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Buffett: "Bank woes are "poetic justice"

By
Real Estate Agent with Family Real Estate Services, Inc.

Here's an interesting article regarding Warren Buffett's comments regarding the current financial situation:

From the article:

The woes in the U.S. financial sector are "poetic justice" for bankers who designed and sold complex investments that have since gone sour, billionaire investor Warren Buffett said on Wednesday.

http://www.reuters.com/article/newsOne/idUSN0631767220080207?sp=true

 

Lance Winslow
The Car Wash Guy - Malibu, CA
Terry, I actually agree with Warren Buffet on this one very much. He's right, they were treating the money like water, making really stupid loans at the top of the market to folks who were way too risky. It really is poetic justice. its unfortunate that these greedy mistakes hurt all of us, or should I say the economy as a whole. Personally, I am pretty much uneffected, actually made some money at the top, and currently I am not in the market to sell anything, perhaps buy in the future. But the mortgage groups did this to themselves, and the foreign banks who jumped in did so at their own misfortune and bad choice. And well, its just too bad isn't it? Lance
Feb 07, 2008 07:56 PM
Susie Blackmon
Ocala, FL
Ocala, Horses, Western Wear, Horse Farms, Marketing

Warren Buffet for President.  We need a money manager in office, not another politician.

Feb 07, 2008 08:00 PM
Denise Brophy
Re/Max Realty Specialists - St Johns, NL
ABR ePRO CERC
Age has not taken the sharpness off this gentlemen.  He is an intelligent businessmen and I agree with Susie - Warren for President!!  While we are surviving the subprime mess here in Canada - some of our banks dipped their toes in the water and are getting bitten.
Feb 07, 2008 08:46 PM
Frank Schulte-Ladbeck
Frank Schulte-Ladbeck Professional Real Estate Inspections - Houston, TX
I always felt that Buffet was a voice of reason, and I am glad that he speaks out on such matters.
Feb 07, 2008 09:26 PM
Sarah Nopp
South Sound, WA
Great link! thank you... have you seen Lee Iacocca's blog by any chance?
Feb 09, 2008 01:50 PM
Terry Kuehn
Family Real Estate Services, Inc. - Tacoma, WA
Self-Directed Roth IRA Associate

Sarah, about all I can say is that if Warren Buffett and Lee Iacocca would run this country, the United States would REALLY be something. And as Defense Secretary, I would suspect they would have Norman Schwarzkopf.

Feb 10, 2008 11:06 AM