Atlas Shrugged – a thought….
by Tom on November 3, 2009
in Atlas Shrugged
Okay, this strikes me as a bit ironic. There are many, including me, who believe that a lot of what’s happening in our economy was “foreshadowed” by the book Atlas Shrugged.
So, as I’ve got CNBC on this morning, what’s the main story of the morning? Warren Buffett surprised the markets and is spending a boat load of money to buy another company. What kind of company is he buying?
A railroad.
What industry did Atlas Shrugged focus on?
The Railroad industry.
Coincidence?
Interesting to say the least…..
Tom Vanderwell
Technorati Tags: Burlington Northern,
No Bounce?
by Tom on September 16, 2009
in Market Musings, Videos
Warren Buffett
by Tom on July 10, 2009
in Market Musings, Videos
While I don’t always agree with what Warren says, any time the “Oracle of Omaha” speaks, I believe it’s wise to listen…….
Words from Warren…..
by Tom on May 4, 2009
in Market Musings, Videos
Warren Buffett Part 3
by Tom on March 9, 2009
in Market Musings
Warren Buffett Part 2 – “Level of Fear”
by Tom on March 9, 2009
in Market Musings
PBS Interview with Warren Buffett
by Tom on January 23, 2009
in Market Musings
Bill from Calculated Risk has excerpts from an interview with Warren Buffett on PBS. I’m just hitting the highlights of some of the parts that he put. So, I guess you could call this an excerpt of an excerpt…..
SG: But when you look at the economy, what do you think is the most important thing he needs to fix in the economy?
WB: Well we’ve had to get the credit system partially fixed in order for the economy to have a chance of starting to turn around. But there’s no magic bullet on this.
Tom here – I think he hit the nail on the head there. There’s no magic bullet to turn the credit system around. As the credit system grew too far too fast, mistakes were made and now we need to unwind the mess that was created and it’s going to be painful.
Back to the interview……
They’re going to throw everything from the government they can in. As I said, the Treasury is going all in, the Fed and they have to and that isn’t necessarily going to produce anything dramatic in the short term at all. Over time the American economy is going to work fine.
Tom here….. Over time, the American economy is going to work fine. We all need to remember that.
SG: There is considerable debate as you know about whether President Obama is taking the right steps so we don’t get in this kind of economic mess again, where do you stand on that debate?
WB: Well I don’t think the worry right now should be about the next one, the worry should be about the present oTom ne.
Tom here….. As much as I think we’re asking for problems down the road with the borrowings that the government is doing, I think he’s got a point. We need to deal with the now problem first with an eye on the down the road for the rebound effect.
SG: But there is debate about whether there should be fiscal stimulus, whether tax cuts work or not. There is all of this academic debate among economists. What do you think? Is that the right way to go with stimulus and tax cuts?
WB: The answer is nobody knows.
Tom here…. Got to give Warren credit for honesty. With all of the others who are saying, “I know this will work” or “I know this is how this will end,” instead he’s saying, we don’t know.
The economists don’t know. All you know is you throw everything at it and whether it’s more effective if you’re fighting a fire to be concentrating the water flow on this part or that part. You’re going to use every weapon you have in fighting it. We do know over time the American machine works wonderfully and it will work wonderfully again.
SG: But are we creating new problems?
WB: Always
Calculated Risk: PBS Interview with Warren Buffett.
I think we could all learn something by listening to Warren Buffett more often…..
