In order to download Charlie Rose podcasts to iTunes for transfer to an iPod, you must have iTunes installed. If you do, please click the following link to download the podcast for this interview:
itpc://www.charlierose.com/view/itunes/10711
Otherwise, close this window to continue viewing.
Close
Page 1 of 1
Page 1 of 1
anne4444 05/29/2010 04:34 PM Report
Always like to hear the words when Mr. Warren Buffet opens his mouth.
Like to see his happy face, especially when he lost a lot of money... Ouch...
JinJJa 02/07/2010 12:48 AM Report
Your views are little extreme and such extreme views should be backed up by more than the humble personal opinion.
1)Most of US innovations have been brought over from Europe by immigrants? Well most of Americans are immigrants or descendants of immigrants. The last time I checked most of the Nobel Prize winners in Science and Economics are the descendants of immigrants in America (not Europe). That is not all, most of the breakthrough in many industries are still happening in America. This is not to say that America has not lost its innovation edge.
2)Most of the US growth came through European capital? Not since the mid-19th century. Just in case you are wondering, America has had the largest economy in the world for at least 60 years now. If you combine the next 4 largest economies (China, Japan, Germany, England) the US economy would still be comparatively larger.
3)Warren Buffet is misguided? I don't know how many times you have been right in your life, but I bet far less (both in quantity and percentage) than Warren Buffet. Warren is simply one of the smartest and wisest people in America. You need to have some strong credentials and reasons (other than your opinions) to label Warren as "misguided."
JinJJa 02/07/2010 12:48 AM Report
Your views are little extreme and such extreme views should be backed up by more than the humble personal opinion.
1)Most of US innovations have been brought over from Europe by immigrants? Well most of Americans are immigrants or descendants of immigrants. The last time I checked most of the Nobel Prize winners in Science and Economics are the descendants of immigrants in America (not Europe). That is not all, most of the breakthrough in many industries are still happening in America. This is not to say that America has not lost its innovation edge.
2)Most of the US growth came through European capital? Not since the mid-19th century. Just in case you are wondering, America has had the largest economy in the world for at least 60 years now. If you combine the next 4 largest economies (China, Japan, Germany, England) the US economy would still be comparatively larger.
3)Warren Buffet is misguided? I don't know how many times you have been right in your life, but I bet far less (both in quantity and percentage) than Warren Buffet. Warren is simply one of the smartest and wisest people in America. You need to have some strong credentials and reasons (other than your opinions) to label Warren as "misguided."
JinJJa 02/07/2010 12:48 AM Report
Your views are little extreme and such extreme views should be backed up by more than the humble personal opinion.
1)Most of US innovations have been brought over from Europe by immigrants? Well most of Americans are immigrants or descendants of immigrants. The last time I checked most of the Nobel Prize winners in Science and Economics are the descendants of immigrants in America (not Europe). That is not all, most of the breakthrough in many industries are still happening in America. This is not to say that America has not lost its innovation edge.
2)Most of the US growth came through European capital? Not since the mid-19th century. Just in case you are wondering, America has had the largest economy in the world for at least 60 years now. If you combine the next 4 largest economies (China, Japan, Germany, England) the US economy would still be comparatively larger.
3)Warren Buffet is misguided? I don't know how many times you have been right in your life, but I bet far less (both in quantity and percentage) than Warren Buffet. Warren is simply one of the smartest and wisest people in America. You need to have some strong credentials and reasons (other than your opinions) to label Warren as "misguided."
JinJJa 02/07/2010 12:48 AM Report
Your views are little extreme and such extreme views should be backed up by more than the humble personal opinion.
1)Most of US innovations have been brought over from Europe by immigrants? Well most of Americans are immigrants or descendants of immigrants. The last time I checked most of the Nobel Prize winners in Science and Economics are the descendants of immigrants in America (not Europe). That is not all, most of the breakthrough in many industries are still happening in America. This is not to say that America has not lost its innovation edge.
2)Most of the US growth came through European capital? Not since the mid-19th century. Just in case you are wondering, America has had the largest economy in the world for at least 60 years now. If you combine the next 4 largest economies (China, Japan, Germany, England) the US economy would still be comparatively larger.
3)Warren Buffet is misguided? I don't know how many times you have been right in your life, but I bet far less (both in quantity and percentage) than Warren Buffet. Warren is simply one of the smartest and wisest people in America. You need to have some strong credentials and reasons (other than your opinions) to label Warren as "misguided."
JinJJa 02/07/2010 12:48 AM Report
Your views are little extreme and such extreme views should be backed up by more than the humble personal opinion.
1)Most of US innovations have been brought over from Europe by immigrants? Well most of Americans are immigrants or descendants of immigrants. The last time I checked most of the Nobel Prize winners in Science and Economics are the descendants of immigrants in America (not Europe). That is not all, most of the breakthrough in many industries are still happening in America. This is not to say that America has not lost its innovation edge.
2)Most of the US growth came through European capital? Not since the mid-19th century. Just in case you are wondering, America has had the largest economy in the world for at least 60 years now. If you combine the next 4 largest economies (China, Japan, Germany, England) the US economy would still be comparatively larger.
3)Warren Buffet is misguided? I don't know how many times you have been right in your life, but I bet far less (both in quantity and percentage) than Warren Buffet. Warren is simply one of the smartest and wisest people in America. You need to have some strong credentials and reasons (other than your opinions) to label Warren as "misguided."
JinJJa 02/07/2010 12:48 AM Report
Your views are little extreme and such extreme views should be backed up by more than the humble personal opinion.
1)Most of US innovations have been brought over from Europe by immigrants? Well most of Americans are immigrants or descendants of immigrants. The last time I checked most of the Nobel Prize winners in Science and Economics are the descendants of immigrants in America (not Europe). That is not all, most of the breakthrough in many industries are still happening in America. This is not to say that America has not lost its innovation edge.
2)Most of the US growth came through European capital? Not since the mid-19th century. Just in case you are wondering, America has had the largest economy in the world for at least 60 years now. If you combine the next 4 largest economies (China, Japan, Germany, England) the US economy would still be comparatively larger.
3)Warren Buffet is misguided? I don't know how many times you have been right in your life, but I bet far less (both in quantity and percentage) than Warren Buffet. Warren is simply one of the smartest and wisest people in America. You need to have some strong credentials and reasons (other than your opinions) to label Warren as "misguided."
JinJJa 02/07/2010 12:48 AM Report
Your views are little extreme and such extreme views should be backed up by more than the humble personal opinion.
1)Most of US innovations have been brought over from Europe by immigrants? Well most of Americans are immigrants or descendants of immigrants. The last time I checked most of the Nobel Prize winners in Science and Economics are the descendants of immigrants in America (not Europe). That is not all, most of the breakthrough in many industries are still happening in America. This is not to say that America has not lost its innovation edge.
2)Most of the US growth came through European capital? Not since the mid-19th century. Just in case you are wondering, America has had the largest economy in the world for at least 60 years now. If you combine the next 4 largest economies (China, Japan, Germany, England) the US economy would still be comparatively larger.
3)Warren Buffet is misguided? I don't know how many times you have been right in your life, but I bet far less (both in quantity and percentage) than Warren Buffet. Warren is simply one of the smartest and wisest people in America. You need to have some strong credentials and reasons (other than your opinions) to label Warren as "misguided."
JinJJa 02/07/2010 12:48 AM Report
Your views are little extreme and such extreme views should be backed up by more than the humble personal opinion.
1)Most of US innovations have been brought over from Europe by immigrants? Well most of Americans are immigrants or descendants of immigrants. The last time I checked most of the Nobel Prize winners in Science and Economics are the descendants of immigrants in America (not Europe). That is not all, most of the breakthrough in many industries are still happening in America. This is not to say that America has not lost its innovation edge.
2)Most of the US growth came through European capital? Not since the mid-19th century. Just in case you are wondering, America has had the largest economy in the world for at least 60 years now. If you combine the next 4 largest economies (China, Japan, Germany, England) the US economy would still be comparatively larger.
3)Warren Buffet is misguided? I don't know how many times you have been right in your life, but I bet far less (both in quantity and percentage) than Warren Buffet. Warren is simply one of the smartest and wisest people in America. You need to have some strong credentials and reasons (other than your opinions) to label Warren as "misguided."
JinJJa 02/07/2010 12:48 AM Report
Your views are little extreme and such extreme views should be backed up by more than the humble personal opinion.
1)Most of US innovations have been brought over from Europe by immigrants? Well most of Americans are immigrants or descendants of immigrants. The last time I checked most of the Nobel Prize winners in Science and Economics are the descendants of immigrants in America (not Europe). That is not all, most of the breakthrough in many industries are still happening in America. This is not to say that America has not lost its innovation edge.
2)Most of the US growth came through European capital? Not since the mid-19th century. Just in case you are wondering, America has had the largest economy in the world for at least 60 years now. If you combine the next 4 largest economies (China, Japan, Germany, England) the US economy would still be comparatively larger.
3)Warren Buffet is misguided? I don't know how many times you have been right in your life, but I bet far less (both in quantity and percentage) than Warren Buffet. Warren is simply one of the smartest and wisest people in America. You need to have some strong credentials and reasons (other than your opinions) to label Warren as "misguided."
JinJJa 02/07/2010 12:48 AM Report
Your views are little extreme and such extreme views should be backed up by more than the humble personal opinion.
1)Most of US innovations have been brought over from Europe by immigrants? Well most of Americans are immigrants or descendants of immigrants. The last time I checked most of the Nobel Prize winners in Science and Economics are the descendants of immigrants in America (not Europe). That is not all, most of the breakthrough in many industries are still happening in America. This is not to say that America has not lost its innovation edge.
2)Most of the US growth came through European capital? Not since the mid-19th century. Just in case you are wondering, America has had the largest economy in the world for at least 60 years now. If you combine the next 4 largest economies (China, Japan, Germany, England) the US economy would still be comparatively larger.
3)Warren Buffet is misguided? I don't know how many times you have been right in your life, but I bet far less (both in quantity and percentage) than Warren Buffet. Warren is simply one of the smartest and wisest people in America. You need to have some strong credentials and reasons (other than your opinions) to label Warren as "misguided."
JinJJa 02/07/2010 12:48 AM Report
Your views are little extreme and such extreme views should be backed up by more than the humble personal opinion.
1)Most of US innovations have been brought over from Europe by immigrants? Well most of Americans are immigrants or descendants of immigrants. The last time I checked most of the Nobel Prize winners in Science and Economics are the descendants of immigrants in America (not Europe). That is not all, most of the breakthrough in many industries are still happening in America. This is not to say that America has not lost its innovation edge.
2)Most of the US growth came through European capital? Not since the mid-19th century. Just in case you are wondering, America has had the largest economy in the world for at least 60 years now. If you combine the next 4 largest economies (China, Japan, Germany, England) the US economy would still be comparatively larger.
3)Warren Buffet is misguided? I don't know how many times you have been right in your life, but I bet far less (both in quantity and percentage) than Warren Buffet. Warren is simply one of the smartest and wisest people in America. You need to have some strong credentials and reasons (other than your opinions) to label Warren as "misguided."
JinJJa 02/07/2010 12:48 AM Report
Your views are little extreme and such extreme views should be backed up by more than the humble personal opinion.
1)Most of US innovations have been brought over from Europe by immigrants? Well most of Americans are immigrants or descendants of immigrants. The last time I checked most of the Nobel Prize winners in Science and Economics are the descendants of immigrants in America (not Europe). That is not all, most of the breakthrough in many industries are still happening in America. This is not to say that America has not lost its innovation edge.
2)Most of the US growth came through European capital? Not since the mid-19th century. Just in case you are wondering, America has had the largest economy in the world for at least 60 years now. If you combine the next 4 largest economies (China, Japan, Germany, England) the US economy would still be comparatively larger.
3)Warren Buffet is misguided? I don't know how many times you have been right in your life, but I bet far less (both in quantity and percentage) than Warren Buffet. Warren is simply one of the smartest and wisest people in America. You need to have some strong credentials and reasons (other than your opinions) to label Warren as "misguided."
REMant 01/12/2010 09:54 PM Report
Revisionist economic historians disagree with his idea of America. Most of our innovations have been brought over from Europe by immigrants or were done here by them thru out the 19th c and a good part of the 20th. Our growth came mostly as the result of exploiting our resources, and, of course, was capitalized by Europeans. All of our bubbles and depressions, just like Japan's, were the result of too much mostly foreign money, which fueled the leveraging. A lot of ppl think that the TARP is bad, but the Fed's money printing, which is still going on, is okay, but I'm sure it is the other way 'round. Without the Fed the TARP would have had to be borrowed, and that's a lot better than depreciating the dollar, and as I said the other day, I don't think it actually benefits us tradewise, altho I see that the stock mkt thinks it does, but it is always myopic. I don't think we need the kind of leveraging we see to bring the best out of people and I don't think, either, that the thing to do is to create an engine that would quickly burn itself up without the negative feedback loops in the form of transfer payments to those impoverished by it. I also disagree with his position on the Fed, and I think Dodd's proposal is much more likely to restrain inflation, which he would make more of, if he dared, but it is fairly clear where his thinking is headed, and I applaud him for it.
I think Buffett is either not very forthcoming when he makes comments such as he has here and elsewhere, or his deeply conflicted. He's a likeable guy, but still in the Morgan, Vanderbilt, or Carnegie mold. In my mind being charitable now does not absolve the rich from having aggregated (or in many cases arrogated) the money in the first place, all the more so when they support the easy money policies of misguided democrats that they know full well make it possible. I don't know if you'd call him Keynesian, or monetarist, but he definitely feels that the US has to maintain its position of seigniorage in the world, and a certain class in this country, or dire things will happen. And obviously if the value of those financial firms have been decimated as he says, then it really doesn't matter if they fail or not. This part, which I'd call mercantilist, is clearly Keynesian, and proves my point that it is status, not productivity, which matters to ppl like him. I am not at all opposed to the ideals of aristocracy, anymore than was Smith, but this is not fair play. In any case, ppl making this argument will have to show that the Fed's actions are helpful in the long run.
In essence he believes greed, if not good, inevitable, though frankly I think he feels that without it we'd be poor as church mice, which was Keynes's position. This is where Mandeville left the subject, but we need be neither hypocritical about it, nor encourage it by our banking policies. I also get the same feeling I get from Soros, who is otherwise different in most respects, that such ppl are going to do what the law allows, which they justify by saying it is their duty to the shareholders. Belying their name, which suggests to ppl that they support good businesses, value investors like Buffett aren't IMHO any different from corporate raiders. All they are interested in is what kind of return they get at the price. Where it comes from is irrelevant. If it means the co is liquidated or its business contracts, they could care less. But mostly they get that return directly from the govt's bad economic policies, which encourages business failures and mergers and acquisitions, and the other instability they feed off of. If you expect balance sheets to properly govern things, then you have to stop printing money. If I recall correctly he pooh-poohed the notion of economics as a zero-sum game, too, but it certainly is, if it sacrifices employment for "growth." It is not possible to grow your way out of a real depression, anyway, because underlying it is a lack of productivity, which cannot be made up by un-employing significant numbers of ppl, or by simply diluting your currency.
Unquestionably there is an idealism in Smith's free-trade theory, in its belief that force and fraud are not required for work and saving and that ppl will recognize what is in their ultimate self-interest. It is widely thought that without enclosure large-scale agriculture could have never got started, and that its absence in France caused the revolution. Hume opined: "Without commerce, the state must consist chiefly of landed gentry, whose prodigality and expence make a continual demand for borrowing; and of peasants, who have no sums to supply that demand. The money never gathers into large stocks or sums, which can be lent at interest. It is dispersed into numberless hands, who either squander it in idle show and magnificence, or employ it in the purchase of the common necessaries of life." Commerce, he thought, anticipating Weber, "encreases frugality, by giving occupation to men, and employing them in the arts of gain, which soon engage their affection, and remove all relish for pleasure and expence." But that begs the question whether in building our civilization we have started on the road to inevitable environmental ruin, whether in fact it is a rearguard action. It is really the same question posed by the sustainability of economic growth and whether credit creation is not at base a pyramid scheme. Just as our environment is being destroyed, we are as well, impoverishing a great many ppl, if not absolutely at the present time, certainly relative to others, which is bound to have the same long-term effect. At this point some discussions turn to Social Darwinism, which really has nothing to do with Darwin, nor is it scientifically sound. The only answer to this lies in the fact that, with development, fertility always declines, and we must ask with Hobbes, Locke and Smith how, based on that fact, to best produce and maintain republics.