Many have oversimplified that Buffet didn’t understand dot.com’s, therefore he didn’t invest in them; and this is why he was able to have the last laugh once the floor caved in on the bubble. As he says: “Risk comes from not knowing what you’re doing.” My feeling is that Buffet knew exactly what dot.com’s were, he simply chose not to bite. In the irrational exuberance of market surges, Buffet, as stated above, knew these companies were not making a profit, therefore there was no true underlying value for most of them. Any great investor, or gambler, knows that the biggest wins usually come when you’re the 5% minority making the wager, and public opinion is going the other wa

This summer, the IRS rewarded Nicolas Cage for his “efforts” with a $6 million tax lien on his New Orleans’ properties for unpaid taxes. So the IRS, lead by tax cheat Timothy Geithner, is cracking down on Nicolas Cage for unpaid taxes. How ironic. Or perhaps, “how fitting” would be a better way to put it. After all, I think Tim Geithner, our spend-happy congress, the Federal Reserve, George Bush and Barack Obama can give Nicolas Cage a run for his money (what little is left of it) when it comes to irresponsible spending. Honestly, look at what our government has been doing:

Like the title says:

Breaking News: According to the Onion News Network the U.S. government has faked a coup in order to renege on our debts. It apparently beat out our other options like pretending to be Canada or burning the country down to collect the insurance.

David Walker, the former comptroller general of the GAO, has said the United States is on pace for bankruptcy. Fiscally speaking, things look really bad. So what should we do? Well, real estate developer Aaron Bistons has an idea and a petition to back it up. Sell Alaska!

The public debt soared to $1.27 trillion in July, for fiscal year 2009. The current ceiling for the total public debt is set at $12.1 trillion, a figure the Treasury projects will be eclipsed by mid-October. This has Treasury Secretary Tim Geithner urging Congress to raise the debt ceiling, and raise it fast.

Economically, destroying perfectly drivable cars which have value, particularly during a recession, makes little sense. The United States is a country where jobs continue to be shed, real incomes have been on a downward slide since late 2006, people are in debt up to their eyeballs and savings rates leave much to be desired. Asking people to consume and take on more debt makes little sense. That is, until one remembers the economy is based on 70% consumption. Then, it makes perfect sense.

Some new projections put unfunded liabilities at over $100 trillion dollars! Regardless of whether we get out of this current financial crisis and regardless of whether the massive amount of money being created in by the Federal Reserve doesn’t cause massive inflation, the United States will still have to deal with enormous fiscal deficits. It’s a problem we simply cannot ignore.

Ron Paul discusses Cash for Clunkers; possibly the dumbest program I’ve ever heard of.

If one group of economic actors can do something, why can’t another? If banks can create money out of thin air to lend, why can’t borrowers create money out of thin air with which to pay back said debts?