Thursday, August 25, 2011

Peter Schiff : Warren Buffett does not know what he is doing

Peter Schiff : Warren Buffett has invested 5 billion dollars in BOA Bank of America a lot of people are going to read into this Oh this is great we should buy the financials Warren Buffett he knows what he is doing he is making this big bet , he does not know what he is doing , remember the last time he did a major investment in the financials he bought into Goldman Sachs he did that as the financials first start to go down way before the financial crisis before the bankruptcy of Lehman before the government had to bail everybody out with TARP and stimulus and so had the government not come to the rescue of the banks they would have gone bankrupt and Warren Buffett would have lost it all , now it turned out that Warren Buffett ended up profiting fro the stocks that he bought but only because of the government's bailouts so the fact that Warren Buffett would have put so much money into the financials just before the financial crisis really proves that really he did not have any clue about the severity of the problem in the banking sector and he got lucky that his friends in Washington bailed him out ....

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