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#1
03-18-2009, 08:31 PM
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"As the year progressed, a series of life-threatening problems within many of the world’s great financial institutions was unveiled. This led to a dysfunctional credit market that in important respects soon turned non-functional. The watchword throughout the country became the creed I saw on restaurant walls when I was young: “In God we trust; all others pay cash.”
"By the fourth quarter, the credit crisis, coupled with tumbling home and stock prices, had produced a paralyzing fear that engulfed the country. A freefall in business activity ensued, accelerating at a pace that I have never before witnessed. The U.S. – and much of the world – became trapped in a vicious negative-feedback cycle. Fear led to business contraction, and that in turn led to even greater fear." "This debilitating spiral has spurred our government to take massive action. In poker terms, the Treasury and the Fed have gone “all in.” Economic medicine that was previously meted out by the cupful has recently been dispensed by the barrel. These once-unthinkable dosages will almost certainly bring on unwelcome aftereffects. Their precise nature is anyone’s guess, though one likely consequence is an onslaught of inflation. Moreover, major industries have become dependent on Federal assistance, and they will be followed by cities and states bearing mind-boggling requests. Weaning these entities from the public teat will be a political challenge. They won’t leave willingly." "Whatever the downsides may be, strong and immediate action by government was essential last year if the financial system was to avoid a total breakdown. Had one occurred, the consequences for every area of our economy would have been cataclysmic. Like it or not, the inhabitants of Wall Street, Main Street and the various Side Streets of America were all in the same boat." - Warren Buffett, excerpt from letter to the shareholders of Berkshire Hathaway Inc., February 27, 2009
__________________
"Have the clean racing people run any ads explaining that giving a horse a Starbucks and a chocolate poppyseed muffin for breakfast would likely result in a ten year suspension for the trainer?" - Dr. Andrew Roberts 
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#2
03-18-2009, 09:20 PM
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Ohh the oracle!! Well then all is forgiven!! It's not like he's ever been to Washington with his hand out.
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#3
03-19-2009, 08:00 AM
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Gunna take some time to change the culture of greed and corruption that flourished on Wall Street during the Bush-Cheney (woo-hoo! regulation schmegulation) party years...
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#4
03-19-2009, 08:06 AM
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Quote:
LMAO Michelle will go through her 'change' before the President does.
__________________
“To compel a man to furnish funds for the propagation of ideas he disbelieves and abhors is sinful and tyrannical.” Thomas Jefferson
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#5
03-19-2009, 08:17 AM
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Seriously doubt BO can handle it himself, dellinger.
May need divine intervention to clean up this colossal economic mess from eight years (woo-hoo!) of Bush-Cheney...
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#6
03-19-2009, 08:25 AM
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Quote:
the funny thing about this the deregualtion occured before bush came to wash , and a former sec of tresaury went to citibank and walked away with 100mm + , and now citibank is at 1.50 a share but all that seems to get forgotten
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#7
03-19-2009, 08:27 AM
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Quote:
http://www.youtube.com/watch?v=_MGT_cSi7Rs
__________________
“To compel a man to furnish funds for the propagation of ideas he disbelieves and abhors is sinful and tyrannical.” Thomas Jefferson
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#8
03-19-2009, 08:18 AM
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chris dodd from CT , get a home mortgage lower than any of us can get, get oddles of cash from AIG , he is from CT , Aig FP is from ct .... he has 2 stories know about the retention bonuses - what gives folks?
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#9
03-19-2009, 08:03 AM
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Who's fault are the bonuses?
http://www.bloomberg.com/apps/news?p...d=aT_tMXRy2vDs Obama says he's taking responsibility for it so I guess that qualifies as F up 70 something.
__________________
“To compel a man to furnish funds for the propagation of ideas he disbelieves and abhors is sinful and tyrannical.” Thomas Jefferson
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#10
03-19-2009, 10:50 AM
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__________________
Books serve to show a man that those original thoughts of his aren't very new at all. Abraham Lincoln
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