[HOLY S**T!] Warren Buffett Claims "I could end the deficit in 5 minutes"

Konstantin

Warren Buffett, in a recent interview with CNBC, offers one of the best quotes about the debt ceiling:

Quote:

I could end the deficit in 5 minutes. You just pass a law that says that anytime there is a deficit of more than 3% of GDP all sitting members of congress are ineligible for reelection.

mokmokv2

Too late.

Sooner or later the countries which bought US paper money will realize that the debt owed will not be paid without the dollar being butchered in value.

The coming economic correction is only a matter or time.

Apple's stock is down 20 percent. That's a huge red flag over there. Apple is the benchmark of US companies.

arraamis

Total BS ... Buffet knows better than anyone else, that incurring debt grows this economy and that the dollar isn't worth the material its printed on.

How in the hell can you "End the deficit" when presently, five dollars of debt is incurred for every dollar spent.

U.S. Debt Increases $48,994 every SECOND

Jim Jeffries

Even if you could end the deficit today, you'd still have the interest on 16.3 trillion to deal with. Interest rates are being held artificially low today by the FED, but they cannot continue to do so indefinitely. Not to mention that we're currently borrowing 6% to achieve 2% growth, meaning if the budget was immediately balanced we'd be thrown into another recession.

sukhenkoy

It's interesting to see that some loungers are fairly well-versed in economic policy and finance.

Ta Khent

Let the entire system crumble, the building is rotting from the inside out, demolition time. After all, we're only talking about the U.S.'s economy, which is mostly owned and controlled by a very small % of its population. The U.S. economy is not our system of government, it's basically just a giant virtual spreadsheet of loans and debts, gains and losses. Nor is it a shared system of ethics or morals, nor the threads that bind our communities together. It's only money, and its only a symbol, a tool. Debts can be erased, new tools created, new, better systems implemented. The idea that entire swaths of civil society would degenerate into a free-for-all chaos of blood, crime, and murder is ridiculous. People find a way, Americans would find a way. Barter, sharing, communities united to ensure local prosperity and social and agricultural wealth.

Until we accept that we cannot continue as we are, that we cannot have everything all the time, that there isn't a never-ending supply of resources to build toys that distract us from the true nature of our predicament... we will continue to make life harder for the majority of people. Fear is our only inhibitor.

SkillspayBills

He made a flippant joke but the presmise makes alot of sense. The only way for these politicians to do right by the American pople is incentivizing them in some way. You would THINK elections would do that but with all this money being thrown aroun it really isn't.

mokmokv2 Banned Join Date: Nov 2012 Posts: 289 Rep Power: 0 Points: 1,000,009,068.06 Bank: 0.00 Total Points: 1,000,009,068.06 Donate	Too late. Sooner or later the countries which bought US paper money will realize that the debt owed will not be paid without the dollar being butchered in value. The coming economic correction is only a matter or time. Apple's stock is down 20 percent. That's a huge red flag over there. Apple is the benchmark of US companies.

arraamis Undisputed Champion Join Date: Oct 2005 Posts: 5,953 Blog Entries: 3 Rep Power: 28 Points: 5,270,201,790.85 Bank: 18,872,582,274.84 Total Points: 24,142,784,065.69 Donate	Total BS ... Buffet knows better than anyone else, that incurring debt grows this economy and that the dollar isn't worth the material its printed on. How in the hell can you "End the deficit" when presently, five dollars of debt is incurred for every dollar spent. U.S. Debt Increases $48,994 every SECOND

Jim Jeffries rugged individualist Join Date: Oct 2007 Location: Ameritopia, U.S.S.A. Posts: 21,418 Rep Power: 83 Points: 1,696,455.35 Bank: 2,074,954,400,505.73 Total Points: 2,074,956,096,961.08 Donate	Even if you could end the deficit today, you'd still have the interest on 16.3 trillion to deal with. Interest rates are being held artificially low today by the FED, but they cannot continue to do so indefinitely. Not to mention that we're currently borrowing 6% to achieve 2% growth, meaning if the budget was immediately balanced we'd be thrown into another recession.

sukhenkoy Mother Russia Join Date: Dec 2007 Location: Washington, D.C Age: 22 Posts: 1,092 Rep Power: 8 Points: 1,000,045,740.27 Bank: 0.00 Total Points: 1,000,045,740.27 Donate	It's interesting to see that some loungers are fairly well-versed in economic policy and finance.

SkillspayBills Avy King 2007-2013 Join Date: Aug 2007 Posts: 22,596 Rep Power: 144 Points: 20,551.81 Bank: 81,342,984,234,058.58 Total Points: 81,342,984,254,610.39 Donate	He made a flippant joke but the presmise makes alot of sense. The only way for these politicians to do right by the American pople is incentivizing them in some way. You would THINK elections would do that but with all this money being thrown aroun it really isn't.