I can see Russia from Pittsburgh

Jed Clampett

PC, here’s a link to your SciFi channel like plot on FDR that you had trouble believing in an earlier post. Just in case you are interested in understanding what it is you are really supporting.

en.wikipedia.org/ wiki/Business_Plot

Peace

Jed, thanks for the link. I’ve actually read about that somewhere else, but can’t remember where or why.

This, ‘my friends’, is another example of an american conspiracy. However, we still live in a world where a certain group of people don’t believe conspiracies exist. Even so much as to deny that a conspiracy existed to get us into Iraq. Or that one existed to overload the next president with too much of a financial burden to get anything done. Or, a conspiracy to let speculators control the price of gas…….the list goes on and on and on, but yet, people will still deny.

Like my dad always said: ‘My son would never do that’…..

Jed Clampett

When I was in the corporate world I had a friend that used to call me Mel, in reference to Mel Gibson in the movie ‘Conspiracy Theory’. She was quite stunned to realize that in the end, Mel was quite right about what he talked about, as I have been in the ones I presented to her.

The one that concerns me the most is the one that links the religions with the somewhat ‘SciFi’ of why we seem to be intent on self destruction and why our leadership seems intent on avoiding real solutions. Having researched religions, history and the common message being sent to us in our Art (ie, movies, music, books, paintings) and adding to that the research of those with the means and concern to follow their instincts through to a logical end and postulated in books and other media, I’m convinced we must do whatever possible to hold the ones who prefer to channel the bad in the world accountable and strive to promote goodness. Particularly when their actions affect hunderds if not thousands of people with the stroke of the pen.

Did you notice Warren Buffet’s comments the other day when he decided to try and move investors to regain confidence by moving his money in the stock market again? he said something like… ‘you must be fearful when others are greedy and greedy when others are fearful’, quite hypocritical when you realize that the moving of his money helped cause the downfall to begin with. To me, it’s like a Freudian slip, it shows that greed and fear drive his decisions rather than a calm and collected assessment of the situation at hand.
Does anyone really think he put all that money into the Gates Foundation because he is such a socially responsible person, or could it be that he’s protecting his money from the tax man and keeping the money away from the greedos in congress?
Another interesting revelation, he only pays 15% taxes on his personal wealth, though he could afford to burn a million dollars an hour and not run out of money in his lifetime and therefore could afford to pay a third or more of his efforts like the rest of us are forced to do.

BTW- It’s not class envy, as the PartyCrasher would have you believe. I come from a past with outhouses and no running water and therefore understand how people in other parts of the world are forced to live.
I consider myself very lucky that I’ve been able to go to college, work in the corporate infrastructure and now run my own lucrative computer business. I would be paying more under Sen Obama’s plan and have no problem with it, I can afford it.
What does bother me is the way republican and democratic leadership alike WASTE the money I send to them, it’s almost 40% of my efforts down a deep dark hole. That’s why I donate as much as possible to charitable organizations to offset that boondoggle.
PC probably could never understand any of that though, being a silver spooner.

Peace

Jed.. SIGH…
Care to explain this? Never heard this before
“..quite hypocritical when you realize that the moving of his money helped cause the downfall to begin with.”

If Buffet pays 15% on his income, I don’t have access to his tax returns, it actually means he is paying 15% on CAPITAL GAINS, the money he makes in the stock market. On his regular income, wages, etc, have pays the top bracket. I would suspect for Buffett, his stock market “income” far exceeds” his wage income, but again I don’t have access to his tax records. Nothing wrong or improper there, just the current tax regulations.

Hey Jed, Could you get me a job?

Jed Clampett

That is his only income, like Steve Jobs doesn’t get a salary, only gets stock options.
Even Jobs was involved in the backdating of stocks scheme. Why he and all the others involved aren’t in prison is beyond me since this is clearly stealing from the stock holders, a theft to the tune of several million dollars, which if I’m not mistaken is a first class felony.
Then again, there is a different kind of justice for people with large amounts of money and those who have to use a court appointed attorney or have to get a second mortgage to defend themselves.

Buffet plays with not only his company’s money but the money of the people that invest in his funds. As they see the markets begin to implode, they protect themselves by moving it out of stocks that are falling below certain levels, usually determined and enacted by computer program. While you or I moving a few thousand or even millions of dollars may not impact the markets much, a company like Berkshire moving hundreds if not billions of dollars has a huge impact on the markets. That is what I’m referring to.
Now multiply that effect times the big fund managers at Sterns, Fidelity & others that did the same thing (actually caused the problem by inventing and investing in mortgage backed securities and pushing for subprimes), precipitating the panic that brought down the markets and you begin to get an idea of the gravity of the situation.
Their actions created this ‘volatility’, which is nothing more than the smaller players moving money around hourly in order to make up the losses they incurred when the big players moved large chunks. The see saw isn’t over yet, just wait for the other shoe to drop when foreigners realize just how unregulated and ate up with greed American markets really are.
Imagine, China and Soudi decide to also cash in their chips and b.uy bargains on the downside.

Peace

NewPort, Jed,

I hadn’t heard that either. From what I understand, the cause of the problem was Mortgage-backed Securities and these Credit Default Swap thingies (which Buffet called ‘instruments of mass destruction’). What does Buffet have to do with that? Buffet can be called a lot of things, but I have yet to hear him called a Hypocrite. He will say straight up that he is not in this to save humanity, but to make money. Which he does quite well actually.

Jed Clampett

PS- not saying it was wrong or illegal for him to do this… or his company rather, I’d be surprised to learn that he would be involved in the day to day movement of money by Hathaway beyond helping pick good companies and telling the programs when to s.ell.
It’s noble that he’s risking his companies assets on the market at such a volatile time in order to try and stabilize the mess, but still it is hypocritical to act like he had no influence in it. He knows well what he is reinvesting in. He’s getting lots of bargains. Bargains his company created by helping cause the panic.

Peace

Jed Clampett

Point taken, perhaps hypocritical is not the right term to use.

Peace

Jed Clampett

How about opportunistic?

Jed Clampett

WOW!!!

NOW THAT IS IMPRESSIVE!!!

I can certainly believe Mr. Buffet’s recent action and it’s power as an example to others.

My hat off to you sir. May your efforts help us all and your example remembered in history with benebolence.

Humbled,

Peace

Jed, I have no idea what you’re talking about. Please explain.

Jed Clampett

He decide to go all in. To put his entire personal fortune into the stock markets. A sort of b.uy our way out of the problem kind of thing. A call to others to do the same and save our economy and motivate the ‘fearful and the greedy’. Quite the selfless act.
He is showing them he made this fortune once, he can do it again and so should the others act out of selfless kindness rather than straight out greed.
I merely hope others in positions of great power will follow his example.

Peace

I have a grudging respect for Warren. Being a citizen of the same city, I appreciate his down to earth style and basic lifestyle. He is a bundle of paradoxes: a power capitalist and a humanitarian, a captain of industry and a democrat, a money raker and a philanthropist. I have very mixed feelings. His ability to defy the stereotypes is refreshing, however.