U.S. CitiesCity-Data Forum Index
Covid-19 Information Page
Go Back   City-Data Forum > General Forums > Economics
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 08-19-2009, 12:52 PM
 
Location: West, Southwest, East & Northeast
3,446 posts, read 6,831,037 times
Reputation: 868

Advertisements

Warren Buffett: We're Going to Be Crushed Under Mountain of Debt

A highly influential American has finally hit the panic button about the tremendous mountain of debt the country is piling up.
Last year, Warren Buffett says, we were justified in using any means necessary to stave off another Great Depression. Now that the economy is beginning to recover, however, we need to curtail our out-of-control spending, or we'll destroy the value of the dollar and many Americans' life savings.


Some not-so-fun facts from Buffett's editorial today in the New York Times:
  • Congress is now spending 185% of what it takes in
  • Our deficit is a post WWII record of 13% of GDP
  • Our debt is growing by 1% a month
  • We are borrowing $1.8 trillion a year
$1.8 trillion is a lot of money. Even if the Chinese lend us $400 billion a year and Americans save a remarkable $500 billion and lend it to the government, we'll still need another $900 billion.
So, where's it going to come from? Most likely the printing press.
Rate this post positively Reply With Quote Quick reply to this message

 
Old 08-19-2009, 12:59 PM
 
Location: West, Southwest, East & Northeast
3,446 posts, read 6,831,037 times
Reputation: 868
Buffett is [now] saying that Obama's wild, "out-of-control spending" is going to crush us. He's saying what most of us already knew - that there is no way we can overcome the massive debt Obama is creating...unless the government cranks up the printing press and KILLS the value of the dollar.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 08-19-2009, 01:06 PM
 
Location: Midwest
5,246 posts, read 8,013,634 times
Reputation: 9971
Warren was wrong last year when the Panic TARP Attack bill was rushed through with no reading and a level of responsibility that would send any businessman to prison.

Warren has, like Mark Twain's father, sure gotten smarter and it didn't take seven years.


Warren knows how to make money, but he doesn't know a con artist when staring in his face.

Goodnight Chet. Goodnight Warren.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 08-19-2009, 01:22 PM
 
Location: Business ethics is an oxymoron.
2,175 posts, read 2,631,160 times
Reputation: 4861
What does that old coot care? He's sitting pretty no matter what. And at his age, likely won't even live long enough to see all of this mess unfold.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 08-19-2009, 01:23 PM
 
1,067 posts, read 1,854,060 times
Reputation: 466
Please Obama, please, don't try to out do the last Administration, we can't afford what Bush spent so please stop it.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 08-19-2009, 01:31 PM
 
Location: West, Southwest, East & Northeast
3,446 posts, read 6,831,037 times
Reputation: 868
Quote:
Originally Posted by checking out View Post
Please Obama, please, don't try to out do the last Administration, we can't afford what Bush spent so please stop it.
Obama passed that figure a long time ago!
Rate this post positively Reply With Quote Quick reply to this message
 
Old 08-19-2009, 01:51 PM
 
Location: Central Ohio
10,515 posts, read 13,399,938 times
Reputation: 15357
Quote:
Originally Posted by checking out View Post
Please Obama, please, don't try to out do the last Administration, we can't afford what Bush spent so please stop it.
What you are all forgetting is Obama can't spend a dime until congress says it is ok to.

Congress is the one out of control.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 08-19-2009, 01:53 PM
 
Location: West, Southwest, East & Northeast
3,446 posts, read 6,831,037 times
Reputation: 868
Quote:
Originally Posted by nicet4 View Post
What you are all forgetting is Obama can't spend a dime until congress says it is ok to.

Congress is the one out of control.
Bullsh*t! Obama is right there with the majority controlled Dim Congress.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 08-19-2009, 01:56 PM
 
Location: Central Ohio
10,515 posts, read 13,399,938 times
Reputation: 15357
Quote:
Originally Posted by Kootr View Post
Bullsh*t! Obama is right there with the majority controlled Dim Congress.
Sure he is but I am not wrong. Only congress can spend money.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 08-19-2009, 07:40 PM
 
Location: West, Southwest, East & Northeast
3,446 posts, read 6,831,037 times
Reputation: 868
Buffett: Economy May Mend, But Inflation Will Wound
Rate this post positively Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Economics
Similar Threads

All times are GMT -6.

© 2005-2021, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37 - Top