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POPSObama Conducts First Presser as President-Elect This is from Obama's temporary site, Change.gov . It's a site to release news about the transition and progress toward building a cabinet. It'll probably give you an idea of how WhiteHouse.gov will look under President Obama. The use of Youtube is interesting, since you can obviously go ahead and post these videos anywhere, making them a lot more user-friendly than videos on Bush's site. He may regret it though, since he makes a joke at Nancy Reagan's expense; "I have spoken to all of them who are living -- I didn't want to get into a Nancy Reagan moment, doing any seances..." That one may turn up on a website or two with some forced outrage. Still, I suppose anyone with TiVo could upload a cable news version, but this just makes it that much easier. I guess we can consider this one a test run.
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POPSThe battle for Obama's economic soul Will it be Rubin and Summers - the Clinton-era advisors who abetted Greenspan and Gramm? Or will it be Volcker and Buffett, who, five years ago, called the new instruments "financial weapons of mass destruction?" Let's hope for the latter - the more Democratic - pair.
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POPSAdvice From Warren.Buffet-NYTimes OpEd Over the long term, the stock market news will be good. In the 20th century, the United States endured two world wars and other traumatic and expensive military conflicts; the Depression; a dozen or so recessions and financial panics; oil shocks; a flu epidemic; and the resignation of a disgraced president. Yet the Dow rose from 66 to 11,497. Today people who hold cash equivalents feel comfortable. They shouldn’t. They have opted for a terrible long-term asset, one that pays virtually nothing and is certain to depreciate in value.
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POPSTwo Very Wealthy Men on Taxation Inequality Republicans are more likely to think: “I’m making $80 million a year – God must have intended me to have a lower tax rate. The origin of that belief has been handed down from Abram Vereide (see below), but it goes all the way back to the Puritans. George Bush is not a member of the family, but in the 1970s he attended Bible study meetings in Midland, Texas that were organized by The Family. U.S. economic policy is in part based upon a Christianity for the elite. The Family was founded 70 years ago by Abraham Vereide, a Norwegian immigrant evangelist based in Seattle. In 1935, Vereide said, God appeared to him in a vision and revealed where Christianity had gone wrong: preoccupation with the poor, the weak and the suffering.
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POPSWho's Giving, Who's Not Buffett, Gates, and Eli Broad top a new list from Portfolio ranking the 50 wealthiest Americans on their charitable giving. Rupert Murdoch and Steve Ballmer are at the bottom.
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POPSOne Foilble With New Buffett Bio Snowball packs a ton of detail into its 950 pages. Despite the length of this tome, it's sometimes difficult to figure out why certain investments made Buffett so wealthy.
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POPSBuy it like Buffett Buy fear and sell greed? I like this paragraph: Buffett has called the current mess an "economic Pearl Harbor." He has also said, "In my adult lifetime, I don't think I've ever seen people as fearful economically as they are now."
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POPSWarren Buffett Perfectly Placed for $3Billion GE Play The shares have been hit by a poor performance from its GE Capital Finance arm, which brings in close to half its revenues, and concerns about the outlook for the broader economy. Mr Buffett said: “GE is the symbol of American business to the world. I am confident that GE will continue to be successful in the years to come.” His comments came a week after he appeared to position himself for an investment in GE by giving the group his vote of confidence. At that time, Mr Buffett, who always invests in high-profile companies, pointed out that GE has “strong global brands and businesses with which I am quite familiar”.
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POPSWhy Would Warren Buffett Stoop So Low?
The market still works! With all due respect to Buffett, nobody has yet made a compelling case to me that there is, in fact, a crisis that extends much beyond overleveraged banks with bad business practices. There's a simple fact lost among all of this fearmongering and jawboning about how bad things could get if the government doesn't throw $700 billion (or more) at failing financial institutions. The stock and vulture-capital markets are still generally working, in spite of the cries from politicians and failing speculators to the contrary. The market also has a really good mechanism to help struggling financial companies get money. It's called "price," and it's still functioning. You can see it in action by looking at the one-year CD rates that various banks are offering to entice people to deposit money with them. When the people lobbying the hardest for a bailout are those who stand to benefit from it, you have to ask whether their motives are altruistic or self-serving.
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POPSConcensus Reached, Will Make Final Announcement Tomorrow According to lawmakers on both sides of the aisle, the plan proposed by Mr. Paulson, which would see the federal government buy up to $700 billion in toxic mortgage-linked assets, will form the core of any solution. Sen. Judd Gregg (R., N.H.), one of the lawmakers taking part in the talks to thrash out an agreement, said Saturday morning that the negotiators would stay in the meeting until an agreement is reached. "The basic understanding is once we get into that room we are going to stay there until we have an agreement," he said.
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POPSBuffett Buys Goldman Stake in `Economic Pearl Harbor' The one nice thing about capitalism is that it cannot fail, it may take punches and get beat up, but it always rebounds. Granted we, little people get stuck wiping up the dirt, while the ultra rich (excluding Buffet) continue to live pampered lives. Russia and other countries however will have a rockier road with their markets collapsing. Least so it appears.
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POPSWarren Buffett Reveals Bailout's Dirty Little Secret They should just listen to Buffet - the man obviously knows what he is doing and has nothing to gain from the advice. The Bernanke and Paulson plan however will allow all their buddies to still stay rich. It really should come down to what is right for the American people, not what is right for a select few.
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POPSWall Street OWNS Obama Where do you think Obama got all that money?? He's been their boy right from the get-go. They recruited him in college through Tony Rezko, iniated him through Ayers and his wife, introduced him to rich and elite political and international power players, Trained him in Chicago, the toughest political turf in the country. All the time flooding his campaigns with their money. And consider this, despite Paulson's "who could see this coming", we ALL saw this financial desaster coming for YEARS!!! So WHY NOW??? Why now when this economic chaos practically hands the White House over to Obama. Its less than 60 days before the election. WHY NOW????
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