|
|
Sunny Point to Ponder on Drudge Report - Blood Boiler
[ Follow Ups ] [ Post Followup ] [ Credit Forum Index ]
Posted by Keyser Soze
(152.163.189.170) on March 04, 2003 at 06:42:50:
It's early boy-o's and lassies; So just a little something to get our blood up. In today's Drudge Report headlined in red, is a story re Warren Buffet and his dire prophesies for the stock market and global economy.
Mr. Buffett is hardly a gold bug stock market bear. He is the stock market, so to speak. The cause of the unease? Mr. Buffett expresses disbelief and discomfort about the fact that bankers have been gambling away their stockholders' future in the derivatives market.
You recall a few years ago that a city in Orange County, California went bust. A city official had been 'investing' in derivatives, the better to flush the treasury into the Pacific.
Well, Mr. Buffett expresses disbelief that bankers are so obtuse not to the risks, but to the certainty of losing money on derivatives.
These are the same bankers who cite debtors as the cause of their woes? The story in Drudge is telling, sheds new perspective.
We are faulted while these supposed financial whizbangs 'invest' shareholders' monies in instruments whose record of loss is untrammelled. Buffett cites an example of derivatives betting on everything including the weather. And all along the CA's tell us we are the problem?
The bankers' would demonstrate more responsibility with entrusted funds if they - literally - all went to the casinos,skipped the slot machines, and just tossed the loot down the toilet. That's how risky these 'investments' are. And we are the problem. Oh yeah.
Keyser Soze
"My name's Roger actually, but they call me
'Verbal' - people say I talk too much."
- Keyser Soze
Follow Ups:
Post a Followup
|
