Warren Buffett: Not Raising The Debt Ceiling Would Be "Most Asinine"

[Synthaholic]

Warren Buffett: Not Raising The Debt Ceiling Would Be "Most Asinine"

Read more: Warren Buffett: Not Raising The Debt Ceiling Would Be "Most Asinine"


Warren Buffett says that if Congress doesn't vote to raise the debt ceiling before it expires in mid-May, it would be their "most asinine act" ever. Tim Geithner, Treasury Secretary, explained the importance of raising the debt ceiling last weekend when he said on Meet the Press,


The debt limit will be raised because "if you allow people to start to doubt whether the U.S. can pay its obligations - that would be catastrophic."

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[Old Rocks]

But what would Warren Buffet know about investing and money?

 

[Avatar4321]

No. The fact that we've gone past the Debt Ceiling is most asinine.

Clearly, the debt ceiling is meaningless. Continuing to spend like this is insane.

But why on earth should that bother anyone?

 

[Avatar4321]

But what would Warren Buffet know about investing and money?

And what does the Debt Ceiling have to do with investing?

 

[auditor0007]

Warren Buffett: Not Raising The Debt Ceiling Would Be "Most Asinine"

Read more: Warren Buffett: Not Raising The Debt Ceiling Would Be "Most Asinine"


Warren Buffett says that if Congress doesn't vote to raise the debt ceiling before it expires in mid-May, it would be their "most asinine act" ever. Tim Geithner, Treasury Secretary, explained the importance of raising the debt ceiling last weekend when he said on Meet the Press,


The debt limit will be raised because "if you allow people to start to doubt whether the U.S. can pay its obligations - that would be catastrophic."

​

​

Warren Buffet is an idiot. He thinks we need to raise taxes.

 

[Political Junky]

We should all be as much of an idiot as Warren Buffet.

 

[Synthaholic]

No. The fact that we've gone past the Debt Ceiling is most asinine.

Clearly, the debt ceiling is meaningless. Continuing to spend like this is insane.

But why on earth should that bother anyone?

Like WHAT??? List it! What are we spending on today that we weren't spending on before Obama took office?

 

[Synthaholic]

Warren Buffett: Not Raising The Debt Ceiling Would Be "Most Asinine"

Read more: Warren Buffett: Not Raising The Debt Ceiling Would Be "Most Asinine"


Warren Buffett says that if Congress doesn't vote to raise the debt ceiling before it expires in mid-May, it would be their "most asinine act" ever. Tim Geithner, Treasury Secretary, explained the importance of raising the debt ceiling last weekend when he said on Meet the Press,


The debt limit will be raised because "if you allow people to start to doubt whether the U.S. can pay its obligations - that would be catastrophic."

​

​

Warren Buffet is an idiot. He thinks we need to raise taxes.

It's this kind of dumbass thinking that got us into this mess.

What was the number one thing that took us from a manageable debt to an exploding debt?

Bush's unpaid for Medicare Part D? Nope!

Bush's two wars on the credit card? Nope!

Bush's tax cuts for the mega-rich? YUP!!!

 

[editec]

Well, I'll tell you one thing....

If that debt ceiling is NOT raised, the nation we once knew is going to go through some changes mighty damned quick.

Basically, failing to give the FEDs that right is a revolutionary act.

And while I have no doubt that many Americans might think that we need a revolution, I seriously doubt most of them are going to be entirely happy with the things that will start happening within 30 days of that failure.

I don't know what they government plans to do next, but not putting money into the FEDERAL GOVERNMENT PENSION plans isn't going to keep this government afloat very long.

Things could unravel at a speed I think few of us expect.

I know I'm not remotely prepared for what follows.

Are YOU?

If so tell me how prepared you are for the collapse of society.

Tell me quick because we might not be able to discuss issues like these on the internet much longer, folks.

Yeah I'm telling you, the changes we can expect are going to happen mighty damned fast.

According to Reuters, Berkshire Vice Chairman Charlie Munger attacked the political game, saying both Republicans and Democrats were competing to see "who can be the most stupid."

That's a political game they've been playing for some time, actually.

But it appears they're reaching the endgame of their political chessmatch

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[waltky]

Defaulting on the debt would plunge the whole world into a depression...

JP Morgan Chase CEO warns of US defaulting
Friday, May 20, 2011 - It would be a "moral disaster" if the United States were to default on its debts and become unable to pay its obligations, JPMorgan Chase & Co. CEO Jamie Dimon said at an appearance in Colorado Thursday evening.

The U.S. is the financial linchpin of the world, and the economic effects of the U.S. defaulting could be "potentially catastrophic," he said at a dinner for the University of Colorado Denver Business School. "It will dwarf Lehman," Dimon said, referring to the 2008 collapse of the investment bank Lehman Brothers, which contributed to the beginning of a global financial crisis. Dimon's comments came in response to a question about the federal deficit from moderator Tom Petrie, a vice chairman of Bank of America Merrill Lynch.

Congress is debating raising the country's $14.3 trillion borrowing limit. White House officials say the government will run out of cash to pay expenses Aug. 2, but lawmakers have said they want spending cuts before they agree to raise the debt ceiling. Dimon got a standing ovation at the dinner, a marked contrast to JPMorgan's annual meeting in Ohio on Tuesday, when more than 400 demonstrators shouted outside. The protests were organized by a coalition of clergy and unions, which is pushing for action and legislation around banking practices that hurt troubled homeowners.

Along with all the major banks in the country, JPMorgan Chase has been criticized for its handling of mortgage foreclosures. After Petrie noted The New York Times recently called him America's least hated banker, Dimon quipped he never expected to be in a business where he'd be on the receiving end of so much anger. "Our people work hard, they give a damn, they help their communities," he said. During the crisis, JPMorgan Chase bought Bear Stearns Cos. and what was left of Washington Mutual Inc. after it failed. It also accepted aid from the federal government's Troubled Asset Relief Program, even though it didn't need to, Dimon said.

Dimon has said government officials told him that taking the aid would boost the health of the financial system and reduce the stigma of only a few banks accepting aid. At the time, Dimon called TARP money a scarlet letter. Once JPMorgan repaid the aid, Dimon said he was tempted to include a note to Treasury Secretary Timothy Geithner that said, "P.S. During the whole time you were lending us $25 billion, we were loaning you $200 billion" in the form of Treasury instruments the company holds.

Source

 

[Mustang]

No. The fact that we've gone past the Debt Ceiling is most asinine.

Clearly, the debt ceiling is meaningless. Continuing to spend like this is insane.

But why on earth should that bother anyone?

Do you know what happens when you miss payments (or are late) on your credit card debt? Your interest rate is raised. That means that you end up having to pay MORE money for the same debt.

The US faces the same prospects on our collective debt if conservatives don't act responsibly.

 

[Mr.Nick]

"if you allow people to start to doubt whether the U.S. can pay its obligations - that would be catastrophic."

Now that is asinine...

Its almost ironic...

 

[Mr.Nick]

Warren Buffett: Not Raising The Debt Ceiling Would Be "Most Asinine"

Read more: Warren Buffett: Not Raising The Debt Ceiling Would Be "Most Asinine"


Warren Buffett says that if Congress doesn't vote to raise the debt ceiling before it expires in mid-May, it would be their "most asinine act" ever. Tim Geithner, Treasury Secretary, explained the importance of raising the debt ceiling last weekend when he said on Meet the Press,


The debt limit will be raised because "if you allow people to start to doubt whether the U.S. can pay its obligations - that would be catastrophic."

​

​

Warren Buffet is an idiot. He thinks we need to raise taxes.

It's this kind of dumbass thinking that got us into this mess.

What was the number one thing that took us from a manageable debt to an exploding debt?

Bush's unpaid for Medicare Part D? Nope!

Bush's two wars on the credit card? Nope!

Bush's tax cuts for the mega-rich? YUP!!!

No, the governments refusal to be frugal with their money is what caused this mess. That and idiots not paying their debt...

We only needed TARP because assholes defaulted..

Realistically its Clintons fault - he was the motherfucker that signed the community reinvestment act amendments.... That pretty much turned credit into a right - then you get TARP as a result..

The problem is - debt gets passed around, but it originates somewhere...

 

[LordBrownTrout]

More scare tactics by the incompetence in DC. How many times has the debt been raised in the last 50,60,70 years? Yep, straight up. I mean heaven forbid we actually not raise it and let everyone know that we're not going to keep going farther in debt. This time we're serious. It stops here. It's always scare tactics.

 

[Toro]

No. The fact that we've gone past the Debt Ceiling is most asinine.

Clearly, the debt ceiling is meaningless. Continuing to spend like this is insane.

But why on earth should that bother anyone?

The debt ceiling is not meaningless. We have gone past it because they are using technical maneuvers to avoid triggering the law. But those can last only so long. Eventually, we will have to start either skipping interest payments, SS checks, defense spending or Medicare payments. Unless the economy suddenly explodes upwards, that is a mathematical certainty.

But what would Warren Buffet know about investing and money?

And what does the Debt Ceiling have to do with investing?

It has everything to do with investing. The price that investors are willing to pay for US Treasury bonds is highly dependent on investors' beliefs that they will be paid off in full. If people believe that there is a serious chance of a real default, the bonds will sell off and interest rates will rise.

 

[Toro]

warren buffet is an idiot.

 

[JimH52]

Warren Buffet is an idiot. He thinks we need to raise taxes.

It's this kind of dumbass thinking that got us into this mess.

What was the number one thing that took us from a manageable debt to an exploding debt?

Bush's unpaid for Medicare Part D? Nope!

Bush's two wars on the credit card? Nope!

Bush's tax cuts for the mega-rich? YUP!!!

No, the governments refusal to be frugal with their money is what caused this mess. That and idiots not paying their debt...

We only needed TARP because assholes defaulted..

Realistically its Clintons fault - he was the motherfucker that signed the community reinvestment act amendments.... That pretty much turned credit into a right - then you get TARP as a result..

The problem is - debt gets passed around, but it originates somewhere...

Clinton's fault? The last President who actually balanced the budget? The President that handed W a surplus, who took that money and started twwo unfunded wars? You mean Clinton instead of W, who doubled the deficit in 8 years.?

 

[Trajan]

Warren Buffett: Not Raising The Debt Ceiling Would Be "Most Asinine"

Read more: Warren Buffett: Not Raising The Debt Ceiling Would Be "Most Asinine"


Warren Buffett says that if Congress doesn't vote to raise the debt ceiling before it expires in mid-May, it would be their "most asinine act" ever. Tim Geithner, Treasury Secretary, explained the importance of raising the debt ceiling last weekend when he said on Meet the Press,


The debt limit will be raised because "if you allow people to start to doubt whether the U.S. can pay its obligations - that would be catastrophic."

​

​

what happened to August? wee litte timmy said he can shuffle things till then.....we won't default, we have passed these deadlines before.....in short warrens should go count his money and send more money in to the fed aside from what he pays in taxes to help pay down the debt.....any word on that btw?

 

[Too Tall]

Clinton's fault? The last President who actually balanced the budget? The President that handed W a surplus, who took that money and started twwo unfunded wars? You mean Clinton instead of W, who doubled the deficit in 8 years.?

I thought Bin laden started one of those wars and it is apparent that you don't know the difference between 'deficit' and 'national debt.'

In other words, you are a waste of time.

 

[Synthaholic]

Warren Buffet is an idiot. He thinks we need to raise taxes.

It's this kind of dumbass thinking that got us into this mess.

What was the number one thing that took us from a manageable debt to an exploding debt?

Bush's unpaid for Medicare Part D? Nope!

Bush's two wars on the credit card? Nope!

Bush's tax cuts for the mega-rich? YUP!!!

No, the governments refusal to be frugal with their money is what caused this mess. That and idiots not paying their debt...

We only needed TARP because assholes defaulted..

Realistically its Clintons fault - he was the motherfucker that signed the community reinvestment act amendments.... That pretty much turned credit into a right - then you get TARP as a result..

The problem is - debt gets passed around, but it originates somewhere...

Looks like USMB has acquired yet another ignoramus who talks out of his ass and doesn't know shit.

Welcome, Mr. Dick!