Buffett, Paulson Agree U.S. Economy Needed Tough Medicine

By | February 10, 2010

  • February 10, 2010 at 12:53 pm
    An Agent from Arizona says:
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    I know we are expected to take the word of Paulson and Buffer as all encompassing and without question. After all they come from different angles on this issue. However given the fact that these two very rich men had a lot of their wealth to lose if it weren’t for the taxpayers dollars I believe my skeptism is within the realm of justifification.

  • February 10, 2010 at 1:01 am
    Tim says:
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    …if they had a lot to lose…so did all the rest of us…consider that.

  • February 10, 2010 at 1:36 am
    An Agent from Arizona says:
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    I did consider that, but when i saw all the waste of our money and the state the economy is still in, I am not nearly as sure as you are that we had a lot to lose. I don’t believe we are in better shape because of all the bail outs. My personal belief is we would have been a lot better off without the sound of the toilet flushing. There just seems to be something wrong with those who gained so much at our expense being the mouth piece.

  • February 10, 2010 at 2:24 am
    David says:
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    You really have no clue how better or worse off we would be had nothing been done. I find it hard to believe that Paulson, Obama, and anyone else on the spot at that time had sinister intentions. The world was in uncharted waters at this time and it’s easy for us to play “Monday morning QB” on these decisions which did not have the luxury of time. At some point you have to trust those with the supposed knowlege to do the right thing. This sentiment has nothing to do with what led up to the melt-down. It’s easy for Main St. (posters on this site) to be more cynical than the next guy and pretend we know something everyone else does not.

  • February 10, 2010 at 2:44 am
    An Agent from Arizona says:
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    It is not Monday quarterbacking. Several taxpayers were against the bailouts at the time and I believe time is proving they were not good for the country. I think the ties to Saks and Paulson speak for themselves. With Paulson in control it is like the adage of the “fox guarding the henhouse” but unfortunately it is with the taxpayers money. Trust has to be earned, so far the two that you mentioned have not earned the trust you want the taxpayers to have.

  • February 10, 2010 at 2:59 am
    David says:
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    A lot more than several taxpayers were against it. But, the average person is really not in a position to know what the right move is or was at the time it was made. We were in uncharted territory. You need to give us specifics on why the bailouts were bad. At this point I can point to specific good that has come out of it (no need to nationalize the banks, no failures on an even grander scale, lending is taking place, the economy is slowly improving, that stock market is over 10K). At some point cynicism has to give way to optimism.

  • February 10, 2010 at 3:22 am
    An Agent from Arizona says:
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    David if you knew me other than through this blog you would know by nature I am an optimistic person who has had the opportunity to accomplish quite a bit in life. I did not achieve success by having a sarcastic outlook on life or our governemnt.
    In answer to your blog. I like you want honest people in office. I have become disillusioned over watching our tax dollars go towards pork through wasteful spending when so many people are hurting.
    David I encourage you to follow the money trail rather than taking things through blind faith and stating everything is great when it’s not.
    The bailouts in my opinion largely went to buy votes and pay back those who supported putting certain people in office. This was very wrong. There were people who profited at the expense of the taxpayers. A large poertion did not go to what the bailouts were designed to do, it has effected our economy.
    I am an entrepreur and have been for close to thirty years. Perhaps you have not seen the effects of the economy and the lack of fulfilled promises by those who gave us promises of the bailouts. Perhaps you have not had to lay off employees since the bailouts, and feel the hurt. Perhaps you have not had several of your friends go out of business. I have seen the broken promises first hand. This was not the change I was promised. As I mentioned in the previous blog Trust has to be earned.

  • February 10, 2010 at 3:35 am
    David says:
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    Still not a lot of specifics in your post but I do see where you are coming from and understand your sentiments. As you are an optimist, I am not one to take the blind faith route most of the time. I think I am just tired of the cynicism I see in these posts…kind of like a car accident; aggrevating but I can’t look away.

  • February 11, 2010 at 9:24 am
    An Agent from Arizona says:
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    To Wudchuck as it relates to Mr. Buffet, he had a lot on the line, as it relates to his investments. They still had rough sledding last year, but I believe his desire for the bailouts were and are self serving for him and his investors. That is what Warren does is make money and make money for his investors. He is a brilliant man and a huge opportunitst. He called the first bailout a half of viagra. He wants another one.
    Paulson is the one with conflicts of interests running rampant.
    I question the rational behind these bailouts with so much of the money going towards paybacks and pork while the American public foots the bill and gets little return, because of corruption. We don’t need another stimulus the government needs to tighten its belt and reduce this deficit.

  • February 11, 2010 at 2:54 am
    Baxtor says:
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    I’m 100% with the Agent from Arizona. David and Wudchuck are very confused. Buffet and Paulson had everything to gain. What some people don’t understand is where your actions are, that is where your heart is. So for Buffet, he’s very wealthy. You can guarantee he looks at the stock market everyday and the economy. If he loses even $1 million dollars, in his world the end is near. With all his money, he shouldn’t care how the stock market is doing, but he does. Paulson’s interests were in direct relation to his retirement money. In regards to David’s comments, I was against the first bailout before they even had the President’s buy in. I saw Paulson on Sunday’s mornings talk show debating another politician stating that a bailout must be done. I said right then and there, if this idiot gets his way, in 6 months they will require another bailout. Same with GMC. We have to allow the weak to fall prey. Other, stronger, more superior companies will come forward and take the new lead. Right now GVW could be the largest Insurer, financial company in America. Why is it not you ask? Because we’ve never heard of it because the Government bailed out AIG. There are other Companies that will never get their due chance to improve the world because we allowed the overpayed Giants to have their way. And now we’re trying to save face and tell them, “no you shouldn’t really pay your executive $70 million in bonuses this year.” If that’s what they want to do, let them. But when they’re out of money, don’t give it to them. In simple terms, “DUH.”

  • February 11, 2010 at 6:11 am
    wudchuck says:
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    “However given the fact that these two very rich men had a lot of their wealth to lose if it weren’t for the taxpayers dollars I believe my skeptism is within the realm of justifification.”

    interesting Agent fm AZ. where do you think that the taxpayers helped Warren? he is the second richest person in the world! he’s talked a lot about the recession, but if you look, america is not the only one with this problem. europe and asia are too. i just think the gov’t just went into this bailout too quickly and probably will not see any payback much less a dividend since it’s my money they used.

  • February 15, 2010 at 10:35 am
    scottsdaleslim says:
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    We currently have the very small spark of an economic recovery going in the kindling. Targeted stimulus aimed at job creation, not tax breaks to create jobs, but money directly to provide jobs, would provide some much needed wind to that spark. If we can’t put people back to work, this economy only benefits the haves. Deficit reductions and belt tighening would be akin to throwing water on that tiny spark.
    Create jobs here in America or else this thing will definitely turn back the other way.



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