The New York Times published an article by the multi-billionaire saying he will buy stocks now.
"A simple rule dictates my buying: Be fearful when others are greedy, and be greedy when others are fearful.”
Ouch, that was painfully honest.
I certainly agree with the first part. Nothing makes me more fearful than greedy people. The consequences are usually horrendous. Take for instance, the crashing economy Mr. I-Am-The-Richest-Person-Alive is responding to.
And what a way to admit the nature of Capitalism: not only are Capitalists feeding on others misery, but being greedy with it in order to enrich themselves. Considering his admission of being greedy, and that that ought to be feared, and considering what we know about the consequences of greedy folk like Buffett it is also telling of Capitalism how those consequences don’t mix into his “rule.” The vicious cycle continues; fear the greed and get greedy with the fear. This certainly is a noble system.
As it stands, 0.2% of Warren’s annual income (which is a hundred times less than his net-worth) is taxed for social security – most Americans, like myself are taxed 100%. Once he is done being greedy with the fearful maybe he can drop that down to 0.1% while social security recipients, like my octogenarian grandparents, struggle to make due.
So write this admission down next to Bush’s “money trumps peace” because this one was a whopper of an admission.