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Buffett says unchecked U.S. debt threatens economy: report

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posted on Aug, 19 2009 @ 11:18 AM
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Buffett says unchecked U.S. debt threatens economy: report


news.yahoo.com

WASHINGTON (Reuters) – Billionaire investor Warren Buffett said the U.S. economy has avoided a meltdown and appears on a slow path to recovery, but Congress must now deal with enormous amounts of debt that threaten to erode U.S. purchasing power.

In an opinion column published on Wednesday by the New York Times, Buffett wrote that he "resoundingly applauds" actions by the Federal Reserve and the Bush and Obama administrations to pump trillions of dollars into the financial system.

But the "gusher of federal money" has run up a high level of debt that could fuel inflation, he said.
(visit the link for the full news article)




posted on Aug, 19 2009 @ 11:18 AM
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"But enormous dosages of monetary medicine continue to be administered and, before long, we will need to deal with their side effects. For now, most of those effects are invisible and could indeed remain latent for a long time. Still, their threat may be as ominous as that posed by the financial crisis itself."

Buffett, who runs insurance and investment company Berkshire Hathaway Inc, likened the economic threat of "greenback emissions" to the environmental threat of greenhouse gas emissions, leaving the United States with a deficit of $1.8 trillion or 13 percent of gross domestic product this year.

In July, the government posted a $180.68 billion monthly budget deficit, a record for July, marking only the third time in the past 30 years that the government ran a deficit for 11 months in a row.

news.yahoo.com
(visit the link for the full news article)



posted on Aug, 19 2009 @ 11:18 AM
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The interesting thing about this article, to me anyway, was Buffett's parallel of the economy to global warming.



posted on Aug, 19 2009 @ 11:20 AM
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Yeah, Buffets comments cause the Chinese markets 20 points.


Still Buffet have so much money that what he has lost so far is just pocket change.

But I can imagine what a reduction on health care private insurances will do to his investments.



posted on Aug, 19 2009 @ 11:26 AM
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Holy Cow Batman!

What, you mean the country is now in debt?

When did this happen?!



Seriously, is this a joke? Has he just crawled out from under a rock? Do people not know all of this already? How many times do you people have to be told?
Your country is already screwed!

Oh, FFS!



posted on Aug, 19 2009 @ 01:52 PM
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Funny thing... If the U.S. cut our military funding in half, we would not only be able to pay off all of our debt that we have amounted, but we could also land on Mars, give back to the taxpayers, and end world hunger!


Just kidding, but it does seem like it. We spend an ungodly amount of money on military funding, for high-tech stealth fighters and the latest nuclear subs. I mean, are we expecting to fight advanced enemies in the near future, as in a WWIII? It's sad that we have a military budget worthy of conquering the galaxy, but nothing to help us fight a bunch of rebels with AK-47s, RPGs, and IEDs, like the two current wars our troops overseas fighting for as we speak...

The problem is that the people we put in charge just waste our tax money needlessly. They put it towards these multi-billion dollar programs that do absolutely nothing except for fatten the politicians' pockets. Then, come election time, the politicians are able to go tell all the people who don't know what goes on "I am great to have in Washington. I have been a part of this program, and that one. My credentials are outstanding." And, since not too many people know what he is actually spending their money on, or simply don't care, those people get elected again, and waste even more tax-payer money. *Siiiiggghhh*



posted on Aug, 19 2009 @ 05:57 PM
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I've watched Warren Buffet speak before on the film IOUSA... and they talked on the film in great detail of our debt problem. I worry if we don't do something the debt problem will catch up to us.



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