haha, after all, he can afford it! ;)
I face-palmed when I heard Warren Buffet bought $5,000,000,000 in Bank of (impoverish)America preferred stock!
When I was first learning about investment, economics and finance I had nothing but respect for the man. He was just so successful and had so much wisdom, he was someone who I THOUGH I could emulate. Now he is little more than a banking shill for the political-econo-establishment that is bankrupting the United States of America. Not only that, but it is now apparent that he cannot even read a GAAP balance sheet. Take it form my personal experience Warren.. if you cannot think in or read numbers, you're gonna go DOWN HARD.
"Gold : It gets dug out of the ground in Africa, or some place. Then we melt it down, dig another hole, bury it again and pay people to stand around guarding it. It has no utility. Anyone watching from Mars would be scratching their head." –Warren Buffet, showing how much he really knows about the metal.. ZERO.
Let's rearrange this quote to tell the truth, shall we?
"Debt-usury-fiat currency : It gets created with reckless abandon, just because it has to be. Then there are some people who actually still bury it and hold a depreciating asset.. or they even put it in a bank at interest well under their cost of living rise, and pay the government thru taxes for the bank to hold it, all until it has no utility. Anyone watching from Mars would be scratching their head." -The Main Street Economist
