I could end the deficit in 5 minutes. You just pass a law that says that anytime there is a deficit of more than 3% of GDP all sitting members of congress are ineligible for reelection.
Interpretation
The quote suggests that a simple law could address the issue of national debt by holding lawmakers accountable.
Warren Buffett's quote highlights the concept that if legislators faced immediate and serious consequences for financial mismanagement, specifically regarding budget deficits, they would be more likely to act responsibly and prioritize fiscal stability. By proposing a law that would prevent congress members from seeking reelection during times of significant budget deficits, Buffett emphasizes accountability and the need for effective governance as crucial steps toward rectifying economic issues.
In practice
This quote can be used in a political debate about financial responsibility in government.
I have no views as to where it will be, but the one thing I can tell you is it won't do anything between now and then except look at you. Whereas, you know, Coca-Cola (KO) will be making money, and I think Wells Fargo (WFC) will be making a lot of money and there will be a lot - and it's a lot - it's a lot better to have a goose that keeps laying eggs than a goose that just sits there and eats insurance and storage and a few things like that.
If the world couldn't see your results, would you rather be thought of as the world's greatest investor but in reality have the world's worst record? Or be thought of as the world's worst investor when you were actually the best?
Cash never makes us happy, but it's better to have the money burning a hole in Berkshire's pocket than resting comfortably in someone else's.
I think you should read everything you can. In my case, by the age of 10, I'd read every book in the Omaha public library about investing, some twice. _x000D_ You need to fill your mind with various competing thoughts and decide which make sense.
The most common cause of low prices is pessimism - some times pervasive, some times specific to a company or industry. We want to do business in such an environment, not because we like pessimism but because we like the prices it produces. It's optimism that is the enemy of the rational buyer.
One’s objective should be to get it right, get it quick, get it out and get it over. Your problem won’t improve with age.
One can't doubt that the American objective in Iraq has failed - different plans have to be made. And the kernel here is the acknowledgement of defeat.
We need more of the Office Desk and less of the Show Window in politics. Let men in office substitute the midnight oil for the limelight.
I believe that Brazil was prepared to elect a woman. Why? Because Brazilian women achieved that. I didn't come here by myself, by my own merits. We are a majority here in this country.
There is no more independence in politics than there is in jail.
No one talks about the real ethics disaster in Washington. It's that many members of Congress will listen to any argument against a bill except for two: that it's not moral or that it's not Constitutional.
The biggest lesson I learned from Vietnam is not to trust [our own] government statements.
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