revolt against an unjust goverment.
today, not tomorrow, not next year, TODAY
September 24th, 2008 at 3:24 pm
We have been gamed by the Bush Administration. Why was Eliot Spitzer busted? Maybe he was getting close to the Bush con game. On Thursday, February 14, 2008, this article was published by Eliot Spitzer. I have edited it for a quick read with the URL.
“Eliot Spitzer
Thursday, February 14, 2008; Page A25
Several years ago, state attorneys general and others involved in consumer protection began to notice a marked increase in a range of predatory lending practices by mortgage lenders.
Even though predatory lending was becoming a national problem, the Bush administration looked the other way and did nothing to protect American homeowners. In fact, the government chose instead to align itself with the banks that were victimizing consumers.
Not only did the Bush administration do nothing to protect consumers, it embarked on an aggressive and unprecedented campaign to prevent states from protecting their residents from the very problems to which the federal government was turning a blind eye.
The administration accomplished this feat through an obscure federal agency called the Office of the Comptroller of the Currency (OCC). For 140 years, the OCC examined the books of national banks to make sure they were balanced, an important but uncontroversial function. But a few years ago, for the first time in its history, the OCC was used as a tool against consumers.
In 2003, during the height of the predatory lending crisis, the OCC invoked a clause from the 1863 National Bank Act to issue formal opinions preempting all state predatory lending laws, thereby rendering them inoperative.
URL: http://www.washingtonpost.com/.....02783.html
September 24th, 2008 at 4:14 pm
Buffet thinks the scam will go through,he’s putting his money on it .Treason.
September 24th, 2008 at 4:19 pm
The financial crisis is a completely contrived and fraudulent phenomenon. The criminals who are masquerading as our political leaders could end it tomorrow if they so desired. In yesterdays hearings, one Senator from Tennessee said of thousands of calls and emails he had recieved from his constituents regarding the proposed bailout, not one of them had been positive. This proposal has next to zero public support apart from criminals who stand to benefit from it. This is not a problem with the financial system. It is organized crime.
September 24th, 2008 at 5:57 pm
Yea and after the crash of 1929 the Rockefellers bought heavily into the stock market attempting to reinstall public confidence, it didn’t work then and it won’t work now. “Those who ignore the past are destined to repeat it”
September 24th, 2008 at 7:41 pm
There is no “bailout” for a corrupt system.
There is only SELL OUT and GET OUT while you can.
Until the mechanics of the system change, nothing else ever will.
A tower of lies is destined to fall.
Human nature is to blame.
Social evolution is the only plausible answer.
We must turn our backs to the system that has enslaved us,
even if that means giving up some modern conveniences to live freely.
It will only get worse before it gets better.
As long as Americans can buy their Big Macs and Cadillacs, they won’t care.
The tidal wave builds, drawing in the last bit of trust the people have for its leaders…
When the wave finally hits, and millions of people are suddenly without their comfortable sleepwalking routines, then they will awaken to a greater consciousness.
Suffering brings wisdom.
Lord knows America needs a dose.
September 24th, 2008 at 8:05 pm
gumbys right fuk the suits ,,, take the 700 billion and give each state a 13 billion to hire thousands of workers to rebuild infrastructure ,, with all the paychecks and brand new infrastructure the regular folks will be better off and the suits can sleep in the bed they made
September 25th, 2008 at 2:46 am
Interestingly, there has yet to be any analogies with reference to an ‘economic 911′. Even more interesting is that it is widely accepted that Pearl Harbor was a staged incident. Nice analogy Mr. controlled opposition.
“Everybody’s problem”?…..FUCK YOU! It’s power addicted control freaks like yourself that created this. It’s YOUR problem. You lost billions? What was your net?….. you greedy hog.
September 25th, 2008 at 6:27 am
Warren Buffet knows what happened on 9/11. As the second richest man in the US he would have been privy to the plans of those cold blooded monsters who carried out the attrocities. On the morning of 9/11 he was at the U.S. Strategic Command headquarters located at Offutt Air Force Base in Omaha. Offutt AFB is, coincidentally, where President G. W. Bush flew to on Air Force One later in the day for “safety.” present also were some CEO’s from the World Trade Centre including Ann Tatlock, the CEO of Fiduciary Trust Co. International. The plane that hit the South Tower hit the part of the area where Fiduciary Trust had their offices and over 100 of the 650 workforce are missing.
One can be certain that he has his hand in the contrived financial crisis.
September 25th, 2008 at 11:53 am
Glad to see you folks are onto it
Project love and compassion, stay present and learn how to meditate
September 25th, 2008 at 12:35 pm
Buffet is waiting for Hale-Bop starship cruiser to come pick him up. Everybody put on your NIKE shoes……..here we go.