[Marxism] A word of cauition

S. Artesian sartesian at earthlink.net
Thu Apr 9 15:57:30 MDT 2009


Well, Bustelo now seems to be channeling Eliot Spitzer but from the other 
side of the bar.  How precious.

I never said in any statment, intimation, implication that Buffett is 
running a Ponzi scheme.  What I did say in response to your sighting total 
return figures for Berkshire Hathaway over a period of time was the last 
time I heard figures like that it was when they were used to describe 
Madoff's performance over a period of time.

"Actionable"?  This discussion was initiated months ago when some made 
positive comments made about Buffett's value investment strategy, 
contrasting him favorably to the evil, short-term, parasitic bankers, just 
looking to flip their investments, in the latest iteration of the "bigger 
fool" theory.   And indeed, those evil, short-term, speculators did find the 
biggest of all fools, the US Treasury.

I pointed out then that Buffett's investments were not those of "the common 
man" with a golden touch-- but of an insider who used leverage to negotiate 
terms far more favorable than could be obtained  by the "common investor" 
and thus the whole basis of "value investing" for the long-haul was.... in a 
word, bullshit.  I still say that-- it's bullshit.  Sue me Warren, if you 
must, I'm sure Bustelo will file on your behalf as a "friend of the court."

"Publicly traded company complying with numerous legal strictures?"  Hey, 
JB, look around-- so was Enron, Worldcom, HealthSouth, Arthur Andersen, 
Donald Trump [at least 1 of the 5 times he went bankrupt]. and good old 
General Re.

I know what I'm talking about when it comes to Wall Street, investment 
strategies, fear and greed. I've studied it.  I even took advantage of it to 
finance my daughters' educations.   Three things children should never see 
being made?  1. Other children  2. Sausage  3. Money in the stock market.

No one is being irresponsible in pointing out that the Buffett is making 
money from the bailouts he has advocated, and that we, as Marxists, must 
oppose in part and in whole.

I would love for Berkshire to take action against me based on my statements 
here, but let's be real-- they couldn't give a flying fuck less.  And they 
might hesitate a bit at having to subject themselves and their finances to 
the discovery process if they seek redress.

Yes, the difference between speculative capital and "value" capital is time 
and timing-- all capital becomes a Ponzi scheme when it cannot reproduce 
itself quickly, and profitably, enough-- which is why so many apparently 
straight-shooting companies, like Buffett's General Re,  intent on 
maximizing share-holder value flip themselves right over into leveraged 
trading strategies and outright fraud.

So just so we're clear,  I would think that even someone as obviously taken 
with Buffet's abilities as Bustelo is  would demand that  because of the 
actions of the CEO and senior managers at Berkshire's  General Re,   Buffett 
and all companies in which he owns shares  be excluded from receiving TARP 
funds in order to avoid even the slightest possibility that those 
instrumental in enabling the gross fraud perpetrated by AIG are benefitting.

As for me?  I oppose every aspect of every feature of every special vehicle 
and program associated with TARP and the recently passed recovery funding.


----- Original Message ----- 
From: "Joaquin Bustelo" <jbustelo at gmail.com>
To: <sartesian at earthlink.net>
Sent: Thursday, April 09, 2009 5:14 PM
Subject: Re: [Marxism] A word of cauition






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