Buffett's Partner: 'It's Over' for U.S. Economy

http://moneynews.com/Headline/munger-buffett-economy-debt/2010/02/22/id/350529?s=al&promo_code=97C7-1 ^

[pgkdan]

Well then I hope they can go on being the opposition even when they're not the opposition any more!

That's up to us. We started a grass fire that turned into a full fledged forest fire with the Tea Party Movement and we've got to continue to keep them straight. This is OUR country and we can't afford to leave it to the politicians to run no matter how well intended they may be.

[3niner]

Buffet (and his partner) lean left themselves.

Buffett leans left, Munger does not.

[SirJohnBarleycorn]

the government takes away $45.”

Seems like quite a bit of the 45 went to GS and other types of Banks.

I suppose it might seem that way to anyone who is unfamiliar with the major categories of government spending over the past 50 years and the expansion of the entitlement state.

[Getsmart64]

As someone once said: “At any given time civilization is only nine meals away from anarchy.”

I'm thinking one welfare check...

[truthguy]

Most cars sold in this country are manufactured here.

No most cars sold in this country ARE ASSEMBLED here. Big difference.

[dr_who]

True.

[Paradox]

parsy, who wishes you all would read up some on this stuff

Sorry Parsy, the rest of us would rather sit around and listen to brilliant minds like yours who apparently DO "read up" on this stuff, because no one who DOES "read up" on this stuff disagrees with you, right?

[parsifal]

Apparently not. OK, I know I come off like a pedantic *sshole sometimes and for that, I am sorry. I try not to be, but probably somewhere deep inside, that’s maybe what I really am. But all that aside, (notice the slick segueway), there really aren’t too many people out there who are writing on the meltdown that are blaming the CRA.

The ones that do, are kinda blurry. They talk about the CRA, and then they run off and kinda forget to give you any real numbers. So here you are, the CRA gets dissed, we had some bad loans, and KABLOOEY!, the conclusion is the CRA caused it. The OVERWHELMING part of the bad loans are not even by CRA entities. Even Darrell Issa admits as much.

The very most that can be pegged to the CRA was the lower-documentation loans. But these weren’t a problem with the poor folks. It became a problem when the middle class and uppers got involved.

Something else that I have been preaching about is how the higher fuel prices helped sink the economy and how speculation was behind that. I am glad to see that Buffet’s partner says it too.

And the importance is, that with Obama now climbing into bed with Wall Street, it would sure be nice if the GOP could quit telling itself little happy fairy tales long enough to get its doo doo in one sock. I mean this meltdown is kinda hard to miss, and darned if the GOP ain’t missing it.

parsy, who is busy re-shining his halo

[justrepublican]

2007 Lord Cameron of Dillington, first head of the UK Countryside Agency, famously remarked that Britain was ‘nine meals away from anarchy.’

[hinckley buzzard]

Let's face it-- The government and the financial sector are one. Personified by Obama advisor Buffet himself.

[mjp]

How do we get out of this mess, not just us but most of the whole world.

laissaz-faire capitalism, not mixed economy or socialism:
1)privatization of property
2)freedom of production and trade
3)abolition of the welfare state
4)abolition of the income and inheritance taxes
5)establishment of gold as money
6)pro-capitalist foreign policy
7)separation of state from Education, Science, and Religion

[A Strict Constructionist]

“past 50 years and the expansion of the entitlement state.”

That seems like chump change with what we’ve spent in our “bailouts” of the financial and union classes in the last year.

The shadow government is beginning to loose it’s stealth capability.

[freemike]

My major problems with the article is that this is not Wallstreet’s fault. How is it? WallStreet isn’t responsible for welfare, cash for klunkers and all the other freakin government spending!

[SirJohnBarleycorn]

“past 50 years and the expansion of the entitlement state.”

That seems like chump change with what we’ve spent in our “bailouts” of the financial and union classes in the last year.

The shadow government is beginning to loose it’s stealth capability.

For the record, I have been against the government taking ownership stakes in financial institutions (or auto companies, for that matter).

But one would have to be an economic ignoramus not to understand that entitlement liabilities dwarf the TARP bailout. And the TARP spending has already been or will be repaid in full or nearly so.

[Riodacat]

They are realizing billionairs are not allowed in a Communist State.

Really? What y'all call the Peoples Republic of China?

Rank Name Net Worth ($mil) Age Company
1 Wang Chuanfu 5,800 43 BYD
2 Liu Yongxing 5,500 61 East Hope Group
3 Zong Qinghou 4,800 64 Wahaha Group
4 Lu Xiangyang 4,100 47 Guangzhou Youngy Mgt & Investment Group
5 Yang Huiyan 3,900 28 Country Garden
6 Hui Wing Mau (Xu Rongmao) 3,850 59 Shimao Group
7 Ma Huateng 3,800 38 Tencent Holdings
8 Liu Zhongtian 3,790 45 China Zhongwang Holdings
9 Zhang Jindong 3,700 46 Suning Appliances
10 Wang Jianlin 3,500 55 Dalian Wanda Group
11 Chen Fashu 3,200 48 Newhuadu Industrial Group
12 Liang Wengen 3,100 52 Sany
13 Zhou Chengjian 3,000 44 Shanghai Metersbonwe Fashion & Accessories
14 Robin Li 2,900 41 Baidu Inc
15 He Xiangjian 2,800 67 Midea Group
16 Lu Zhiqiang 2,650 58 Oceanwide Group
17 Liu Yonghao 2,600 58 New Hope Group
18 Zhang Zhirong 2,500 40 Jiangsu Rongsheng Heavy Industries/Glorious Proper
19 Huang Wei 2,400 50 Xinhu Zhongbao
20 Guo Guangchang 2,350 42 Fosun International
21 Lu Guanqiu 2,320 64 Wanxiang Group
22 Zhang Xin 2,300 44 Soho China
23 William Ding Lei 2,250 38 NetEase.com
24 Zhang Guiping 2,200 58 Suning Universal
25 Chu Lam Yiu 2,150 40 Huabao International Holdings
26 Zhang Li 2,100 56 Guangzhou R & F Properties
27 Zhu Yicai 1,900 45 China Yurun Food Group
28 Chen Yihong 1,850 51 China Dongxiang Group
29 Wu Yajun 1,750 45 Longfor Group
30 Zhou Furen 1,730 58 Xiyang Group
31 Yan Cheung 1,720 52 Nine Dragons Paper
32 Zhang Zhixiang 1,700 42 Jianlong Steel
33 Chu Mang Yee (Zhu Mengyi) 1,670 50 Hopson Development
34 Cho Tak Wong 1,650 64 Fuyao Glass Industry Group
35 Shi Yuzhu 1,600 47 Giant Interactive Group, Shanghai Jiante
36 Shen Guojun 1,570 47 Yintai Investment
37 Zhu Gongshan 1,550 52 GCL Poly Energy Holdings Ltd
38 Tong Jinquan 1,520 54 Changfeng Group
39 Qi Jinxing 1,500 47 Hangzhou Binjiang Real Estate Group
40 Fang Wei 1,450 36 Fangda Carbon New Material/Fangda Group
41 Shen Wenrong 1,400 67 CITIC Pacific
41 Larry Yung 1,400 63 Jiangsu Shagang Group
41 Zhang Zhidong 1,400 37 Tencent Holdings
44 Chen Lihua 1,300 68 Fu Wah International
44 Chen Tianqiao 1,300 36 Shanda Interactive Entertainment
44 Li Shufu 1,300 46 Geely Automoe Holdings
44 Lin Li 1,300 46 Ping An Insurance Group Co of China Ltd
44 Jack Ma 1,300 45 Alibaba.com
44 Xia Zuoquan 1,300 47 BYD
44 Xian Yang 1,300 35 Hidili Industry International Development
51 Du Shuanghua 1,200 44 Rizhao Steel
51 Gao Dekang 1,200 57 Bosideng International Holdings
51 Geng Jianming 1,200 47 RiseSun Real Estate Development
51 Huang Maoru 1,200 44 Maoye International Holdings
51 Ke Xiping 1,200 50 Xiamen Hengxing Industrial Company
51 Wang Jiufang 1,200 46 Rongan Property
51 Zhang Keqiang 1,200 49 Huamei International Investment Group
58 Chen Jinshi 1,100 41 Yongjin Group
58 Chen Jinxia 1,100 47 Jiangsu Zhongnan Construction Group
58 Chen Zhuolin 1,100 47 Agile Property Holdings
58 He Jinming 1,100 57 Renrenle Commercial Group
58 He Zhusheng 1,100 62 Haicheng Houying Trading Group Co., Ltd
58 Huang Rulun 1,100 58 Century Golden Resources Group
58 Huang Wenzai 1,100 56 Star River Property Holding
58 Shi Zhengrong 1,100 46 Suntech Power Holdings
58 Wang Yusuo 1,100 45 Xinao Gas Holdings
58 Yao Juhuo 1,100 78 Meijin Group
58 Yuan Kaifei 1,100 57 New Century Shipbuilding Corporation
58 Zhang Cheng Fei 1,100 39 Nine Dragons Paper
70 Chen Ningning 1,000 56 Tibet Cheezheng Tibetan Medicine Co.,Ltd
70 Hoi Kin Hong 1,000 43 Excellence Group
70 Lei Jufang 1,000 28 Haixin Steel
70 Li Hua 1,000 54 Fujian Sanan Group/Sanan Optoelectronics
70 Li Zhaohui 1,000 60 Smart Triumph
70 Lin Xiucheng 1,000 51 Wuhan Fingu Electronic Technology
70 Meng Qingnan 1,000 47 Xinjiang Guanghui Industry
70 Sun Guangxin 1,000 57 Powerlong Real Estate Holdings
70 Ye Chenghai 1,000 66 Shenzhen Salubris Pharmaceuticals
70 Zhatng Xiangqing 1,000 40 Tianjin Rockcheck Steel Group

[SonOfDarkSkies]

You're implying that parts are imported and cars are assembled here. It's much more complicated than that.

Take Toyota for example....

Long Beach, CA plant (TABC)

Toyota’s first U.S. manufacturing plant; produces sheet metal components, steering columns, catalytic converters, and coated catalytic substrates for US and export. Assembles commercial trucks for Hino Motors to be sold in North America and beginning in 2005, will assemble 4-cylinder engines.

Buffalo, West Virginia (US) plant

Builds four cylinder and V6 engines and automatic transmissions. Started making automatic transmission gears in 2006.(930 people 340,000 Fours 200,000 Sixes 360,000 Trans)

Georgetown, Kentucky (US) plant

Toyota’s largest facility outside of Japan; highest production of any foreign plant in the US. Also builds four and six cylinder engines and powertrain parts. American president. Builds Toyota’s first American-made hybrid. (6,900 employees 500,000 vehicles 500,000 engines)

Source

Additionally,

Toyota's total direct investment in the U.S. has now grown to more than $17 billion, and our annual spending on parts, goods and services from hundreds of U.S. suppliers totals more than $29 billion. Source

Also, IIRC Toyota has a stamping plant in Princeton, Indiana.

[cherry]

ya kidding?.....trial lawyers will run the trials for the gummit......and the communist countries have plenty of the rich elites...

[dennisw]

You have a good list of barnacles, leeches and drags on our economy but what productive work do you think they should be doing? This is a bit of a trick question.

[cherry]

you live in a black or white world.....its not equal destruction from the pubs vs the dims.....

pubs for the most part...the PARTY...not just the president....are much more conservative financially....I hate to see where we would be if they didn't stop Clintoon in 1994.

[dennisw]

Toyota profits go to the Japanese. An under-developed nation like Nigeria is a good place for a Japanese automobile factory. The Nigerians don’t know how to make cars. We do. Therefor we should build our own automobiles. We should never have allowed foreign owned manufacturers to open up factories. That’s what a loser county does