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Planetary Rescue Operations [Filtered & blocked by Google!]

Posts Tagged ‘Warren Buffett’

More Quotes on Financial Markets Meltdown

Posted by feww on September 25, 2008

submitted by a reader

What People Say about Rewarding WS Thieves

Mr Warren Buffett:
The rescue plan is “absolutely necessary” to avoid an “economic Pearl Harbor.” [Which version of the Pearl Harbor account do you believe in, Mr B?]

Mr George Soros:
“Now that the crisis has been unleashed a large-scale rescue package is probably indispensable to bring it under control. Rebuilding the depleted balance sheets of the banking system is the right way to go. Not every bank deserves to be saved, but the experts at the Federal Reserve, with proper supervision, can be counted on to make the right judgments.” [And no, it wasn’t their “proper supervision” that got them into this mess in the first place?]

US Federal Reserve Thief [Chief?] Ben Bernanke:
“Act quickly!”  Support the proposed $700bn bailout of the financial markets, or risked “serious consequences.” [Would you still keep your job, if that happened?]

President [sic] GW Bush:
“Given the situation we’re facing, not passing a bill now will cost these Americans much more later.” [What’s this got to do with passing?]

Henry Paulson, Treasury Secretary
Mr Paulson told the House Financial Services Committee that the bailout was about “benefiting the American people, because today’s fragile financial system puts their economic well-being at risk.” [Could you say that again, this time meaningfully?]

Sens.  McCain and Obama:
“This is a time to rise above politics for the good of the country,” [and sit down again?]

The brown biscuit went to Jack Welch, of course!

Jack Welch, Former General Electric Co Chairman and CEO:

Making the “deep downturn” sound inevitable and scaring the hell out of the business world by saying the first quarter of 2009 will be “brutal,” unless of course the proposed $700 billion government rescue package for Wall Street was approved, Welch said:

“I am now caving … Get ready for real tough times. They’re coming.”

Welch praised Henry Paulson, Ben Bernanke and New York Fed President Timothy Geithner, for what they had so far achieved, no doubt, and even called them “brilliant public servants” who have “not let ideology get in the way of taking action.” [Wow! Moderators were left speechless with emotion, tears gathering in their eyes!]

“Thank God we have Bernanke, Paulson and Geithner,” Welch said. “We have to act.” [Who is “we?” Why must “we” act if we have “brilliant public servants” like “thank-god-Bernanke” and his clique?]

Then, as if to strengthen his point, the utter nonsense he was spewing out at the World Business Forum in New York on Wednesday, begging credibility by pretending to be one of “us,” he said:

“We have to look at the damn investment bankers… They’re playing with other people’s money. The only penalty was a cut in their bonus, not their head.” [What about the CEOs, former and present, Mr Welch, should they be awarded compulsory haircuts, too?]

MSRB Moderators:

  1. Steal my money once, shame on you, you’re a thief protected by the Federal Government!
  2. Steal my money twice, shame on me, I’m a FOOL who doesn’t deserve any money!
  3. Steal my money again? Just take it, but don’t scare me with the market meltdown ruse!

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Posted in fool me once, fool me twice, Jack Welch, Mccain, Obama | Tagged: , , , , | 1 Comment »

The Billionaires’ contribution to CO2 pollution

Posted by msrb on August 23, 2008

Submitted by a CASF Member:

What’s the richest people’s contribution to carbon dioxide pollution?

Previously, EDRO calculated the amount of carbon dioxide emission for each dollar of GDP in 2007 both globally and nationally for China and the US. But, how much do the world richest people [or largest corporations¹] contribute to the global CO2 pollution?

One way to compute the figure is by calculating the global average per capita CO2 emissions in relation to the world average per capita wealth.

McKinsey Global Institute in Mapping Global Capital Markets, published January 2008, reported: “The total value of the world’s financial assets—including equities, private and government debt securities, and bank deposits—grew faster in 2006 than the historical average rate, climbing by 17 percent [from $142trillion in 2005] to reach $167 trillion.”

The growth for 2007 was comparable, possibly up by about 20 trillion to a new total of $187 trillion. Base on the above figures, the global average per capita wealth for 2007 is calculated as follow:

$187,000 billion [total value of the world’s financial assets] ÷ 6,612,040,000 [world population in 2007] = $28,282 [global average per capita wealth in 2007]

[The above income figure is an abstraction, of course. In actual terms, about 4.73 billion (71.6%) of world population fell in the low and lower middle income categories in 2007, according to the World Bank.]

The total anthropogenic (caused by human activity) CO2 emissions in 2007 was previously calculated by FEWW at 38,058.66 MMT. The global average per capita anthropogenic CO2 emissions for 2007 is calculated as

38,058.66 MMT [The global anthropogenic CO2 emissions for 2007] ÷ 6,612,040,000 [world population in 2007] = 5.76 tons [anthropogenic CO2 production per head]

How much CO2 Pollution does a billionaire produce?

Take Warren Buffett, the world’s riches man, for example. His assets were valued at $62 billion dollars in the 2007/2008 financial period. Compared with the “average person” in the world, Mr. Buffett had 2,192,227 times more assets.

$62 billion [Mr. Buffett’s assets] ÷ $28,282 [global average per capita wealth in 2007] = 2,192,227 [Ratio of Mr Buffett’s wealth to the global average per capita wealth]

Therefore he produced 2,192,227 times more carbon dioxide than the average person in the world:

5.76 [tons of CO2 per head] x 2,192,227 [Ratio of Mr Buffett’s wealth to the global per capita wealth] = 12,618,000,000 kg [12.62 MMT of CO2 produced by Mr Buffett in 2007 – puts a new slant on “filthy rich”]

The world had 1,125 billionaires in the 2007/2008 financial year, with the total assets of about $4.38 trillion. They produced a total 891.43MMT of CO2 in 2007.

The above figure is also an abstraction. In reality, however, the world’s richest people are responsible for the bulk of CO2 pollution because as Praetorian Guards of the exponential growth economy they disallow and suppress any change to a sustainable system stifling all initiatives toward an eco-centered, low-carbon, “oikonomia²,” or economics for community.

Notes:

1. The global 2000 companies and therefore their shareholders accounted for $30 trillion in revenues, $2.4 trillion in profits, $119 trillion in assets and $39 trillion in market value in 2007. About 72 million people are employed by these companies. Source: Forbes.

2. Herman E. Daly and John B. Cobb, Jr. in for the common good define oikonomia as follows. “The Discipline of Economics as Chrematistics: Aristotle made a very important distinction between ‘oikonomia’ and ‘chrematistics.’ The former, of course, is the route from which our word ‘economics’ derives. Chrematistics is a word that these days is found mainly in unabridged dictionaries. It can be defined as a branch of political economy relating to the manipulation of property and wealth so as to maximize short-term monetary exchange value to the owner. Oikonomia, by contrast, is the management of the household so as to increase its use value to all members of the household over the long run. If we expand the scope of household to include the larger community of the land, of shared values, resources, biomes, institutions, language, and history, then we have a good definition of ‘economics for community.'”

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Posted in collapse, ecosystems, Energy, environment, Global Warming, government, money, politics, war | Tagged: , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , | 25 Comments »