Buffett Thanks "Uncle Sam" for Big Bailout Payday

Michael Collins

"Mr. Buffett. You are no different than Goldman Sachs and the other exploiters funded by the hard work of everyone other than those who reap the benefits of that work."

The people's oligarch Warren Buffett just wrote a thank you letter to "Uncle Sam" published in the New York Times. It is the height of cynicism. (Image)

Buffett has a carefully crafted public image as a brilliant but people-friendly master of investments. We hear about his regular table at an Omaha diner where he conducts business (just plain Warren) and we see his occasional public stands for reasonable policies like the inheritance tax.

He claims that "Uncle Sam", the government, saved us from a financial catastrophe that would have swallowed up his company. He then endorses the notion that the housing bubble was based on "mass delusion" - meaning it was our fault. But he forgets to mention that he took advantage of the 2008 crisis to purchase a $5 billion interest in Goldman Sachs. And he forgets whose money "Uncle Sam" stole from the Treasury to save him and the rest of his cronies. What a hypocrite.

"Uncle Sam" isn't the government. The "government" is the perpetually bought and paid for chief executive, Congress, and judiciary that Buffett and his pals manipulate at will. "Uncle Sam" was never going to do anything different than what it did, bail out Wall Street and the ultra rich with our money. Buffett is really thanking himself and the other few who own Uncle Sam. He knows better. Thus, his letter is the ultimate expression of profound contempt for the people.

Would the economy have crashed? Again, more cynicism. The big banks and Wall Street grafters would have taken a dive. But the nation would have survived, without a continuation of the same scams in place to do more damage in the future.

If Buffett is really grateful for the assistance of Uncle Sam, he'll return every single penny of profit he made off of the sweet Goldman Sachs deal (70% profit) due to a national crisis. Accepting Mr. Buffett's incorrect assumption that we were about to go down for the count, keeping profits gained due solely to that crisis belies the gratitude he expresses to his uncle.

The people's oligarch just spat on the people and thinks no one will get it. Quite the contrary, Mr. Buffett. You are no different than Goldman Sachs and the other exploiters funded by the hard work of everyone other than those who reap the benefits of that work.

Thank you for exposing yourself as the last idol with clay feet, the ultimate in cynical contempt for the people who continue to struggle in a system that you glorify.

END

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Comments

The People's Oligarch

Nice touch. Buffet make out like a bandit on the Goldman Sachs deal. But in terms of getting them to pay the American people back, I'd like to start with those AIG payouts. It's just astounding we have nothing, no criminal charges, no firings, no demanding the money back, on those AIG CDS payouts. Of course even more astounding is how derivatives were not even really regulated even though they are the root cause of the financial meltdown. Notice how they have disappeared from the public dialog.

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Derivatives - the exemplar

Thanks! Even Warren "the just" warned about those, although he's stopped since getting a piece of Goldman Sachs. We're still feeling the impact of the sub prime derivatives and other mortgage backed securities. What about Credit Default Swaps, which far exceed the MBS market? We saw the European experience with that.

If there were serious reform, derivatives would have been on the table and out of the market. That's, imho, the greatest failure of the 111th Congress, even though the issue was never fully articulated.

Buffett thinks were fools. I find that absurd and offensive.

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Yeah this Omaha jerk. He is

Yeah this Omaha jerk. He is the public face of the ultra billionaire rich. "he still lives in the same house he bought in 1953". "he's such a sweet old man. so plain spoken and down to earth."
WHAT B***SH**.
His act sounds more and more like the crap flung by a schiester(can't remember the spelling). A con man. Someone that sells you a beautiful story all the while he's got someone lifting your wallet while you watch him wield his magic. With him, you should always be waiting for that magic line "just give me your credit card number and everything will be fine".

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If I was Warren Buffett

and I had a chance to make out like a bandit by getting pre-spun guaranteed profits via Goldman Sachs and government bail outs...it's a no brainer, I'd do it.

But this pretense that somehow Warren Buffett isn't a ruthless, cutthroat billionaire like the rest of 'em, is a little old.

He's like a sociopath with a conscience, but only done as a press release. If he really wanted to help the middle class he'd bank roll a real presidential candidate or two. He could buy an election, he has enough money, he could out spend the U.S. Chamber of Commerce.

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You're missing the point,

You're missing the point, which Warren Buffett is trying to make. The really rich always make out well. The really rich made out well in the Great Depression of the 30's by buying blue chip stocks at depressed prices with their excess cash. When the value of those companies came back in the 40's the really rich became even richer. Warren Buffett did the same thing in the recent crash. Because of his wise investing he had liquid funds available and could buy Goldman Sachs cheap. He wasn't shy about it and publicly states that he is in a position to do things like that because he is rich.

The people who really run the Republican Party can afford to have total gridlock in Washington for the next 2 years--they have plenty of money. After eight years of Borrow-and-Spend Republicans during the Bush Administration, everybody is fat and happy and can even wait out an eight year Obama presidency. As long as they can fool some of the people some of the time.

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