Is Warren Buffet a communist ?


By marcus   Follow   Mon, 21 Jan 2013, 10:57am   1,565 views   54 comments
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http://www.marketwatch.com/story/buffett-us-debt-on-its-own-not-a-problem-2013-01-20?link=MW_story_popular

“I would say in a country with $50,000 of GDP per person, that nobody should be hungry, nobody should lack a good education, nobody should be worried about medical care, you know, nobody should be worried about their old age"

Note: that's not 50K per household, it's 50K per person.

Later he says:

what is right about America just totally dwarfs what’s wrong with Washington. 535 people are not going to mess up 315 million over time. I know it.

Vote: Is Buffet a communist ?

Yes

No

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  1. curious2


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    15   3:01pm Mon 21 Jan 2013   Share   Quote   Permalink   Like   Dislike  

    errc says

    Rentier Crony Crapitalist

    The thing is, he wasn't always that way. His early success may have been luck, but the crony capitalism didn't start until much later, maybe TARP.

  2. errc


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    16   3:40pm Mon 21 Jan 2013   Share   Quote   Permalink   Like (1)   Dislike  

    curious2 says

    errc says

    Rentier Crony Crapitalist

    The thing is, he wasn't always that way. His early success may have been luck, but the crony capitalism didn't start until much later, maybe TARP.

    http://seekingalpha.com/article/376711-evidence-that-warren-buffett-manipulated-the-silver-market-in-late-1990s

  3. marcus


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    17   3:43pm Mon 21 Jan 2013   Share   Quote   Permalink   Like   Dislike (1)  

    Thedaytoday says

    Spoken by a true bigoted hateful racist wind bag! Jeez. What is wrong with you?

    I may soon have to put you on ignore. But for now I just want to bring to your attention the fact that the conjunction for "you are" is you're.

  4. Thedaytoday


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    18   3:45pm Mon 21 Jan 2013   Share   Quote   Permalink   Like (1)   Dislike  

    marcus says

    "you are" is you're.

    I am told often. I don' care.

    It's optional and irrelevant.

  5. dublin hillz


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    19   3:52pm Mon 21 Jan 2013   Share   Quote   Permalink   Like (1)   Dislike  

    Yes, he is a communist and not only that, but a member of nomenklatura. It's a parallel universe!

  6. curious2


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    20   3:58pm Mon 21 Jan 2013   Share   Quote   Permalink   Like   Dislike  

    errc says

    http://seekingalpha.com/article/376711-evidence-that-warren-buffett-manipulated-the-silver-market-in-late-1990s

    Interesting article, though it doesn't allege crony capitalism. It alleges he got away with manipulating the silver market, but it doesn't say how.

    The Hunt brothers tried to corner the silver market in the 1970s. They lost billions, and Nelson Bunker Hunt filed bankruptcy. Asked how it felt to lose so much, he famously replied, "A billion dollars isn't what it used to be."

    If Warren Buffett did corner part of the silver market, the question would become how did he succeed where others failed?

  7. curious2


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    21   3:59pm Mon 21 Jan 2013   Share   Quote   Permalink   Like   Dislike  

    marcus says

    I may soon have to put you on ignore.

    Don't worry Thedaytoday, he "Ignores" dozens of people. The creepy part is when he opens a separate browser to stalk us while pretending to ignore us. It's not you, it's him.

  8. thomaswong.1986


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    22   9:13pm Mon 21 Jan 2013   Share   Quote   Permalink   Like (1)   Dislike  

    marcus says

    Is Warren Buffet a communist ?

    WB knew how to make money for his investors, but doesnt know what to do with his own billions... so instead of creating a diversified method of donating his billions he throws it all away into wasteful medical research. Lots of money into a narrow industry.

    Bill Gates and Warren Buffet aren't very bright when it comes to spending their own wealth. In some ways very poor capitalists.

    In contrast.. Howard Hughes Billions continued to be active in investing in our nations economy various industries and employing millions of people after he died... Airlines/Aerospace, Hotels/Casinos , Medical Research, Entertainment/Film, Oil drilling/refinement, Govt projects and other ventures.

  9. Peter P


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    23   9:15pm Mon 21 Jan 2013   Share   Quote   Permalink   Like (2)   Dislike  

    No love for Warren Buffett.

    George Soros is the real genius.

  10. curious2


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    24   10:35pm Mon 21 Jan 2013   Share   Quote   Permalink   Like (1)   Dislike  

    thomaswong.1986 says

    Warren Buffet....Howard Hughes....

    thomaswong, when you get it wrong, you really get it wrong. Warren Buffett (note spelling) is donating most of his money to the Gates Foundation, and some to his own kids' foundations, but most of those donations go towards other things and only a too small fraction goes to medical research.

    In contrast, Howard Hughes donated Hughes Aircraft to the Howard Hughes Medical Institute. He died childless and intestate, and his estate passed to cousins.

  11. Kevin


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    25   10:55pm Mon 21 Jan 2013   Share   Quote   Permalink   Like (1)   Dislike (1)  

    thomaswong.1986 says

    marcus says

    Is Warren Buffet a communist ?

    WB knew how to make money for his investors, but doesnt know what to do with his own billions... so instead of creating a diversified method of donating his billions he throws it all away into wasteful medical research. Lots of money into a narrow industry.

    Bill Gates and Warren Buffet aren't very bright when it comes to spending their own wealth. In some ways very poor capitalists.

    In contrast.. Howard Hughes Billions continued to be active in investing in our nations economy various industries and employing millions of people after he died... Airlines/Aerospace, Hotels/Casinos , Medical Research, Entertainment/Film, Oil drilling/refinement, Govt projects and other ventures.

    Please enlighten us on the good that you're going to do with your billions.

  12. thomaswong.1986


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    26   12:38am Tue 22 Jan 2013   Share   Quote   Permalink   Like (3)   Dislike (1)  

    curious2 says

    thomaswong, when you get it wrong, you really get it wrong. Warren Buffett (note spelling) is donating most of his money to the Gates Foundation

    like i said warren buffett and bill gates (foundation) are not that brilliant with their own money. That kind of money could fuel many new multiple industries which in turn fuel economic growth for many more.

    Of course the libs dont believe in trickle down economics... but they do happen and can be successful...

    Kevin says

    Please enlighten us on the good that you're going to do with your billions.

    Gates wealth are around $66B.. Buffett would be additonal 44B or so.. Give jackass like you new jobs creating new industries... create new companies, build new facilities including mfg, employ workers, provide for on the job training etc etc etc.

    Show a man how to fish !

  13. Kevin


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    27   12:58am Tue 22 Jan 2013   Share   Quote   Permalink   Like   Dislike  

    Cool, when do you start investing your billions? Obviously you're an expert on how to spend billions of dollars.

  14. CaptainShuddup


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    28   6:42am Tue 22 Jan 2013   Share   Quote   Permalink   Like   Dislike (1)  

    curious2 says

    Warren Buffett (note spelling) is donating most of his money to the Gates Foundation, and some to his own kids' foundations, but most of those donations go towards other things and only a too small fraction goes to medical research.

    Just because some well intentioned philanthropist, donates gobs of money to an organization that has high administrative costs, does not mean he did the most good with that money. Howard unlike Warren, was the man in charge of all of his ventures. He didn't throw his checkbook out there and hoped for the best. These times are the WORST of times to be donating money to a charity. Most all Charities have a guy at the top pulling in large corporation CEO salaries. Money is wasted or squandered because they are not for profit. So they have to spend the money they take in. Most of that money goes to paying salaries. Only a small fraction actually goes to a small starving child in Ethiopia.

    If Warren buffet wanted to impress me, he should buy up large swaths of property in our inner city projects and slums, tear them down and build luxury highrises where he would then let people there live rent free.

  15. curious2


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    29   7:30am Tue 22 Jan 2013   Share   Quote   Permalink   Like (1)   Dislike  

    CaptainShuddup says

    If Warren buffet wanted to impress me, he should buy up large swaths of property in our inner city projects and slums, tear them down and build luxury highrises where he would then let people there live rent free.

    That would impress me also. But still I would have suggested medical research or other research, e.g. the world really needs a better battery. Then we could say, "This technology that helps everyone is here because this philanthropist made it possible." I am not very impressed with people who think "charity" means giving $$$ to brutal kleptocracies in Africa. Haiti gets more foreign aid per capita than any other country in the world, every year, decade after decade, yet the children are literally eating dirt to stave off the pain of hunger. People who throw money at those places, and feel good about it, don't really understand those places. Charity begins at home, and there are many worthwhile projects in America that need funding, so I do wish that American philanthropists would devote more of their attention to this country which is what enabled them to get rich in the first place.

  16. tatupu70


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    30   7:47am Tue 22 Jan 2013   Share   Quote   Permalink   Like   Dislike  

    CaptainShuddup says

    These times are the WORST of times to be donating money to a charity. Most all
    Charities have a guy at the top pulling in large corporation CEO salaries. Money
    is wasted or squandered because they are not for profit. So they have to spend
    the money they take in. Most of that money goes to paying salaries. Only a small
    fraction actually goes to a small starving child in Ethiopia.

    Do you even read the BS that you post? Is your position that the Gates foundation was set up by Bill Gates to enrich himself? Really?

    Only on pat.net does someone who:

    1. lives a ridiculously humble lifestyle (no expensive house, no expensive care, in Omaha, NE)
    2. Promises to give almost his entire fortune to charity
    3. Fights to raise taxes on himself and other billionaires to try to reduce wealth disparity

    get riduculed as a crony capitalist. I'm sure he's not perfect, but Jesus Christ.

    He's not giving his all his money to the "right" charity??? That's the best you've got?? How about you just say thank you, I wish I could give that much to charity.

  17. dodgerfanjohn


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    31   8:01am Tue 22 Jan 2013   Share   Quote   Permalink   Like (1)   Dislike  

    Andrew Carnegie and John Rockefeller gave all their money away too, but were gigantic A-holes who stomped mud holes in their competition while they were alive.

    Just cause Buffett gives away his money at the end of life doesn't mean he wasn an unethical ass in the business world.

  18. CaptainShuddup


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    32   8:09am Tue 22 Jan 2013   Share   Quote   Permalink   Like   Dislike (1)  

    tatupu70 says

    He's not giving his all his money to the "right" charity??? That's the best you've got?? How about you just say thank you, I wish I could give that much to charity

    He gave it Bill Gates so he can add Whale sound effects to go with the colored lights in his $1,000,000 swimming pool.

  19. tatupu70


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    33   8:11am Tue 22 Jan 2013   Share   Quote   Permalink   Like   Dislike  

    dodgerfanjohn says

    Just cause Buffett gives away his money at the end of life doesn't mean he
    wasn an unethical ass in the business world.

    Sure--I think he can be safely judged by his behavior.

  20. tatupu70


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    34   8:13am Tue 22 Jan 2013   Share   Quote   Permalink   Like (1)   Dislike  

    CaptainShuddup says

    He gave it Bill Gates so he can add Whale sound effects to go with the
    colored lights in his $1,000,000 swimming pool.

    OK--as long as you are giving up any pretence of actually trying to make a point.

  21. CaptainShuddup


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    35   8:18am Tue 22 Jan 2013   Share   Quote   Permalink   Like (2)   Dislike (1)  

    No I'm just putting it in perspective, while we're talking about two guys that each have more money than the Roman Catholic Church and State of Israel combined, are now giving money to charities. At the same time they are getting older and their Mortality is nagging them, that there, just might be GOD and all that.

  22. Thedaytoday


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    36   12:10pm Tue 22 Jan 2013   Share   Quote   Permalink   Like (1)   Dislike (1)  

    CaptainShuddup your a Bigot

  23. thomaswong.1986


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    37   7:24pm Tue 22 Jan 2013   Share   Quote   Permalink   Like   Dislike (1)  

    Kevin says

    Cool, when do you start investing your billions? Obviously you're an expert on how to spend billions of dollars.

    you can hire VCs to do that as well.. either way your fueling growth into the economy
    instead of creating dead wealth... true capitalist know how to do this.

    Im not worried about my soul in the afterlife. Bill Gates and Warren are...

  24. Kevin


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    38   10:05pm Tue 22 Jan 2013   Share   Quote   Permalink   Like (1)   Dislike  

    thomaswong.1986 says

    Kevin says

    Cool, when do you start investing your billions? Obviously you're an expert on how to spend billions of dollars.

    you can hire VCs to do that as well.. either way your fueling growth into the economy

    No, I can't, because I don't have billions of dollars. Apparently you do, so I'm still wondering how you're going to invest your billions.

    instead of creating dead wealth... true capitalist know how to do this.

    Ok.

    Im not worried about my soul in the afterlife. Bill Gates and Warren are...

    Bill Gates and Warren Buffett are agnostic and atheist, respectively, so I doubt it. They're both pretty open about why they're doing what they're doing: They can't take it with them, their kids don't need that much money, and nobody else is doing it.

  25. thomaswong.1986


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    39   12:00am Wed 23 Jan 2013   Share   Quote   Permalink   Like   Dislike (1)  

    Kevin says

    Bill Gates and Warren Buffett are agnostic and atheist, respectively, so I doubt it.

    they worship themselves...

  26. Kevin


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    40   1:30am Wed 23 Jan 2013   Share   Quote   Permalink   Like   Dislike  

    They seem like people who are trying to do something good. I don't understand why morons need to shit on that. There's nothing wrong with wanting to cure malaria.

  27. mrobmoore


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    41   4:30am Wed 23 Jan 2013   Share   Quote   Permalink   Like   Dislike  

    Kevin says

    Please enlighten us on the good that you're going to do with your billions.

    I'd keep all of it invested in productive companies, which in turn raises the standard of living for everyone, provides high paying jobs, etc...

    You can't have capitalism without the capital.

  28. tatupu70


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    42   4:31am Wed 23 Jan 2013   Share   Quote   Permalink   Like   Dislike  

    mrobmoore says

    You can't have capitalism without the capital.

    And capital sits idle when there is no demand.

  29. mrobmoore


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    43   4:42am Wed 23 Jan 2013   Share   Quote   Permalink   Like   Dislike  

    Kevin says

    They seem like people who are trying to do something good. I don't understand why morons need to shit on that. There's nothing wrong with wanting to cure malaria.

    If it is possible to manage any non-profit business in a semi-efficient way, these guys are right for the job.

    However, there is finite resources in this world. The profit/loss feedback mechanism within a free market has proven to be the most efficient way to allocate our worlds resources, by far.

    Charities are almost always wasteful, and often self-indulgent power trips for those who are powerful enough to start them.

    That is why people shit on gates and buffet.

  30. lostand confused


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    44   4:53am Wed 23 Jan 2013   Share   Quote   Permalink   Like   Dislike  

    thomaswong.1986 says

    you can hire VCs to do that as well.. either way your fueling growth into the
    economy
    instead of creating dead wealth... true capitalist know how to do
    this.


    Im not worried about my soul in the afterlife. Bill Gates and Warren
    are...

    So now it is not enough to tax rich people, the rest of us get to tell them how to spend their after tax income too?? He could roll up all his money and smoke 100 dollar bills for all I care.

    A true capitalist enjoys his wealth as he/she sees fit. They already made their fortunes and are spending it the way they want. That is all that matters in a free country.

  31. tatupu70


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    45   5:11am Wed 23 Jan 2013   Share   Quote   Permalink   Like   Dislike  

    mrobmoore says

    Charities are almost always wasteful, and often self-indulgent power trips
    for those who are powerful enough to start them.


    That is why people shit on gates and buffet.

    So, your argument is that because some charities are unreputable, Gates and Buffett shouldn't give their money away? Pretty weak.

    If you have something showing that the Gates Foundation is wasteful, then we can talk.

  32. tatupu70


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    46   5:13am Wed 23 Jan 2013   Share   Quote   Permalink   Like   Dislike  

    mrobmoore says

    That is why people shit on gates and buffet.

    And no, people shit on Gates and Buffett for many reasons--mostly political, IMO--but giving their money to charity can't be the main reason.

  33. Kevin


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    47   10:01am Wed 23 Jan 2013   Share   Quote   Permalink   Like   Dislike  

    mrobmoore says

    However, there is finite resources in this world. The profit/loss feedback mechanism within a free market has proven to be the most efficient way to allocate our worlds resources, by far.

    Says the guy who grows up without having to worry about dying from malaria or starving to death. Or being killed in a civil war. Or being mutilated by a military dictatorship.

    These guys have forgotten more about making money and being successful than you'll ever know. The gates foundation is addressing problems that capitalism has completely failed at for over 70 years.

  34. CBOEtrader


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    48   11:07am Wed 23 Jan 2013   Share   Quote   Permalink   Like   Dislike  

    BTW, mrobmoore is me guys. As you can see from my 6 comments, I don't use it to flame or influence discussions-- simply had myself logged in from that account on my cell.

    Anyways...

    tatupu70 says

    mrobmoore says

    That is why people shit on gates and buffet.

    And no, people shit on Gates and Buffett for many reasons--mostly political, IMO--but giving their money to charity can't be the main reason.

    Of course. I was answering a question regarding specifically why people shit on their charity aspirations.

    tatupu70 says

    So, your argument is that because some charities are unreputable, Gates and Buffett shouldn't give their money away? Pretty weak.

    I made no comment about reputation. I am specifically saying it is near impossible to run an efficient organization without a profit/loss feedback system. Therefore, charities, almost by definition, reduce the size of our world's economic output and lower the worldwide standard of living.

    Kevin says

    Says the guy who grows up without having to worry about dying from malaria or starving to death. Or being killed in a civil war. Or being mutilated by a military dictatorship.

    What does this have to do with the discussion?

    Kevin says

    These guys have forgotten more about making money and being successful than you'll ever know.

    Probably, yes. Your point?

    Kevin says

    The gates foundation is addressing problems that capitalism has completely failed at for over 70 years.

    You confuse the terms free-market with capitalism. They are very different concepts.

    The poor 3rd world chaps you refer to in your first paragraph have very little access to a free-market economic system. The most well-off populations of the world have greater access to economic free-markets.

    The free-market literally saves lives.

  35. Kevin


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    49   11:45am Wed 23 Jan 2013   Share   Quote   Permalink   Like   Dislike  

    Has it occurred to you that we benefit from the free market here BECAUSE we exploit the non free market in poor countries?

    All that matters here is results. If a free market only benefits 20% of the population, it isn't working well enough. That's where people like gates come in.

  36. tatupu70


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    50   11:46am Wed 23 Jan 2013   Share   Quote   Permalink   Like   Dislike  

    CBOEtrader says

    I am specifically saying it is near impossible to run an efficient organization
    without a profit/loss feedback system. Therefore, charities, almost by
    definition, reduce the size of our world's economic output and lower the
    worldwide standard of living.

    Yes and no. Charities should be subject to the same feedback loop as businesses--if they waste donations and are poorly run, then people will stop giving. Directly analagous to people voting with their pocketbook. It's not a pure profit/loss in the strictest sense, but it is free market at work.

    If information flow is poor, then that feedback loop might break down, but that's a problem with all free markets.

  37. CBOEtrader


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    51   11:53am Wed 23 Jan 2013   Share   Quote   Permalink   Like   Dislike  

    Kevin says

    Has it occurred to you that we benefit from the free market here BECAUSE we exploit the non free market in poor countries?

    You talk about the free market as if its some sort of political boogey man. Again, do you have a point? No system has ever been a purely free market, and the world will always have problems.

    "If a free market only benefits 20% of the population, it isn't working well enough." Straw man. The free market part of our economy does help the masses.

  38. curious2


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    52   11:57am Wed 23 Jan 2013   Share   Quote   Permalink   Like   Dislike  

    In defense of the Gates Foundation, if they succeed in eradicating polio, it will be a great victory for humanity. Unfortunately they did encounter a setback recently.

    Sometimes charitable foundations and governments can succeed where the market would not. Medical research towards cheaper solutions (e.g. vaccines) and campaigns to eradicate diseases (guinea worm) can bring huge benefit, but aren't usually profitable. Also the British NHS does a better job for less money than the American system, which will actually get even more expensive (and worse) with Obamacare. Look at the history of New York: the free market brought profitable ferry service across the East River and the Hudson River, then government brought bridges and tunnels, which helped the whole region.

  39. CBOEtrader


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    53   12:09pm Wed 23 Jan 2013   Share   Quote   Permalink   Like   Dislike  

    Government is a tool to do together, things we can't do better individually. National defense is most likely one of those things. Road building may be another. Perhaps researching cures for rare diseases is yet another.

    curious2 says

    Look at the history of New York: the free market brought profitable ferry service across the East River and the Hudson River, then government brought bridges and tunnels, which helped the whole region.

    1) What about the wasteful administrative costs and roads to nowhere that governments have built? 2) How much value would have been foregone to let the free market find its own solution to this opportunity?

    Even in your cherry picked government example, I'd bet #2 is less costly to society that #1.

  40. curious2


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    54   12:40pm Wed 23 Jan 2013   Share   Quote   Permalink   Like   Dislike  

    CBOEtrader says

    1) What about the wasteful administrative costs and roads to nowhere that governments have built? 2) How much value would have been foregone to let the free market find its own solution to this opportunity?

    #1 is a significant cost, particularly where federal subsidies are involved, but at least at the local level bridges seem to be among the things that governments do well. Even at the federal level, #1 didn't become such a problem until comparatively recently. The SF Bay Bridge might never have happened without the support of President Hoover; most people said it wasn't feasible, but as an engineer he insisted it was, and the bridge toll paid for the whole project.

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