Wednesday, December 1, 2010

Dear Uncle Sam Sucker

Warren Buffett wrote a letter thanking Uncle Sam for saving America (and Warren) from financial disaster:

... all of corporate America’s dominoes were lined up, ready to topple at lightning speed. My own company, Berkshire Hathaway, might have been the last to fall, ...
... So, again, Uncle Sam, thanks to you and your aides. ... you came through — and the world would look far different now if you had not.  Your grateful nephew, Warren
Today, Peter Foster responded to "Dear Uncle Warren":
... if you were to follow the collapsed dominoes back to the person who pushed the first one, wouldn’t it be Uncle Sam?

... I liked the Cinderella reference. It fitted nicely with your economic fairy-tale theme, but, again, the question is: Who unleashed that destructive force?

... How much courage does it take to dispatch hundreds of billions of other peoples’ dollars? And isn’t it a bit embarrassing that all this “courage” saved your own investment bacon when it came to Goldman Sachs and Moody’s?

Your skeptical Canadian nephew, Peter
And here's a much more caustic revision - "Dear Uncle Sam Sucker":

I was about to send you a thank you note for bailing out the economy . . . but then some nice men dressed in Ninja outfits came in and shot me full of truth serum.

... I suddenly recalled who it was who allowed the banks to run wild in the first place: You.

... Before I get to the bailouts, I have to remind you: ... [the litany of government flops]
... You were the grand enabler of the finance sector’s misbehavior. Hence, you helped create the mess
... I would be remiss if I failed to mention my personal positions in this: I made a killing in Goldman Sachs and GE. My investments in Wells Fargo would have been a disaster if not for you. Don’t even get me started with me being the largest shareholder in Moody’s – that was some clusterf#*k.
... So I must say thanks to you, Uncle Sam, and your aides. In this extraordinary emergency, you came through for me — and my world looks far different than if you had not.  Your grateful but wide-eyed nephew, Warren

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