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Mar 2, 2010
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gentlemen, peter, just a quickie on warren buffett. he kind of pulled back a little bit on the stock market. now i know you have pulled back a little bit on the stock market. now stocks were up today about 60 or 70 points. what's your fake? are you in line with mr. buffett? >> well, larry, it's a shock, when buffett goes bearish. you go back and look over the ten years and he doesn't say a lot of things like that so that's kind of scary to me. myself, i see the market in a sideways pattern. the trend is either up, down or sideways. when it's sideways that means that market participants are unsure whether we're going to have a recovery and i think the data reflects that. the big question is whether or not the consumer can step in and start buying the stuff off the shelves that businesses are putting on and inventory. and then with the dollar going up, we have to worry about exports going down because that's been fueling us. and, the big thing and we know this, this whole uncertainty that the obama administration is casting. it's just ov
gentlemen, peter, just a quickie on warren buffett. he kind of pulled back a little bit on the stock market. now i know you have pulled back a little bit on the stock market. now stocks were up today about 60 or 70 points. what's your fake? are you in line with mr. buffett? >> well, larry, it's a shock, when buffett goes bearish. you go back and look over the ten years and he doesn't say a lot of things like that so that's kind of scary to me. myself, i see the market in a sideways...
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the likes of warren buffett and others said they aren't. it should have been a cost issue, expand access later. what's truth, what is fiction? >> there are a lot of measures in this bill to hold down costs. some of them are painful which is why it's hard to assemble votes for this. there will never be enough cost controls for everybody, and the more you put in the more votes you lose. i think the cbo says that congressional budget office says over time this bill will reduce the deficit. that's evidence we have. and you can postpone ensuring, providing insurance for the uninsured forever, if you just say well, we got to fix everything else and then get all of these people insured. on rich's point about process, i looked at all of the columns i looked at criticizing the bush tax cut. i argued about the merits of the tax cuts and i think instead of talking about process we ought to talk about the merits of the health plan. >> did write a stirring column about the nuclear option in defense of the senate and -- as an anti-institution. i believe
the likes of warren buffett and others said they aren't. it should have been a cost issue, expand access later. what's truth, what is fiction? >> there are a lot of measures in this bill to hold down costs. some of them are painful which is why it's hard to assemble votes for this. there will never be enough cost controls for everybody, and the more you put in the more votes you lose. i think the cbo says that congressional budget office says over time this bill will reduce the deficit....
WHUT (Howard University Television)
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Mar 3, 2010
03/10
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WHUT
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but warren buffett said "the tide went out and everyone was standing there naked."ie was the only one wearing a bathing suit. >> rose: when jamie dimon began to be a central figure, what stories that you found the most interesting about how j.p. morgan responded to the crisis. >> well, one of the most interesting was the sort of connecting the dots thing. when you look at senior management of these giant companies that don't actually have operating responsibilities, like they don't go to work and, you know, look over a particular line of business, they're just supposed to strategize and sort of see the big picture, he actually took a bunch of data points from different parts of their business, their mortgage business was seeing some weakening, their credit card was seeing some weakening, their securitization was seeing some weakening. and if you actually connect all these you had a picture that was like, okay, wait a second, we need to dial this back a little. apparently goldman sachs seemed to have seen some of the same things, but not a lot of the other bankers sa
but warren buffett said "the tide went out and everyone was standing there naked."ie was the only one wearing a bathing suit. >> rose: when jamie dimon began to be a central figure, what stories that you found the most interesting about how j.p. morgan responded to the crisis. >> well, one of the most interesting was the sort of connecting the dots thing. when you look at senior management of these giant companies that don't actually have operating responsibilities, like...
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Mar 24, 2010
03/10
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i know that warren buffett may -- look, he can run it forever.t he's done is put together a portfolio that i think will last not forever because nothing lasts forever but as close as you're going to get. i endorse berkshire. meanwhile, union pacific's still cheap with redoing some contracts. their earnings can go up. and there's nothing the matter with csx. you know we like michael ward, the ceo. how about catrice in north carolina? catrice! >> caller: hey, jim, a big used to be from philly and now from north carolina boo-yah to ya. >> how about a trade-down boo-yah? sorry, i have to put it right in your face. as a philadelphian currently. how can i help? >> caller: wondering about potash. p.o.t. >> i think that that works. i think the fertilizer bull market's alive and well. we saw an unbelievable quarter for them. i was quite surprised the stock pulled back today given the fact deere's had a run. i think the pullback minuscule as it might be versus a $122 stock makes a buy buy buy. i think the fertilizer industry is growing. please do not forge
i know that warren buffett may -- look, he can run it forever.t he's done is put together a portfolio that i think will last not forever because nothing lasts forever but as close as you're going to get. i endorse berkshire. meanwhile, union pacific's still cheap with redoing some contracts. their earnings can go up. and there's nothing the matter with csx. you know we like michael ward, the ceo. how about catrice in north carolina? catrice! >> caller: hey, jim, a big used to be from...
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Mar 22, 2010
03/10
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warren buffett is warned about derivatives about the top investors why didn't you do this trade? bill gross, he's the king out in california. he said derivatives aren't really what i do. yeah, i could to it, greg, but my investors don't want me to do some much of it. a lot of investors are not fond of the credit default swap. it helped lead to the fall of aig. there's a reason to be weary. john paulson learned about them and palo as well. the thing about credit default they cost money. they are like a credit insurance. yet 2340 one else is behind. they were dirt cheap in 2005. here he is the merger arb, he has vague worries about the housing. palo said about the credit default swap. the downside is 7% and the upside is 100 of percent a year. why isn't everybody doing the trade. i kept asking that question. unfortunately one the whereins is negative carry. negative carry is sort of complicated. but basically just means you are paying out. at the beginning of the year, everyone starts fresh and everyone is focused on themselves and on their competitors. to pay out by the insurance,
warren buffett is warned about derivatives about the top investors why didn't you do this trade? bill gross, he's the king out in california. he said derivatives aren't really what i do. yeah, i could to it, greg, but my investors don't want me to do some much of it. a lot of investors are not fond of the credit default swap. it helped lead to the fall of aig. there's a reason to be weary. john paulson learned about them and palo as well. the thing about credit default they cost money. they are...
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Mar 28, 2010
03/10
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WBAL
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is coming, armageddon is coming, and fear is the biggest -- >> if this bill is socialism, then warren buffett is karl marx. it's not sexism. -- it's not socialism. it's a big gigantic tweaking of a huge part of the economy. it's not socialism. if they call it that, they're going to lose. chris: both parties are looking at this differently. it seems like the democrats do feel good now. i was looking at nancy pelosi, the speaker, she looks really happy. you had a briefing with her this week. she looks totally different. the president looks debonair , buoyant, no sweat. i mean, he just looks different again. on the other hand, the republicans don't look too happy if you look at them. they're meeting in their offices with pictures of bob bowl and bob taft on the wall. and they don't seem too happy and yet one's right and one's wrong. >> well, accomplishment will do a lot for how tired how they will feel. the democrats have a shot of adrenaline and they are trying to maximize this. for republicans, when you talk to them, it's a much longer argument and that's going to be tough to sustain. they rea
is coming, armageddon is coming, and fear is the biggest -- >> if this bill is socialism, then warren buffett is karl marx. it's not sexism. -- it's not socialism. it's a big gigantic tweaking of a huge part of the economy. it's not socialism. if they call it that, they're going to lose. chris: both parties are looking at this differently. it seems like the democrats do feel good now. i was looking at nancy pelosi, the speaker, she looks really happy. you had a briefing with her this...
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Mar 2, 2010
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it doesn't mean a lot for warren buffett because he's ok.ness there working for a drop their health insurance. he says clearly in there that if it is where we are as opposed to nothing, the senate bill is a good place to start. >> he says that he would vote for the senate bill but he would rather see a plan that really a tax cost. Ñi>> -- >> do you think what he -- do you think he is saying what the republicans are saying? >> i think mr. buffett -- i don't think he would evaluate the proposal the house republicans put forward and think -- i don't think it scratches the surface on dealing with virtually every issue, including costs. ñrÑiit does virtually nothing on costs, does nothing on coverage, it leaves regulation up to insurance companies. if the choice is between the senate bill and nothing, he supports the senate bill. >> the president is not persuaded by his suggestion? >> what has animated his actions from the beginning is dealing with cost. i do not think the last word on health care will always be just be the legislation moving for
it doesn't mean a lot for warren buffett because he's ok.ness there working for a drop their health insurance. he says clearly in there that if it is where we are as opposed to nothing, the senate bill is a good place to start. >> he says that he would vote for the senate bill but he would rather see a plan that really a tax cost. Ñi>> -- >> do you think what he -- do you think he is saying what the republicans are saying? >> i think mr. buffett -- i don't think he...
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Mar 23, 2010
03/10
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people have more confidence warren buffett will pay them back than the united states. that's a pretty serious sign when the united states is supposed to be the best creditor in the world. and yet what this bill does at its core on fiscal policy is to radically expand the size of government, and we all know it won't be paid for, and so we all know that it will significantly, probably radically expand the debt that our children are going to bear. we are inevitably not going to pass on to our children a healthier country fiscally, we're going to pass on to our children a sicker country fiscally. and are we going to get better health care for it? i seriously doubt it. i think we're hale from dr. barrasso about how he sees this affecting -- we'll hear from dr. barrasso about how he sees this affecting our health care and others who have expertise in this area. because when you have these government programs which essentially amount to quite eye nationalization of different areas of our economy, you end up with less quality. it's unhairnt in havin un-- inhe government run th
people have more confidence warren buffett will pay them back than the united states. that's a pretty serious sign when the united states is supposed to be the best creditor in the world. and yet what this bill does at its core on fiscal policy is to radically expand the size of government, and we all know it won't be paid for, and so we all know that it will significantly, probably radically expand the debt that our children are going to bear. we are inevitably not going to pass on to our...
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warren buffett called for penalties for ceos whose risky investments ran their companies in trouble. gas rose 6 cents in a week to 2.70 a gallon. and shutter island won the weekend box office again. i'm russ mitchell, cbs news. hey can i play with the toys ? sure, but let me get a little information first. for broccoli, say one. for toys, say two. toys ! the system can't process your response at this time. what ? please call back between 8 and 5 central standard time. he's in control. goodbye. even kids know it's wrong to give someone the run around. at ally bank you never have to deal with an endless automated system. you can talk to a real person 24/7. it's just the right thing to do. but we've got the ammunition she needs: omnaris. (troops) omnaris! to the nose. (general) omnaris works differently than many other allergy medications. omnaris fights nasal allergy symptoms that occur from allergic inflammation... relieve those symptoms with omnaris. side effects may include headache, nosebleed and sore throat. her nose is at ease. we have lift off. (general) remember omnaris! ask yo
warren buffett called for penalties for ceos whose risky investments ran their companies in trouble. gas rose 6 cents in a week to 2.70 a gallon. and shutter island won the weekend box office again. i'm russ mitchell, cbs news. hey can i play with the toys ? sure, but let me get a little information first. for broccoli, say one. for toys, say two. toys ! the system can't process your response at this time. what ? please call back between 8 and 5 central standard time. he's in control. goodbye....
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Mar 27, 2010
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moyers: when you were here in 2007, three years ago, before the big crash, we talked about what warren buffett would ultimately call financial weapons of mass destruction. credit default swaps, other complex derivatives. what's been done to disarm those threats? >> nothing. very little. as you know, credit default swaps were central to the failure of a.i.g., central to the now $180 billion taxpayer backstop of that insurance company. this was a company that essentially sold insurance policies to banks that if mortgages, mortgage securities failed, they would have to pay. a.i.g. received premiums from those banks, very small premiums. and were essentially betting that the mortgages would not fail. well, that was the wrong bet to make, as we now know. and then the taxpayer had to step in and unwind all of those very complex transactions. you would think that after that incident-- and who knows where we're going to end up with a.i.g.-- what the total bill will be for the taxpayer. you would think that people might want to say, "hey, wait a minute, let's make it... let's make sure that that doesn'
moyers: when you were here in 2007, three years ago, before the big crash, we talked about what warren buffett would ultimately call financial weapons of mass destruction. credit default swaps, other complex derivatives. what's been done to disarm those threats? >> nothing. very little. as you know, credit default swaps were central to the failure of a.i.g., central to the now $180 billion taxpayer backstop of that insurance company. this was a company that essentially sold insurance...
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Mar 21, 2010
03/10
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warren buffett is worried about derivatives, weapons of mass destruction one. i talked to them about why this. bill groce is the bond king in california and he said that derivatives are well-to-do. i could do with the my investors saw mommy to do so much of it and is true of what are wary of credit defaults swaps uranus derivatives investments and eventually helped lead to the downfall of aig so as a reason potentially to be wary of them. john paulson threw himself into learning about them and the ins and outs and paolo as well. the thing about credit defaults what is the cost money. they are like an insurance contracts and labor chief of 2005 they were dirty. and yet no one else was behind them very much. john paulson came from this other world, he has made worries about housing and paolo tells him about this and he says wait a second, my downside is 7% and my upside is hundreds of persons a year, that's how the work of the train. why isn't everybody doing this training? i kept asking and unfortunately the reason is -- caring. it is sort of complicated but bas
warren buffett is worried about derivatives, weapons of mass destruction one. i talked to them about why this. bill groce is the bond king in california and he said that derivatives are well-to-do. i could do with the my investors saw mommy to do so much of it and is true of what are wary of credit defaults swaps uranus derivatives investments and eventually helped lead to the downfall of aig so as a reason potentially to be wary of them. john paulson threw himself into learning about them and...
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Mar 27, 2010
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it goes to burlington northern railroad which warren buffett just bought the rest of, shipping thosegoods throughout the country. it does not go in that direction. it's not even clear inside where things are actually made even though they always get to scratch one company or another because it she makes a washing machine and a plant in northern china with polymers and plastics other than initially made in malaysia and circuit boards that are produced in taiwan and some cloth that was sourced from cambodia with initially having been grown in texas that then gets assembled partly in a plant in southern china and then gets shipped to a plant in northern china via hong kong within the council's export to hong kong and a hong kong export to china and then it gets sent to the united states, where was that they made? by a company who shares trade on the new york stock exchange or if it's a blackberry phone and you have the same thing, it is sent to the united states for a company that's incorporated in canada who shares trade on the new york stock exchange. national trade statistics to a ba
it goes to burlington northern railroad which warren buffett just bought the rest of, shipping thosegoods throughout the country. it does not go in that direction. it's not even clear inside where things are actually made even though they always get to scratch one company or another because it she makes a washing machine and a plant in northern china with polymers and plastics other than initially made in malaysia and circuit boards that are produced in taiwan and some cloth that was sourced...
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Mar 24, 2010
03/10
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as melissa said, if you're warren buffett you can spend it.ut these guys can't go spend a billion dollars, or even time warner could if they wanted to, but these guys can't do that. so you say you reach a point, and the final point was the poison pill they put out, which is completely disingenuous. they wasted the money of the company. the question that was asked, and rightly so, is if you believe that six bucks is such a terrible bid, then i won't get it, then nobody will tend it to me. why do you have to spend all the money and all the time and all the waste to now have a vote to approve a poison pill? and even if you do -- and they don't even let me vote in that. so the vote is rigged to begin with. and why are you doing it? if you honestly believe that 6 bucks is undervaluing it, nobody will tender. so the whole thing is an absurdity. and then you look at this company, for the last -- i mean, it's going down a toboggan slide. they lost $133 million for the fiscal year in 331. then they lost 131 million. then they -- >> carl, we got the fin
as melissa said, if you're warren buffett you can spend it.ut these guys can't go spend a billion dollars, or even time warner could if they wanted to, but these guys can't do that. so you say you reach a point, and the final point was the poison pill they put out, which is completely disingenuous. they wasted the money of the company. the question that was asked, and rightly so, is if you believe that six bucks is such a terrible bid, then i won't get it, then nobody will tend it to me. why do...
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Mar 24, 2010
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people have more confidence warren buffett will pay them back than the united states.t's a pretty serious sign when the united states is supposed to be the best creditor in the world. and yet what this bill does at its core on fiscal policy is to radically expand the size of government, and we all know it won't be paid for, and so we all know that it will significantly, probably radically expand the debt that our children are going to bear. we are inevitably not going to pass on to our children a healthier country fiscally, we're going to pass on to our children a sicker country fiscally. and are we going to get better health care for it? i seriously doubt it. i think we're hale from dr. barrasso about how he sees this affecting -- we'll hear from dr. barrasso about how he sees this affecting our health care and others who have expertise in this area. because when you have these government programs which essentially amount to quite eye nationalization of different areas of our economy, you end up with less quality. it's unhairnt in havin un-- inhe government run thing.
people have more confidence warren buffett will pay them back than the united states.t's a pretty serious sign when the united states is supposed to be the best creditor in the world. and yet what this bill does at its core on fiscal policy is to radically expand the size of government, and we all know it won't be paid for, and so we all know that it will significantly, probably radically expand the debt that our children are going to bear. we are inevitably not going to pass on to our children...
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Mar 6, 2010
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and those in the new technologies, you heard of a company that warren buffett invested in, the largest foreign investor of the electric car. they will introduce the electric car, a hybrid initially, into this country this year. that is a new technology. the head of that company said something very interesting. he said we can't possibly compete with ford and a lot of the big western companies who have had 100 years of experience with gasoline driven cars. however, with the electric car we are all at the same starting point. is not only the electric car. they are looking at robotics and biotechnology and telecommunications and nanotechnology, all of the new technologies where everyone is at the same starting point. they won't complete with this experience. very smart. it will be maybe 20 or 25 years before china catches up with the u.s. if it ever does, in many areas china is going to xl. something else you must know. and that is that today -- this seems to be -- you probably kno it, many of you but it surprises everybody else. china's economy is now 70% private. seventy% private. priva
and those in the new technologies, you heard of a company that warren buffett invested in, the largest foreign investor of the electric car. they will introduce the electric car, a hybrid initially, into this country this year. that is a new technology. the head of that company said something very interesting. he said we can't possibly compete with ford and a lot of the big western companies who have had 100 years of experience with gasoline driven cars. however, with the electric car we are...
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Mar 24, 2010
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people have more confidence that warren buffett will pay back in the united states. that is it pretty serious sign. yet what this bill does at its core on fiscal policy is to radically expand the size of government and we all know it won't be paid for, so we all know it will significantly, probably radically expand the debt our children are going to bear. we are inevitably not going to pass on to her children a healthier country physic-- fiscally. we are going to pass on to her children a sicker country fiscally. are we going to get better for it? i think i seriously doubt it. .. essentially amount to quite eye nationalization of different areas of our economy, you end up with less quality. it's unhairnt in havin un-- inhe government run thing. so the first amendment we're going to offer here today is to try to straighten out this incredible inequity that we should paying on for these new -- that we would be paying for these new entitlements, these uninsured americans and for people on medicare, with senior citizens' dollars by cutting the medicare program by over a
people have more confidence that warren buffett will pay back in the united states. that is it pretty serious sign. yet what this bill does at its core on fiscal policy is to radically expand the size of government and we all know it won't be paid for, so we all know it will significantly, probably radically expand the debt our children are going to bear. we are inevitably not going to pass on to her children a healthier country physic-- fiscally. we are going to pass on to her children a...
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Mar 2, 2010
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. >> reporter: warren buffett said none of the healthcare proposals do enough to reduce healthcare costt were up to him, he would start over from scratch. the president says he won't do that. and whatever passes congress won't be mr. obama's last word on healthcare. >>> coming up of the jury prepares to decide the fate of three defendants in starving a baby. >>> st. ambrose church as well as the school is a beacon of light in the park lights community and that would be a sad day when that happens, if that happens. >> plus parents, students and teachers are on edge. the chance that many of baltimore's a bunch of holes in it. kraft singles - the american cheese. >>> investors cheered a $35 billion sell by aig. the nasdaq gained 35 points and the s&p 500 rose 35 points. aig is shedding the asian insurance unit aia. they are selling to prudential plc. the price tag $35 billion in cash and stock. aig says about half of the proceeds will be used to pay some the bail out funds. the federal reserve fund chairman plans to retire. 67 years old cohen's played a big role to overseeing the financial
. >> reporter: warren buffett said none of the healthcare proposals do enough to reduce healthcare costt were up to him, he would start over from scratch. the president says he won't do that. and whatever passes congress won't be mr. obama's last word on healthcare. >>> coming up of the jury prepares to decide the fate of three defendants in starving a baby. >>> st. ambrose church as well as the school is a beacon of light in the park lights community and that would be a...
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Mar 9, 2010
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warren buffett calls this bill -- it will suck the life and energy out of our economy. host: days onve, good morning. caller: one of the things i would say about those statistics -- depending on how you ask that question, people want affordable health care. we know that the health care system is too much for good insurance. it will bankrupt the country. we are twice as much as every other country. one of the things that is flawed with those surveys is that many people are walking around with health care policies that they're happy with because they have not had to use them. when they get the night, which happens all the time -- i think the california stated that 30% get denied. there's a lot of misinformation. they should be able to do both. the biggest reason health care is not done is because of the influence of the insurance companies. they are doing everything to stop this. my message to the democrats is that this needs to be the best plan available. as it currently stands, it will get slaughtered at the polls. let's not be afraid to do the public option and move on
warren buffett calls this bill -- it will suck the life and energy out of our economy. host: days onve, good morning. caller: one of the things i would say about those statistics -- depending on how you ask that question, people want affordable health care. we know that the health care system is too much for good insurance. it will bankrupt the country. we are twice as much as every other country. one of the things that is flawed with those surveys is that many people are walking around with...
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Mar 26, 2010
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are going to be some of the areas that are going to be battlegrounds and the largest point that warren buffette is why not come out and deal with cost first and deal with that in an effective way before you try to expand access. >> great things are hard to do. you look at the great society and i guess people look fondly on that. you wonder is it possible some day to have the biggest thing ever done in 100 years totally not bipartisan and get your own guys in line you had to do these sleazy backroom deals, can it turn out to be a great, wonderful society done in this way? >> obviously the interpretation of what's taudry in washington and what you do -- >> business as usual. >> it's done on both sides of the aisle. the important question is whether process will trump policy here and whether the process is substance in this regard and certainly americans are not happy with the way washington has been working. will that be something that remains front and center even when consumer benefits are realized in this bill. again, i think health care reform is something that will be evaluated over time. i
are going to be some of the areas that are going to be battlegrounds and the largest point that warren buffette is why not come out and deal with cost first and deal with that in an effective way before you try to expand access. >> great things are hard to do. you look at the great society and i guess people look fondly on that. you wonder is it possible some day to have the biggest thing ever done in 100 years totally not bipartisan and get your own guys in line you had to do these...
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Mar 6, 2010
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warren buffett has a great quote. when the tide goes out, you see who has been swimming naked. found out. çw3we are going to close them,ç moving forward. ççlet me throw this open to ay questions and comments. ççi would be glad to respond. >> [inaudible] right now, the disaster policy [inaudible] xdthe time. qxdçv:is just too long. it is keeping us fromç getting people houses while credit deteriorates. >> this is a taxation issue. >> this is the fha rules. we need a disaster policy. it eliminated the flip rule. it allows us to get the housing stock back on the market. >> gail lester, who was the council at high debt, is now part of the housing service for the committee. give that to gail and she will take it back to look at it. we will talk to the fha about it. yes, sir. go ahead. >> [inaudible] you made mention that second loans are a big issue. what efforts are you making to deal with investors? >> we were worried about the investors. we now believe that the investors -- we have servicers, investors. we were looking at them. we now believe many of the investors are read
warren buffett has a great quote. when the tide goes out, you see who has been swimming naked. found out. çw3we are going to close them,ç moving forward. ççlet me throw this open to ay questions and comments. ççi would be glad to respond. >> [inaudible] right now, the disaster policy [inaudible] xdthe time. qxdçv:is just too long. it is keeping us fromç getting people houses while credit deteriorates. >> this is a taxation issue. >> this is the fha rules. we...
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Mar 3, 2010
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speaker, as most people know warren buffett was an early advisor to president obama. just this week buffet said the president should scrap the health care bill and start over. he noted the american people are not behind this bill. he said the goal is to lower costs. i completely agree with mr. buffet. the american people don't want a trillion dollar government takeover of health care. also people don't want to raise taxes, cut medicare, and give aways to washington special interests. we need to reduce costs by taking a few simple steps. one, medical malpractice reform. two, increase competition. three, sell insurance across state line. four, expand health savings account. that's a prescription the american people will support. the speaker pro tempore: for what purpose does the the gentlewoman from california rise? >> unanimous consent to address the house for one minute. the speaker pro tempore: without objection, so ordered. >> thank you, mr. speaker. my mother, nancy, was born in 1915 in fresno, california. the same year the ottoman empire began its systematic killi
speaker, as most people know warren buffett was an early advisor to president obama. just this week buffet said the president should scrap the health care bill and start over. he noted the american people are not behind this bill. he said the goal is to lower costs. i completely agree with mr. buffet. the american people don't want a trillion dollar government takeover of health care. also people don't want to raise taxes, cut medicare, and give aways to washington special interests. we need to...
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Mar 5, 2010
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last week, i was struck by the comment of warren buffett who said it best, insurance itself is not the problem. insurance is not the reason health care as a percentage of gdp. we do things that do not need to be done like paying for procedures and not paying for results. we really want a system [inaudible] i want to close by thanking the commissioner for working with us in making sure that we are compliant with all laws and regulations and having a firm hand when we are not doing things we should be doing. i want to applaud the secretary for this collaborative process. i think this is what we need more of. everybody at the table working together to really do what we can to make certain that the rate increases slow down which means the costs of care must come down. >> thank you. burble pause for a minute and let the press and exit. -- we will pause for a moment and let the press and exit. >> we just completed a meeting with five ceo's of the largest health insurance companies in america. the meeting was focused on what is happening with the kind of jobs -- jaw dropping rate increases th
last week, i was struck by the comment of warren buffett who said it best, insurance itself is not the problem. insurance is not the reason health care as a percentage of gdp. we do things that do not need to be done like paying for procedures and not paying for results. we really want a system [inaudible] i want to close by thanking the commissioner for working with us in making sure that we are compliant with all laws and regulations and having a firm hand when we are not doing things we...
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Mar 4, 2010
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i'm not sure warren -- unless you're warren buffett or bill gates, you're one illness away from financial ruin in this country. that's what this report said. private insurance offers very little protection against medical bankruptcy and that's the major finding of the study. over all 3rk/4 of the people with medically related bankruptcy had health insurance. let me tell you that again. some people you know, sometimes in our country, you know, this is the most generous, giving country, there are a lot of people with the best of intentions, but all americans know not everybody is like that. for some who think, i don't care about people, i only care about myself and my family, well if those people don't have insurance, that's their problem. probably something they did to deserve that. shocking as it is, there are a lot of people who think like that and the fact is, is that the statistic of these people going into bankruptcy because of medical debt is talking about folk whors middle class vand jobs. this is a shocking statistic. 3/4 of the people with medically related bankruptcy had health i
i'm not sure warren -- unless you're warren buffett or bill gates, you're one illness away from financial ruin in this country. that's what this report said. private insurance offers very little protection against medical bankruptcy and that's the major finding of the study. over all 3rk/4 of the people with medically related bankruptcy had health insurance. let me tell you that again. some people you know, sometimes in our country, you know, this is the most generous, giving country, there are...
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it is also what warren buffett said on monday. they should get rid of this nonsense and focus on the cost of care. the president talks about coverage, which does not equal care, and we can get into that. health savings account makes people more responsible for their own money. host: the counter argument is proposed in "the atlantic." and the argument comes from the brookings institution. he writes -- guest: he is right when he says this is not the silver bullet. it is a combination of a number of things. having patients involved in wellness is good. people in wyoming can go to get a blood test it, cholesterol, diabetes, it is all aimed at helping people stay more healthy and keeping down the cost of their care. in wyoming, the state government will pay for that for state employees. medicaid will pay for that four people in medicaid. medicare will not. they have done a terrible done with prevention and promotion. i was shocked to see that medicare will not pay for a blood test because they call it a screening. if someone says that
it is also what warren buffett said on monday. they should get rid of this nonsense and focus on the cost of care. the president talks about coverage, which does not equal care, and we can get into that. health savings account makes people more responsible for their own money. host: the counter argument is proposed in "the atlantic." and the argument comes from the brookings institution. he writes -- guest: he is right when he says this is not the silver bullet. it is a combination of...
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but the cost is what is affecting us and that's why warren buffett just on monday has said we need toeed to take 2,000 pages of the nonsense out of the bill, focused on getting the costs under control. and so many of the ideas that the republicans have brought forth are focused specifically on that. so i would ask my colleague from florida, are there things you have heard from the people in your state that you might want to add to this discussion right now? >> well, i appreciate my colleague dr. barrasso for referring that question to me and certainly the people of florida are concerned about this bill. they want their costs to go down. they thought that the whole reason why we were doing this healthcare bill was to address the skyrocketing cost of healthcare. of 130% on average over the past 10 years. but what we find out with this bill is not only does it lower the cost of health insurance for americans, some americans are going to have to pay more. so why would we undertake this huge enterprise of creating a trillion dollar new program, multitrillion over time, a program that cuts
but the cost is what is affecting us and that's why warren buffett just on monday has said we need toeed to take 2,000 pages of the nonsense out of the bill, focused on getting the costs under control. and so many of the ideas that the republicans have brought forth are focused specifically on that. so i would ask my colleague from florida, are there things you have heard from the people in your state that you might want to add to this discussion right now? >> well, i appreciate my...
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i think last week i was struck by the comment of warren buffett. he said it best. insurance is helping the problem. insurance is not the reason health care is so big a share of gdp. we do things that do not need to be done in paying for procedures instead of results. we need to apply the best judgment and the best quality care for all our citizens. i want to follow by thanking the commissioners for working with us. they all make certain we are complying with all state laws, all state regulations. they should tell us when we are not doing things we should be doing. through this elaborate process, i think what we need more of is everybody at the table, collaborating and working together to make certain that the rate increases slow down, which means the cost of care must go down. thank you. >> thank you very much, ron. i think we will pause for a minute. we will let the press exit. >> thanks, guys. >> i wanted to come and report that i just completed a meeting with five ceos of the largest health insurance companies in america. the meeting was really focused on what i
i think last week i was struck by the comment of warren buffett. he said it best. insurance is helping the problem. insurance is not the reason health care is so big a share of gdp. we do things that do not need to be done in paying for procedures instead of results. we need to apply the best judgment and the best quality care for all our citizens. i want to follow by thanking the commissioners for working with us. they all make certain we are complying with all state laws, all state...
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which is why warren buffett, when he looked at this whole piece of legislation, he said, it's time to eliminate about 2,000 pages of the nonsense and just focus on cutting costs. in my opinion, having looked at this and visiting with other physicians and hospital administrators, it looks to me that with the president -- the bill that the president signed into law today, which cuts medicare by $500 billion, not to save medicare but to start a whole new government program, which raises taxes by another $500 billion on american families, i believe that this bill's still loaded with sweetheart deals, is going to cause people to see that their own insurance premiums are going to go up, their taxes are going to go up and they're going to find out that the quality of their medical care is going to go down.we saw it in massachusetts, where with the result of this program, the -- a program very similar, it's now the most expensive state in the country for health insurance. it is breaking the budget of the state, and people have to wait 42 days to get a physician. but yet the president says we'
which is why warren buffett, when he looked at this whole piece of legislation, he said, it's time to eliminate about 2,000 pages of the nonsense and just focus on cutting costs. in my opinion, having looked at this and visiting with other physicians and hospital administrators, it looks to me that with the president -- the bill that the president signed into law today, which cuts medicare by $500 billion, not to save medicare but to start a whole new government program, which raises taxes by...
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warren buffett has a great quote. when the tide goes out, you see who has been swimming naked.is what we found out. we are going to close them, moving forward. let me throw this open to any questions and comments. i would be glad to respond. >> [inaudible] right now, the disaster policy [inaudible] the time. is just too long. it is keeping us from getting people houses while credit deteriorates. >> this is a taxation issue. >> this is the fha rules. we need a disaster policy. it eliminated the flip rule. it allows us to get the housing stock back on the market. >> gail lester, who was the council at high debt, is now part of the housing service for the committee. give that to gail and she will take it back to look at it. we will talk to the fha about it. yes, sir. go ahead. >> [inaudible] you made mention that second loans are a big issue. what efforts are you making to deal with investors? >> we were worried about the investors. we now believe that the investors -- we have servicers, investors. we were looking at them. we now believe many of the investors are ready to accept t
warren buffett has a great quote. when the tide goes out, you see who has been swimming naked.is what we found out. we are going to close them, moving forward. let me throw this open to any questions and comments. i would be glad to respond. >> [inaudible] right now, the disaster policy [inaudible] the time. is just too long. it is keeping us from getting people houses while credit deteriorates. >> this is a taxation issue. >> this is the fha rules. we need a disaster policy....
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warren buffett has a great quote. when the tide goes out, you see who has been swimming naked. that is what we found out. we are going to close them, moving forward. let me throw this open to any questions and comments. i would be glad to respond. >> [inaudible] right now, the disaster policy [inaudible] the time. is just too long. it is keeping us from getting people houses while credit deteriorates. >> this is a taxation issue. >> this is the fha rules. we need a disaster policy. it eliminated the flip rule. it allows us to get the housing stock back on the market. >> gail lester, who was the council at high debt, is now part of the housing service for the committee. give that to gail and she will take it back to look at it. we will talk to the fha about it. yes, sir. go ahead. >> [inaudible] you made mention that second loans are a big issue. what efforts are you making to deal with investors? >> we were worried about the investors. we now believe that the investors -- we have servicers, investors. we were looking at them. we now believe many of the investors are ready to ac
warren buffett has a great quote. when the tide goes out, you see who has been swimming naked. that is what we found out. we are going to close them, moving forward. let me throw this open to any questions and comments. i would be glad to respond. >> [inaudible] right now, the disaster policy [inaudible] the time. is just too long. it is keeping us from getting people houses while credit deteriorates. >> this is a taxation issue. >> this is the fha rules. we need a disaster...
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i hope that we will heed the words of warren buffett, which basically is that he and the american people want us to start over. and they certainly don't want to have legislation enacted by a bayer majority. and, again -- bare majority. and again, i want to remind my colleagues, every major legislation enacted by this body, whether it be medicare or other major reforms, it has always been done with an overwhelming bipartisan support. so it's not too late. let's go back to the beginning. let's start over. we've identified areas that we can work together on and certainly we ject this idea -- reject this idea of 51 votes. i think it poses great danger to the future of this institution that all of us who have the privilege of serving here love so well. mr. president, i yield the floor. a senator: mr. president? the presiding officer: the senator from vermont. mr. sanders: mr. president, i ask unanimous consent that my amendment, which is pending, number 353, -- 3353 be modified with the changes at the desk. the presiding officer: is there objection? without objection, the amendment is so modi
i hope that we will heed the words of warren buffett, which basically is that he and the american people want us to start over. and they certainly don't want to have legislation enacted by a bayer majority. and, again -- bare majority. and again, i want to remind my colleagues, every major legislation enacted by this body, whether it be medicare or other major reforms, it has always been done with an overwhelming bipartisan support. so it's not too late. let's go back to the beginning. let's...