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Fri 22 Aug, 2008 09:29 am
Just a few weeks ago Pres Bush said wall street had gotten drunk but now comes new analogy from Warren Buffett.
http://www.msnbc.msn.com/id/26330135
Quote:a financial crisis reveals which players have been “swimming naked,” because the tide goes out.
...
“We found out that Wall Street has been king of a nudist beach,”
Combined those two analogies make a lot of sense. A bunch of drunk naked guys behind a privacy fence playing with other people's money is the cause of your present economic woe.
I think W Buffet is too conservative in his estimate on how long this recession is going to last. I'm give it at the very least two more years. The housing and credit crisis is not short-term, and exacerbated by the deficits by consumers and all governments at local, state, and the federal level.
if you haven't read my "wisdom" yet , here is your chance :
http://able2know.org/topic/122495-1
goood night , sleep tight !
hbg
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