8.27 am Warren Buffett on cnbc is talking with reporters above a banner that screams “Breaking News” – that was this morning –
And, I’m not even half awake but I know something about this – he is demanding that we make those $61 billion in cuts now because the stimulus needs to be drawn back – drawn down now – he is saying to the cnbc anchors.
I appreciate his position – I really do, but wasn’t the stimulus only passed two years ago? Wasn’t it supposed to be effective 2010 – and some programs to come online in 2011? Wasn’t he the one who said we had to bail out the banks to the tune of $700 Billion and the AIG bunch for $185 Billion or whatever it ended up being – and Fannie Mae and Freddie Mac and wasn’t he the one who put money into Goldman Sachs to keep them from going under?
What year was that?
What year is it now?
How far into 2011 have we come now? Is it me, or isn’t this like March 2 – not July, not November but March 2, 2011 – and the stimulus was passed when? and when did it actually go into effect at the point it was finally passed into law and made available?
Wasn’t it the summer of 2008 with President Bush in office when the gas prices skyrocketed putting huge numbers of independent operators and trucking businesses and small shipping companies out of business?
Wasn’t it 2009 when the stimulus bill was actually put into action?
And, what is it now – March 2, 2011?
So why is Warren Buffett sounding off like a parrot of the Republican Party budget cutting hatchet group sitting on cnbc this morning insisting that these $61 billion in cuts must be made – which target every program to help American families to get on their feet through this financial debacle that they did not create?
Why is that?
Whose money is it Warren?
How many homes were foreclosed and communities shuttered across America? Which I still say is the damndest thing considering – the banks and financial companies who made the loans on those properties didn’t even own the loans any longer because they were paid when the loans were sold.
And, then the insurance paid off the loans to protect the interests of the lenders.
And, then the US government Treasury Department bought the loans back from the investors using our money.
And, then the banks foreclosed on the loans which they didn’t even own anymore and they were given the strong arm of our public resources to do it, even though they had actually already been paid twice on the full amount of the loan, both when they sold it and when the insurance paid it off.
Wasn’t that about what happened?
And, at the cost of the entire fabric of our communities and our little towns and our big cities and our suburban housing and business centers – which were absolutely decimated, isn’t that what happened?
Wasn’t that in 2008, 2009, 2011 and still going on today?
But, the programs that might help homeowners weren’t put into place until about this time in 2009 – two years ago?
Isn’t that right?
And, how many companies were bankrupted in America during the midst of all this? How many jobs lost – over 7 million in less than two years?
Isn’t that about right?
And, isn’t it about right that 8.30 in the morning is about the most stupid time to be telling people something that isn’t even half true.
Damn the crap you said Mr. Buffett, and damn the horse that brung you.
Wasn’t this the same Warren Buffett running around for the last three days saying he’s itching to buy something? Wasn’t he the one who said something about an elephant gun being loaded and ready to go?
And, here I thought he was talking about making some big deal happen of some great business magnitude – and he intended to blow a hole in America with his elephant gun scenario –
Well, maybe that’s not fair. Maybe he was shopping and came upon a big group of Republicans having breakfast and just stopped to talk to see if he could get some juicy gossip about something to buy – and they brainwashed him into thinking it is 2015 and gave him the same budget deficit crap – gotta make these $61 billion in cuts right this minute crap that they’ve been repeating everywhere at every opportunity and filled his head for two hours with it –
(and then he walked over to the cnbc on-air interview.)
Okay – maybe that is more fair.
What if – we just plainly agree on something.
It is March 2, 2011.
Can we agree on that?
Warren Buffett appeared live on CNBC’s Squawk Box this morning, March 2, 2011. (at 8.27 this morning.)
Apparently this is the first half of his comments – more generally addressing the housing market and his businesses and bonds, etc. It doesn’t have the comments that I was fortunate enough to turn on the tele and discover on first waking up this morning – about the $61 billion in cuts. But, I’m sure that transcript will be online directly in just a little while.
Okay, so what did I know about this before getting pissed off hearing the cnbc broadcasting Mr. Buffet’s opinions?
Montreal Gazette – Emily Flitter – 4 hours ago
When borrowing money, it’s always good to have a Plan B in case a big creditor pulls the plug. That should be true whether the sum is a few thousand dollars or about a trillion, the size of the United …
The US government owes nearly a third more money to China than previously thought, the Treasury Department said on Monday as it revised Beijing’s December holdings of US Treasury debt sharply higher to US$1.160 …
Reuters – Karen Brettell – 16 hours ago
NEW YORK (Reuters) – China may have more potential than ever to influence US debt prices after data showed the country owns more than a $1 trillion in Treasuries, almost a third more than previously thought. …
Wall Street Journal – Bradley Davis – 17 hours ago
NEW YORK (Dow Jones)–China is not, after all, dumping US debt, according to revised Treasury figures released late Monday, allaying some fears the US’s biggest creditor is souring on Uncle Sam. …
China’s holdings of US government bonds are even higher than this week’s dramatic upward revision by the Treasury Department, say strategists. On Monday, the Treasury released its annual revision of US Treasury …
Wall Street Journal (blog) – Feb 28, 2011
A major upward revision of the US Treasury Department’s assessment of China’s holdings of US securities last year shows the US is far more indebted to the emerging power than originally thought. Treasury’s preliminary report of foreign holdings of …
NPR has the latest numbers up from the Treasury Department’s latest data; overall, the amount of debt held by foreign nations is $4.4 trillion. Broken down, China holds around $1.2 trillion followed by Japan, holding nearly $900 billion, …
FT Alphaville (blog) – Cardiff Garcia – 21 hours ago
The US treasury department has published the preliminary results of its annual revisions to foreign holdings of US securities. The US treasury department publishes monthly estimates of these numbers based on interviews with US financial institutions. …
WASHINGTON, Feb. 28 (Xinhua) — China’s holdings of long-term US Treasury securities totaled 1.16 trillion US dollars at the end of December 2010, according to an annual revision report released by the US Treasury Department on Monday. …
People’s Daily Online – 13 hours ago
China, the largest creditor of the United States, increased its holdings of US debt to a record $1.175 trillion in October, according to revised data issued by the Treasury. The Asian nation’s investment totaled $1.16 trillion at year-end, the Treasury …
My Note –
And, there are at least a thousand more like that which have been cluttering the news for the past three days – well, actually I live at night, so three days ago starting in the middle of the night when the whistles started blowing –
And, what else do I know about this?
That this was Mr. Buffett on cnbc March 1, 2011 – yesterday –
Warren Buffett tells CNBC that when it comes to possible acquisitions, there aren’t many “elephants” out there and not all of them want to be in the Berkshire Hathaway “zoo.”That’s a reference to his letter to shareholders over the weekend, in which he said his “elephant gun” has been reloaded and he has an “itchy trigger finger” for a major acquisition.
Published: Tuesday, 1 Mar 2011 | 4:46 PM ET
Well, Mr. Buffett – may I suggest that I know where a huge tender of US Treasuries are sitting right now – You could buy them from China and Japan – then you would own America instead of them . . . .
I’m sure they would give you a deal on them.
Oh wait, that’s right – he won’t buy something like that. He likes things of the InBev / Anheuser-Busch variety where he can run around the world fixing it up to happen. The almighty power of the deal with the schmoozing and figuring and meeting and persuading and talking and getting on the tele about it and signing off on the papers after robbing everybody blind. Ah – no wait, that’s not fair either. He didn’t rob those people blind – they weren’t blind when he was done.
Do I have contempt for shenanigans – Yes.
I hear the New York Stock Exchange is up for sale – but it probably suits everybody if European and international companies hold that mess.
Bloomberg – Jonathan Burgos, Takako Iwatani – 2 hours ago
NYSE Euronext, owner of the New York Stock Exchange, is the target of $9.5 billion takeover announced by Deutsche Boerse AG last month. Photographer: Jin Lee/Bloomberg Feb. …
Fortune (blog) – Cyrus Sanati – 10 minutes ago
But the business of trading has changed dramatically since the NYSE’s heyday. In fact, the NYSE–Deutsche Börse deal has less to do with equity trading than it does with other parts of the business the exchanges need to maintain a competitive advantage: …
Thiel Sees Pressure for Exchange Tie-Ups Wall Street Journal
WASHINGTON (Reuters) – A senior US Treasury official said he did not see any national security concerns with Deutsche Boerse’s (DB1Gn.DE) planned takeover of NYSE Euronext (NYX.N). “I don’t have any national …
WASHINGTON/NEW YORK (Reuters) – Deutsche Boerse and NYSE Euronext’s move to set up a Dutch holding company, despite few links to the Netherlands, highlight Holland’s attractive tax laws in the starkly variable international …
Tower of issues: Nasdaq has been wrestling with how to respond to the proposed NYSE Euronext-Deutsche Börse tie-up. Nasdaq has been wrestling with what to do in response to this month’s agreement by NYSE Euronext to be acquired by Deutsche Börse AG in …
Exchange Mergers: Coulda, Woulda, Shoulda Forbes (blog)
Here is an interesting look at things (in the “business” world) –
from 2005 –
Posted 1/10/2005 9:31 PM Updated 1/10/2005 11:52 PM
Tax breaks let firms repatriate profit
By Elliot Blair Smith, USA TODAY
With about $420 billion in profit stockpiled offshore, U.S. companies are expected to bring a big chunk of that home this year under a temporary tax break contained in the American Jobs Creation Act.
To date, only a handful of blue-chip companies — Boston Scientific, Duke Energy and 3M — have pledged to return just $2.3 billion, according to recent filings with the Securities and Exchange Commission.
Even so, a recent Morgan Stanley survey found none of the firm’s analysts believe that repatriated profit will be invested in hiring. Rather, 39% of them expect the windfall to be spent on stock buybacks and dividends. They also expect management to use some of the money to shore up depleted pension funds.
At Bristol-Myers alone, the difference between the standard corporate tax rate of 35% and the one-year discounted rate of 5.25% tallies a potential $2.7 billion tax savings. (etc.)
(Lot’s of interesting information there. And, considering what it was supposed to do – we shouldn’t have lost over 7 million jobs in two years at all – but wait, what really happened?)
That was my note –
And here is a story about it from 2010 –
Dodging Repatriation Tax Lets U.S. Companies Bring Home Cash
By Jesse Drucker – Dec 29, 2010 5:01 AM GMT
At the White House on Dec. 15, business executives asked President Obama for a tax holiday that would help them tap more than $1 trillion of offshore earnings, much of it sitting in island tax havens.
‘Trivially Small Taxes’
“Sophisticated U.S. companies are routinely repatriating hundreds of billions of dollars in foreign earnings and paying trivially small U.S. taxes on those repatriations,” said Edward D. Kleinbard, a law professor at the University of Southern California in Los Angeles. “They devote enormous resources first to moving income to tax havens, and then to bringing those profits back to the U.S. at the lowest possible tax cost.”
It says also –
U.S. companies overall use various repatriation strategies to avoid about $25 billion a year in federal income taxes, he said.
U.S. companies overall use various repatriation strategies to avoid about $25 billion a year in federal income taxes, he said.
(from the article above)