This is sad, very, very sad.
The prospect of a slowing economy after $660 billion in losses and writedowns from mortgage-related investments at banks has sent the S&P 500 down 36 percent this year. Buffett, the world's second-richest person, said he's buying U.S. stocks after the decline and urged investors to "be greedy when others are fearful" in an Oct. 17 New York Times column.
By Lynn Thomasson
Oct. 18 (Bloomberg)
Warren Buffett is not infallible. People are going to find that out. I'm not saying I mean his timing of getting back in is wrong, although it is. I mean he's completely wrong to be promoting to people to "be greedy." Greed is the last thing that's needed. Greed is what caused the problems. Buffett thinks that it's the degree of greed that matters. He's wrong. All greed is wrong. Unless and until humanity moves out from the darkness Buffett is promoting, the world will continue suffering and experiencing pain.
Buffett so-called philanthropy with Bill Gates isn't going to make up for or atone for his call to greed.
Watch what happens. Turn before it is too late for you.
May God bless all with the truth rather than the garbage Warren Buffett is spreading.