Wednesday, May 21, 2008

Buffet backs Obama

The "Sage of Omaha", Warren Buffet of Berkshire Hathaway, has backed Obama !!

As I have already said here, the present US depression was partly caused by John McCain and the Union Bank of Switzerland - and also, it could be said, indirectly by Hillary Clinton.

IMO: AFAIK Soros has also criticised the results of the excessive freedom of credit resulting from McCain's actions during the Clinton and Dubya eras, and claims that things will get even worse in the US. In a way, Soros, whose sentiments I have often agreed with, seems to be a one man band - no harm in that - in the sense that bear markets appeal to him as an investor, and there certainly seem to be enough stale bulls around. Soros has also recently written a new book from which a BBC reviewer draws the conclusion "So the years of onwards and upwards may be behind us. Which may be a shame for those of us yet to make our first billion (unless we're planning to short more-or-less everything outside of Asia and the Middle East)."

I very much liked an earlier book where George Soros commented amusingly on Sir Karl Popper, so the present book may also be entertaining.

Jim Rogers also says "We certainly haven’t hit the bottom as far as I’m concerned."

IMO: In short, I hope the UK economy can tolerate Gordon Brown's off-balance sheet creative accounting and have no idea whether a return to something nearer real socialism would be anything less than a disaster now, with the greedy attitude of the middle classes in a country where the working class has disappeared.

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