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Warren Buffett Says Second Stimulus Might be Needed

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posted on Jul, 9 2009 @ 09:30 AM
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Warren Buffett Says Second Stimulus Might be Needed


www.reuters.com

Legendary investor Warren Buffett said in an interview aired on Thursday unemployment could hit 11 percent and a second stimulus package might be needed as the economy struggles to recover from recession.

"I think a second one may well be called for. You hope it doesn't get watered down," he said.

He likened the first $787 billion stimulus package passed by Congress to "half a tablet of Viagra and then having also a bunch of candy mixed in--- it doesn't have really quite the wallop."
(visit the link for the full news article)


Related News Links:
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posted on Jul, 9 2009 @ 09:30 AM
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I'm quite confused now by Mr. Buffett's motives. Last October or November of 2008, he was urging Americans that the financial implosion was just a natural correction of the stock market and that we had nothing to fear at all. He even demonstrated his confidence by continually buying and wanted others to follow suit.

Some felt comfortable by his actions and also reentered the stock market, or, never withdraw their equities at all.

Earlier in 2009, he communicated his belief that the economy was, indeed, worse off than he had imagined. He was concerned with the government's infusion.

And now, he is urging the United States government to inject a 3rd stimulus package (2nd for the Obama administration) to the American economy. Of course, "let's not water this one down," he says.

The fiscal conservative businessman that he is...why would he think pumping/printing/borrowing more debt is a smart solution?

He is citing a potential 11% employment rate. If his estimates are similar to that of the Obama's administration prior to the stimulus package, then he is way off. It's going to be far, far higher.

I'm just so confused by his motives. I don't trust Buffett any more than I already don't trust the U.S. government.

www.reuters.com
(visit the link for the full news article)



posted on Jul, 9 2009 @ 10:08 AM
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Agreed.

Im a Buffet watcher as the man has obviously shown brilliance at times, but find myself confused by this entire matter. Particularly since the Obama admin aren't jumping on the bandwagon with him.

"Water down"? Indeed.

I sense something off-kilter in the whole matter and really dont know what to make of it.



posted on Jul, 9 2009 @ 10:11 AM
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reply to post by Clark Savage Jr.
 


Certainly brilliant and has his own beliefs and practices, which separate him from other top-earning CEO's.

I just can't figure out why he made such an abrupt positional switch--from everything is ok, to the economy is bad.

And now he is urging a 3rd stimulus package (2nd from Obama's administration)?!!?



posted on Jul, 9 2009 @ 10:18 AM
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reply to post by MOFreemason
 


My husband swore by Warren Buffet. He hasn't mentioned him lately though. My 2 cents worth is that I think the guy is not on the up-and-up. He has an agenda that doesn't necessarily match the little middle class idea of financial stability.

Anyone calling for a second stimulus before the first one has been doled out properly should be questioned as to motive.



posted on Jul, 9 2009 @ 10:22 AM
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Originally posted by Hazelnut
reply to post by MOFreemason
 


Anyone calling for a second stimulus before the first one has been doled out properly should be questioned as to motive.


You bring up a very valid point...I believe I just heard on Glenn Beck's show last night that presently, only 10% of Obama's stimulus package has even been spent.

But yet, this smart business tycoon is already pushing for another????



posted on Jul, 9 2009 @ 10:34 AM
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reply to post by MOFreemason
 


The way I see it is the first stimulus package was intended to stop an etire collapse of the worlds economy.

Okay, so they managed that and there are signs the recession is flattening or showing signs of easing up. But Big Business is greedy, they aren't posting the profits they want because of having to pay back the TAARP money and recession, so hey, why not get the government to inject another round of cash so that we can bring back the good ol' times.


One word, disgusting.



posted on Jul, 9 2009 @ 10:36 AM
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reply to post by MOFreemason
 


He is siting an 11% unemployment rate because the shadow figures are most higher than that today, in other words we have surpassed the 11% already.

The predictions to another crash by the fall is very evident is not a forecast anymore.

So get ready because our nation can not longer survive without this stimulus.

But also this money is only to serve the few and have nothing to do with saving jobs or creating new ones.



[edit on 9-7-2009 by marg6043]



posted on Jul, 9 2009 @ 10:43 AM
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reply to post by kiwifoot
 


No is not "flattening down" or doing "any better", the European banks are not safe and neither the US banks.

the green shots rhetoric was nothing than a lure to make people believe that things are doing better.

Brown and Market analyst are now chastising the propaganda and the media for using the term, when the economy is far from better.

Fears of a Second Recession


According to British Prime Minister Gordon Brown, the global economy still faces the real prospect of falling even deeper into recession.

Brown considers global complacency to be the preeminent threat of a recovery, as far too many media and government outlets have already begun to claim that the downturn is over. It is popular to say that things are getting better, but most indicators still show a continued and prolonged slowing of the global economy. The worst hit is the United States with a financially and consumer dependent economy, but others have been caught in the wake of the sinking American giant.


www.financemarkets.co.uk...



posted on Jul, 9 2009 @ 10:43 AM
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and they can finance this with the money retrieved from the audit of the FED, if the stolen money can be traced back at least......

otherwise I don't see much appetite for anyone to finance this, not even with 100% interests rate, well on a second thoughts, maybe it is with a non-Dollar denominated currency or raw material :-)



posted on Jul, 9 2009 @ 03:32 PM
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U.S. President Barack Obama's administration is not discussing a second stimulus plan to jolt the U.S. economy out of recession, a White House budget official told Congress on Wednesday.

"No one in the administration is talking about a second stimulus at this point," said Robert Nabors, deputy director of the Office of Management and Budget, who is tracking the effects of the economic recovery plan already in effect.

But the White House press secretary, speaking to reporters aboard Air Force One, suggested that could change if the country continues to lose jobs.
www.reuters.com...



posted on Jul, 9 2009 @ 03:48 PM
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People have GOT TO STOP LISTENING TO BUFFET.

It has become obvious to me that this guy doesn't know his head from his ass on these matters.

1. He comes out in support of Obama and his economic policies:

2. Says stimulus is a good thing, then he says it won't help:

3. Says the economy is recovering and THEN he says it's in shambles when Berkshire takes a hit he didn't see coming.

4. Now he wants us to think another stimulus will be good.

NO ONE needs to listen to this man anymore.



posted on Jul, 9 2009 @ 06:51 PM
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reply to post by projectvxn
 


Whenever CNBC can feature him on their show, they make such a production out of it. They literally bill him as an economic guru.

I'm sure they also thought as highly of Alan Greenspan. Not that he had anything to do with today's economic mess, right?



posted on Jul, 9 2009 @ 08:30 PM
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Buffett was the one who coined the term Weapons of Mass Destruction concerning Derivatives. Then we find out that he had a bunch and they exploded in his face. That's some pretty savvy investing when you can't even take your own advice.



posted on Jul, 9 2009 @ 08:38 PM
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dont think for a second that a man like Buffet doesnt have the inside scoop in financial matters. if he is calling for another stimulus, rest assured he knows who is getting what and has placed his bets accordingly.



posted on Jul, 9 2009 @ 08:42 PM
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Looks like we're headed closer and closer to a complete economic collapse. Buckle up people.



posted on Jul, 9 2009 @ 08:46 PM
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Who's Roger Metclaffe?



posted on Jul, 9 2009 @ 08:53 PM
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Um..., wouldn't this actually be a third stimulus?

Sorry 'bout the one-liner.



posted on Jul, 9 2009 @ 08:56 PM
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Originally posted by Maxmars
Um..., wouldn't this actually be a third stimulus?

Sorry 'bout the one-liner.


You are absolutely correct. I think Buffett meant 2nd stimulus package under the Obama administration.

(Pretty sad that we're actually racking up stimulus packages now and can even lost track, eh?!!?)



posted on Jul, 10 2009 @ 01:57 AM
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Sometimes I get confused by what Warren Buffett says too.

once he said something like "you can't have a baby in two months by impregnating six different women" and I had no idea if he was criticizing the US govt's "split" tactics in restoring multiple sectors of the economy simultaneously, or if he was critcizing the US citizens for expecting growth so soon, i.e. to "have a baby in TWO months."

He is soo confusing.



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