Buffett is hypocritical when he said, "300 million Americans were in the domino line as well. Just days before, the jobs, income, 401(k)'s and money-market funds of these citizens had seemed secure. Then, virtually overnight, everything began to turn into pumpkins and mice. There was no hiding place. A destructive economic force unlike any seen for generations had been unleashed," without government's bailout of the banks. No, from the ordinary populace's standpoint, the bailout that Buffett touted was politician's sell-out to the banksters and their minions and an unwise strategy to the working and middle classes. Bailout was not the right approach at all to the 300 million people.
The best approach to head off the financial disaster was and still is to nationalize the five major banks and to expropriate in total all their properties, assets, credits and debts under the nation state's complete control. There should have no any need to give them even a cent of the bailout money.
Buffett's big fraud is his treating his readership as some gullible gawks and his big lie is his mean-spiritedly suborning the government to serve the monopoly capital as its ATM at taxpayers' endless peril. Buffett, the suborner, spouted encomiums about the corrupted officials in the Bush II and Obama administrations to induce them keeping paying him and his cohort through their bloodlust kleptomaniac corporation huge cash repeatedly at the working and middle classes' enormous expenses. He said in April 2010, "Goldman Sachs did good things and encourage them keep doing the good things." Whom Goldman Sachs did good things? To him as a major shareholder, of course; Goldman Sachs and other banks in the monopoly obtained license to steal the incredulous homeowners and foreclose their homes with false documents; and "government faces blackmail: step in or collapse." The U.S. thievery capitalism under the unscrupulous capitalists' double-talk perversely designed a market place for the system to collapse. "The best way to rob a bank is to own one."
Buffet said, "There's class warfare, all right, but it's my class, the rich class, that's making war, and we're winning." Yes, the capitalist class is winning not because of its popularity among the working people but because of its Fascistic, monopolized and illegal rule of the three branches and the civil society as the fourth one to boot.
Who is "we" and who is "our" in his letter? "To say 'we' and mean 'I' is one of the most recondite insults." - T.W. Adorno. This facetious letter, which is full of drivel and lies, is very insulting to the wisdom of the populace newly disenchanted from the wrong system by the Great Stagnation, although they had been screwed for so long by abiding exploitation and oppression of the bourgeoisie.
^^^^^^^^^^
>
> Pretty Good for Government Work
>
> http://www.nytimes.com/2010/11/17/opinion/17buffett.html?hp
>
> By WARREN E. BUFFETT
> Published: November 16, 2010
> Omaha
>
> DEAR Uncle Sam,
> My mother told me to send thank-you notes promptly. I¡¯ve been remiss.
>
> Let me remind you why I¡¯m writing. Just over two years ago, in September
> 2008, our country faced an economic meltdown. Fannie Mae and Freddie Mac,
> the pillars that supported our mortgage system, had been forced into
> conservatorship. Several of our largest commercial banks were teetering.
> One
> of Wall Street¡¯s giant investment banks had gone bankrupt, and the
> remaining three were poised to follow. A.I.G., the world¡¯s most famous
> insurer, was at death¡¯s door.
>
> Many of our largest industrial companies, dependent on commercial paper
> financing that had disappeared, were weeks away from exhausting their cash
> resources. Indeed, all of corporate America¡¯s dominoes were lined up,
> ready
> to topple at lightning speed. My own company, Berkshire Hathaway, might
> have
> been the last to fall, but that distinction provided little solace.
>
> Nor was it just business that was in peril: 300 million Americans were in
> the domino line as well. Just days before, the jobs, income, 401(k)¡¯s and
> money-market funds of these citizens had seemed secure. Then, virtually
> overnight, everything began to turn into pumpkins and mice. There was no
> hiding place. A destructive economic force unlike any seen for generations
> had been unleashed.
>
> Only one counterforce was available, and that was you, Uncle Sam. Yes, you
> are often clumsy, even inept. But when businesses and people worldwide
> race
> to get liquid, you are the only party with the resources to take the other
> side of the transaction. And when our citizens are losing trust by the
> hour
> in institutions they once revered, only you can restore calm.
>
> When the crisis struck, I felt you would understand the role you had to
> play. But you¡¯ve never been known for speed, and in a meltdown minutes
> matter. I worried whether the barrage of shattering surprises would
> disorient you. You would have to improvise solutions on the run, stretch
> legal boundaries and avoid slowdowns, like Congressional hearings and
> studies. You would also need to get turf-conscious departments to work
> together in mounting your counterattack. The challenge was huge, and many
> people thought you were not up to it.
>
> Well, Uncle Sam, you delivered. People will second-guess your specific
> decisions; you can always count on that. But just as there is a fog of
> war,
> there is a fog of panic ¡ª and, overall, your actions were remarkably
> effective.
>
> I don¡¯t know precisely how you orchestrated these. But I did have a
> pretty
> good seat as events unfolded, and I would like to commend a few of your
> troops. In the darkest of days, Ben Bernanke, Hank Paulson, Tim Geithner
> and
> Sheila Bair grasped the gravity of the situation and acted with courage
> and
> dispatch. And though I never voted for George W. Bush, I give him great
> credit for leading, even as Congress postured and squabbled.
>
> You have been criticized, Uncle Sam, for some of the earlier decisions
> that
> got us in this mess ¡ª most prominently, for not battling the rot building
> up in the housing market. But then few of your critics saw matters clearly
> either. In truth, almost all of the country became possessed by the idea
> that home prices could never fall significantly.
>
> That was a mass delusion, reinforced by rapidly rising prices that
> discredited the few skeptics who warned of trouble. Delusions, whether
> about
> tulips or Internet stocks, produce bubbles. And when bubbles pop, they can
> generate waves of trouble that hit shores far from their origin. This
> bubble
> was a doozy and its pop was felt around the world.
>
> So, again, Uncle Sam, thanks to you and your aides. Often you are
> wasteful,
> and sometimes you are bullying. On occasion, you are downright maddening.
> But in this extraordinary emergency, you came through ¡ª and the world
> would
> look far different now if you had not.
>
> Your grateful nephew,
>
> Warren
>
>
> Warren E. Buffett is the chief executive of Berkshire Hathaway, a
> diversified holding company.
>
>
> A version of this op-ed appeared in print on November 17, 2010, on page
> A33
> of the New York edition.
>
>
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