Friday, October 17, 2008

Although he's rich, Warren Buffett is crazy to encourage people to invest in stocks now; and he's one of Obama's chief economic advisers

America's richest man encouraged the American people today to jump back into stocks -- offering advice in a column written for The New York Times.

Don't believe him. Billionaire Warren Buffett has let all the hype and praise he regular receives from the mainstream news media get the best of him. He believes he's prominent enough to force the stock markets back up for good on his just his word.

He can't.

No one can.

Particularly the president.

(UPDATED 8:21 CDT)) The team of analysts at www.marketwatch.com poked big holes in Buffett's buffoonery. They pointed out Buffett's preferred treatment he gets when he buys stock compared to Joe the Plumber or anyone else who isn't a media and Wall Street darling. He makes guaranteed big bucks in return no matter what. Go to its commentary at http://www.marketwatch.com/news/story/if-warren-buffett-feeling-greedy/story.aspx?guid=%7B21A63C14%2D15FC%2D4C05%2D8D5C%2DED202E2B44C3%7D&dist=TNMostRead

Twenty-five years of bailouts and deregulation have brought forth a day of reckoning. Buffett believes that truth can be avoided by simply encouraging more buying into companies that have been rewarding executives with exorbitant salaries, monster bonuses and golden parachutes.

Sen. Barack Obama had to cringe at Buffett's bravado that resembles the crazy old man routine Obama-ites use on Sen. John McCain. Buffett's call to greed is what got this nation in trouble in the first place.

Of course, Buffett and all the other Wall Street talking heads use the word "long term" to hedge their hallucinations. But I heard some talking heads say this morning that long term could now mean 20-40 years instead of the traditional seven to 10 years to make a profit on your money.

Get a certified financial adviser. Develop a plan of investment over a month on your money. Don't follow Buffett's lunacy. He has $31 billion in his investment stock that buys others to play with. He also has billions in his own personal accounts. The rest of us don't.

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