Pretty Good for Government Work

Discussion in 'Politics, Religion, Social Issues' started by rdowns, Nov 17, 2010.

  1. rdowns macrumors Penryn

    rdowns

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    #1
    That would be noted socialist-fascist-communist-Islamic-madrassa-attending Warren Buffet.

    http://www.nytimes.com/2010/11/17/opinion/17buffett.html?_r=1&ref=opinion
     
  2. Sydde macrumors 68020

    Sydde

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    #2
    Well, he has been known to support some left-wing thought (e.g., higher taxes on the rich).
     
  3. Eraserhead macrumors G4

    Eraserhead

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    #3
    He's right to praise Bush for this.

    Of course the other world leaders deserve credit too, its pretty impressive they worked so well together.
     
  4. halfprep455 macrumors regular

    halfprep455

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    #4
    Yea Warren Buffet is definitely in the right spot to critique the governments response to the falling economy. He surely understands what it is like to not have a job and a failing mortgage. Must have been nice to get a little chunk of that bailout money. BTW, when when Buffet wrote that did he even look at the national unemployment level? I wonder.
     
  5. iJohnHenry macrumors P6

    iJohnHenry

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    #5
    Pretty Good for Government Work

    I always heard it as "Good enough, for government work. ;)", but I agree, this was a watershed moment for the American economy.
     
  6. Eraserhead macrumors G4

    Eraserhead

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    #6
    Because the collapse of most of the world's major banks and 100's of millions of job losses would only have been a good thing.

    Sure things are bad now, but they would have been worse without the government action - that actually is going to break even, or make a small profit.
     
  7. halfprep455 macrumors regular

    halfprep455

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    #7
    They should have been allowed to fail. Look at what has been done now. The government basically told the very executives who made these horrible business decisions, heres more money try again. and if you screw up again, heres more money. dont worry BOs got your back.
     
  8. Eraserhead macrumors G4

    Eraserhead

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    #8
    And you'd have destroyed the entire world economy in the process.

    Principals don't matter that much.
     
  9. iJohnHenry macrumors P6

    iJohnHenry

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    #9
    How about a do-over?? :rolleyes:
     
  10. halfprep455 macrumors regular

    halfprep455

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    #10
    Yes principals do matter that much. What good has been done with bailing them out? How is this going to prevent the system from failing again? Thats the definition of insanity; doing the same thing over and over again and expecting a different result.
     
  11. Eraserhead macrumors G4

    Eraserhead

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    #11
    I'm sorry but if all the major banks collapse in a country how can a business pay their wages? How can they borrow money to expand?

    Even if they used multiple banks they could well still have been screwed as so many of the major banks screwed up.

    And if Britain rapidly became a third world country how could other businesses that did a lot of business with us survive? And so on and so on.

    Especially when it wasn't just Britain, it was the US and continental Europe too.

    And with those countries damaged how could the exporting economies in Asia cope?

    Making us all go back to the 18th century for a principle is ridiculous.
     
  12. iJohnHenry macrumors P6

    iJohnHenry

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    #12
    That's because the models give them answers they do not want.

    And nothing can change that, short of massive upheaval.
     
  13. Eraserhead macrumors G4

    Eraserhead

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    #13
    Well, lots of infrastructure has been built, and the bankers have been made to look like morons.

    Which is why further legislation is needed, maybe the biggest banks need breaking up.

    All of which is much easier to do in our current position than one with 18th century levels of wealth.
     
  14. mrkramer macrumors 603

    mrkramer

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    #14
    And that's why you need more regulation to prevent the exact same thing from happening again. I'd agree that it would have been insane to bail them out and then leave them unregulated like they were, but if you add more regulation it will help.
     

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