Thursday at 12:52 pm
- via Bookmarklet
- Link
Simon, mathew ingram, BeeLing and 63 other people liked this
"We leveraged up and if you have a 20 percent fall in value of a $20 trillion asset, that’s $4 trillion. And when $4 trillion lands — losses land in the wrong part of this economy, it can gum up the whole place.”
People should have known better but in some way’s it’s unavoidable with markets: “People should always know better. … I mean people — people don’t get — they don’t get smarter about things that get as basic as greed and you can’t stand to see your neighbor getting rich. You know you’re smarter than he is, and he’s doing these things, you know, and he’s getting rich, and your spouse is getting unhappy with you because you aren’t doing — pretty soon you start doing it. And so you get what I call the natural progression, the three I’s: the innovators, the imitators, and the idiots. And that’s what happens. Everybody just kind of goes along. And you look kind of silly if you disagree." - Paul Buchheit
via Bookmarklet
Can someone please engrave this on a plaque somewhere? Maybe we could have it etched into some tablets from the mountaintop and have churches predicated on these words. - Christopher Sacca
Right on! Yep, i am very "silly" ...not a jonesy type anymore.... we gave away much of our "cool stuff" and now have a mimimalist home ...MUCH BETTER and the best part, no stinking debt, except house and 1 car. The bank was all too ready to sock us deep into debt. We decided against that and are very happy with our decision to borrow only half what was offered (more realistic with cushion to $pare) - Susan Beebe
Unsure imitators and idiots don't simply continue on their merry way under bailout. - AJ Kohn
@AJ all the bailout does is buy time. We're merely delaying the inevitable, I think. If the imitators and the idiots keep doing what they're doing, we'll just be right back here again, except probably even worse off. - Victor Ganata
@Victor: Sadly, I agree. - AJ Kohn
Warren gets it, and he's a pretty straight shooter. These are the kind of heartland values politicians should be espousing. - £ogical €xtremes
@Susan - we also just bought a house (closing on Tuesday) for half what we were pre-approved for. - Robert Felty
Warren: "And all I can say is beware of geeks, you know, bearing formulas.” - carolh
Paul, I've posted the video of the full interview- http://nicefishfilms.com/blog/... Charlie Rose's site is being hammered with traffic today. - Nice Fish Films
A lot of people have criticized Paulson, here's what Buffett says: "I don’t think you can have a better secretary of the Treasury than Hank Paulson … he knows markets, he knows corporations’ work, he knows money, and he’s got the interests of the country at heart." - Sanjeev Singh
Buffett for President? - Jeff B
Here is my new motto, <geek>Live below your means, but get enough technology to have some fun.</geek> - jokrausdu
To have my blog post distributed on Friendfeed by The Paul Buchheit is pretty damn cool. Thanks :) - Ranjit Mathoda
Buffett (and Charlie Rose also) two of the smartest minds I've heard - Alex Hammer
