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Financier Warren Buffett has said the US government is generally taking the right steps to aid economic recovery. The legendary investor was speaking to 35,000 shareholders of his Berkshire Hathaway company at their annual general meeting in Omaha, Nebraska.
The value of Berkshire Hathaway’s investments fell by nearly 10% in the last year and Mr Buffett’s personal wealth shrank by $25 billion. He told the AGM he expected the company to make further losses this year.
Speaking at the opening of the meeting, Mr Buffett said it had been “a very extraordinary year” and the economy had experienced “a financial hurricane”.
“When the American public pulls back the way they have, the government does need to step in. It is the right thing to do, but it won’t be a free ride.”
But he said the government had reacted well, telling his investors: “Overall, I commend the actions that were taken…”
Berkshire’s range of investments are seen as a bellwether of the US economy.
Some people raised questions on the issue of appointing a successor for 78-year-old Mr Buffett.
But Mr Buffett told the meeting he would not name a successor to begin following him now as all candidates were already running businesses and those not appointed would possibly choose to leave the company, the Associated Press reported.
“It’d be a waste of talent. I don’t really see any advantages in having some crown prince around,” he said.
Know any investors who lost only 10% in the sub-prime meltdown? Even if you’re not an investor, did your “well-managed” 401K do as well?
#40, Mr. Fusion, Umm, the Chicago Board of Trade might differ with you there. Gold and silver are traded as commodities every day the market is open.
And options on these commodities are traded as well.
Remember when the Hunt Bros. tried to corner the market on silver and got caught?
#44, Bubba,
I agree with your point that a specific market sells gold and silver. They are, however, no more commodities than holding land for the sake of holding it.
com·mod·i·ty (k-md-t)
n. pl. com·mod·i·ties
1. Something useful that can be turned to commercial or other advantage: “Left-handed, power-hitting third basemen are a rare commodity in the big leagues” Steve Guiremand.
2. An article of trade or commerce, especially an agricultural or mining product that can be processed and resold.
3. Advantage; benefit.
4. Obsolete A quantity of goods.
Holding gold for the sake of holding, hoping it increases in value, is speculating. The same as holding a piece of land waiting for it to increase in value. Neither has any return until sold and both cost money to maintain through either security or property taxes.
#45, Fusion, you don’t have the brains God gave a ball-peen hammer.
http://tinyurl.com/zkx65
And I found this one on a page with your cherry-picked definition
http://dictionary.reference.com/browse/commodity
com⋅mod⋅i⋅ty
–noun, plural -ties.
1. an article of trade or commerce, esp. a product as distinguished from a service.
2. something of use, advantage, or value.
3. Stock Exchange. any unprocessed or partially processed good, as grain, fruits, and vegetables, or precious metals.
4. Obsolete. a quantity of goods.
Don’t be afraid. It’s ok to realize your country has been fooling you. Think for yourself.
#47, http://tinyurl.com/dl4yjl
Note that New England contains the worst environment for small business in the country.
Is it any wonder big business likes them these days?
#46, Liberty Liar,
Are you having one of Ayatollah’s moments? There is nothing in what you posted in #46 that disagrees with what I posted in #45. Click on the link to see where it came from.
Why are you using Wikipedia? Didn’t you more than once rail about how biased and useless it is?
#50, I don’t recall dissing Wikipedia though I have said it isn’t the definitive answer on some things (specifically things that are clearly opinions). However, a definition of what a commodity is, is certainly within its purview.
AFA back-pedaling, you claimed precious metals were not commodities. You are wrong.
Stating your feelings on whether precious metals are worth investing in does not negate the fact they are commodities.
We will see the full extent of statism if and when universal healthcare is landed upon our country. Once we have a single payer program, there will be no end to the things which the government will enforce upon our population in order to “reduce healthcare costs for the tax-payer”. With the government take-over of GM and Chrysler, we will begin to see more light-weight, plastic and aluminum, vehicles in order to increase gas mileage. Thus resulting in higher death rates on our highways, while the increased gas mileage will only make drivers drive more, thereby increasing demand and the emissions they are supposedly meant to reduce. GM and Chrysler, which were bankrupted through the imposition of government CAFE standards, emission requirements, and unsustainable/uncompetitive unions and their associated wages/costs, have effectively been forced into the hands of government “moral busibodies”, while blaming the crisis on corporate CEO mismanagement. Who wouldn’t buy into class warfare and evil CEOs when it is such an obvious and acceptible over simplification. Watching the government and the unions take over the car companies, being rewarded by their own infliction of destruction while the “little guy” bond holders and dealers are quite frankly ravaged. Sadly, this is only the very beginning in my opinion. We will all be audience to the continued failure of our most “treasured” institutions of American exceptionalism, private property, financial freedom, and free markets, who have all been bled long enough to be pushed over the edge into the waiting hands of state-ownership. All the while it will be the rich, the successful, those who in fact created these institutions and our resulting economic prosperity who are to blame.
Just turn on your television and watch the charismatic demogogy do their work. It is quite incredible.