(This guy’s arrogance is amazing): Bill Gates: We will have another financial crisis like the one in 2008—it's a 'certainty

Bill Gates: We will have another financial crisis like the one in 2008—it's a 'certainty
8:00 AM ET Wed, 7 March 2018

The 2008 financial crisis led to the Great Recession and millions of jobs lost. It took years for America to recover and many citizens still feel the ripple effects. According to Microsoft co-founder Bill Gates, though, we should be braced for another one.

During a Reddit "Ask Me Anything" last week, when Gates was asked if, in the near future, the U.S. will have another crisis similar to the one in 2008, he offered a blunt response: "Yes. It is hard to say when but this is a certainty."

He added, "Fortunately, we got through that one reasonably well. Warren has talked about this and he understands this area far better than I do."

Gates concluded his AMA response by saying, "Despite this prediction of bumps ahead, I am quite optimistic about how innovation and capitalism will improve the situation for humans everywhere."

*

"Don't watch the market closely," he advised those worried about their retirement savings at the time. "If they're trying to buy and sell stocks, and worry when they go down a little bit … and think they should maybe sell them when they go up, they're not going to have very good results."

https://www.cnbc.com/2018/03/06/bill-gates-it-is-a-certainty-we-will-hav...

What an article! As long as Bill, Warren, and the stock market aren’t affected by those dirty plebs freaking out about watching the 401k plans turn into nothing, things will be just fine. It doesn’t matter that the crash will come because of Wall Street corruption. It doesn’t matter that the so-called ‘Dodd Frank’ protections against Wall Street fraud and lies are being dismantled even as it becomes more obvious with every day that we need MORE protection from these blood-sucking cretins, the lowest of our low, those that get fatter and richer everytime we lose more and more of what little bit we have left. And the feeding frenzy is being enabled by not just the right, but here are the ‘Lefty’s’ pushing for deregulation:

Here are the 17 Democrats that voted against the motion to proceed:

Michael Bennet of Colorado
Tom Carper of Delaware
Chris Coons of Delaware
Joe Donnelly of Indiana
Maggie Hassan of New Hampshire
Heidi Heitkamp of North Dakota
Doug Jones of Alabama
Tim Kaine of Virginia
Angus King of Maine
Joe Manchin of West Virginia
Claire McCaskill of Missouri
Bill Nelson of Florida
Gary Peters of Michigan
Jeanne Shaheen of New Hampshire
Debbie Stabenow of Michigan
Jon Tester of Montana
Mark Warner of Virginia

Senators are looking to ease mortgage regulations on small and regional banks. The bipartisan group is also toying with the idea of easing liquidity reserve requirements for large banks, which were instituted after the Great Recession to ensure large lending institutions had enough capital on hand to help ease the burden of a financial crisis or episode.

https://www.google.com/amp/amp.dailycaller.com/2018/03/06/democrats-vote...

Yay! Makes you really want to run out and vote for these bastids, right?

The destroyer of the American educational system uses old Warren B. as ‘back up’ for his bullshit. The guy that brags he’s not leaving his kids a dime. Fucking old fraud. He’s doing better than that. He’s started a foundation in his kids names and donated his STOCKS for their funding as well as to Bill & Melinda’s family slush fund. So right there old Warren ensures no taxes on the ‘transfer’ of those stocks to the kiddie’s & B&M’s foundations. But here’s the big pay-off. There’s no taxes if and when the stocks gain in value or are sold!! So technically it’s true, he didn’t leave his money to his kids. He did ‘em even better. He left them CONTROL without future tax liability. Pretty sweet, huh? That’s old Warren for you. He started out a corporate raider just like Romney was. But Buffet had and has a much better PR team.

The things Gates and Buffett NEED from the dirty plebs is to invest your retirement funds, no matter how bad things get just hold on from corporate crime to crime, and whatever happens, SUPPORT WALL STREET!!

Because Warren says if you do:

Warren Buffett Shares the Secrets to Wealth in America
By WARREN BUFFETT January 4, 2018

I have good news. First, most American children are going to live far better than their parents did. Second, large gains in the living standards of Americans will continue for many generations to come.

*

In 1776, America set off to unleash human potential by combining market economics, the rule of law and equality of opportunity. This foundation was an act of genius that in only 241 years converted our original villages and prairies into $96 trillion of wealth.

The market system, however, has also left many people hopelessly behind, particularly as it has become ever more specialized. These devastating side effects can be ameliorated: a rich family takes care of all its children, not just those with talents valued by the marketplace.

In the years of growth that certainly lie ahead, I have no doubt that America can both deliver riches to many and a decent life to all. We must not settle for less.

http://time.com/5087360/warren-buffett-shares-the-secrets-to-wealth-in-a...

Notice that Buffett says everything hinges on the health of the stock market too. The main focus of his concern is the same as Gates. That’s the only plan they’ve got. Save them and they’ll something something something for the Great Unwashed. They’re not sure what, or at least they’re not saying, but JUST TRUST THEM! They’re the good bloodsuckers. Can’t you see them working in the soup kitchens and financing health care events for the homeless? Neither can i!

Oh, and as for old Warren. Maybe if the fucker paid his taxes a few of the benefits he has like food, shelter, healthcare, etc., just might ‘trickle down’ to the rabble.

Warren Buffett's Supersized Tax Deduction

According to his filing with the SEC, Buffett converted 14,000 class A shares to 21 million class B shares July 5 to complete the donation. Despite the gift, he is still worth over $59 billion. That is up from $53.5 billion in March, due to appreciating Berkshire Hathaway stock.

The bulk, 17,458,431 shares or about $2 billion, went to the Gates Foundation. The balance was split between the Susan Thompson Buffett Foundation, named for his late wife; and his children’s charities, the Howard G. Buffett Foundation, the Sherwood Foundation and the NoVo Foundation.

*

When someone donates stock, what is the tax effect? The donor gets a charitable contribution deduction based on the fair market value of what is given. Value and basis are different things and that means a big tax advantage.

Mr. Buffett donates at the market value of the shares but doesn’t have to pay income tax on his gain. That makes it far better than selling the stock, paying tax on the gain, and donating the cash. Giving appreciated property is the kind of wise tax planning you would expect from Mr. Buffett.

Donating appreciated stock is a much better tax move than selling it and donating the sales proceeds. By donating the stock, the gain the donor would experience on selling it is never taxed. The donee organization can hold or sell the stock. But since it is a tax-qualified charity, if it sells the stock it pays no tax regardless of how big the gain.

Like Mr. Buffett and Bill Gates, Mr. Zuckerberg wrote that he and his wife Priscilla have signed the Giving Pledge, committing to give away at least half of one’s fortune during his or her lifetime. Big donations yield big tax benefits.

https://www.forbes.com/sites/robertwood/2013/07/09/warren-buffetts-super...

And while these shits are creating ways to get out of paying their taxes, the the plebs sit fighting about RUSSIANS! and a crisis over one party (the Dims) outright rigging a presidential primary and the actual truth behind the fake Clinton Dossier.

But everything will be a-okay if we just support Wall Street!

EDIT: added time & date to Gates’ interview

up
30 users have voted.

Comments

Amanda Matthews's picture

up
5 users have voted.

I'm tired of this back-slapping "Isn't humanity neat?" bullshit. We're a virus with shoes, okay? That's all we are. - Bill Hicks

Politics is the entertainment branch of industry. - Frank Zappa

thanatokephaloides's picture

Here are the 17 Democrats that voted against the motion to proceed:

Michael Bennet of Colorado

$!#!!?!fuck@#!!shit!#?!!!11!!! Diablo

Yay! Makes you really want to run out and vote for these bastids, right?

I'm writing myself in for Senate next time.

My name is Sean McCullough. I'm completely disabled. But I'd do better by Colorado and her People than this!! So if you're from Colorado, write my name in too! Wink

up
21 users have voted.

"I say enough! If Israel wants to be the only superpower in the Middle East then they can put their own asses on the line and do it themselves. I want to continue to eat."
-- snoopydawg

Amanda Matthews's picture

@thanatokephaloides

write your name in. Trust me, you are FAR better than the ‘Dim’ reps we elect here. The last two were Repubbies who changed parties to get on the ticket. That would be Ben Nelson and Brad Ashford.

up
19 users have voted.

I'm tired of this back-slapping "Isn't humanity neat?" bullshit. We're a virus with shoes, okay? That's all we are. - Bill Hicks

Politics is the entertainment branch of industry. - Frank Zappa

@thanatokephaloides Get along gals weren't listed under the original 12. In the end, they didn't disappoint.

up
11 users have voted.
Azazello's picture

up
12 users have voted.
Big Al's picture

revolution (to include taking down neoliberal capitalism) or we can let them steal all the (created) wealth. I don't see a happy medium.

up
15 users have voted.
Eagles92's picture

@Big Al Will finally be the kick in the pants we all need?

up
11 users have voted.
zoebear's picture

@Eagles92

Maybe we'll get better this time around.

up
15 users have voted.

"World is a multi-dimensional reality. At lower levels, it is full with unconsciousness and competitiveness. At higher level, it is full of beauty, bliss and divinity. Focus on higher dimensions"
~Amit Ray

Big Al's picture

@Eagles92 it can be called Abolish Wall Street.

up
17 users have voted.
thanatokephaloides's picture

@Big Al

Maybe then instead of Occupy Wall Street, it can be called Abolish Wall Street.

And/or "Close the goddamned casino!"

Diablo

up
14 users have voted.

"I say enough! If Israel wants to be the only superpower in the Middle East then they can put their own asses on the line and do it themselves. I want to continue to eat."
-- snoopydawg

Eagles92's picture

@Big Al

up
7 users have voted.

I was lucky in 2008, I only lost about a third of my investments.Once the bloodletting stopped I took Mr. Gates' advice and devoted about a third of my income to replacing my losses, a strategy I was only able to do because I had no family or "vices". By 2013 I had regained about 80% of my losses. (then I was forced to retire, which, for reasons that are another story turned out to be a windfall)
The point is that people like Gates and Buffet can afford to lose a third of their wealth, take over 5 years to recover, and never notice the difference. I survived 2008 only - repeat only - by luck. If the conditions that forced me to retire had struck in 2009 I would have likely died homeless in 2011 at the latest. If I'd had a family we would have lost our home in 2010. As I have said before if the ACA had passed in 1993 I would have died homeless in 2002 after the 2000 recession.
BTW mr. Gates has a lot of tone deafness to say that people today can expect to be better off than their parents, since by every measure that is factually incorrect.

up
21 users have voted.

A PROUD Hillary hater since 1993

@doh1304

...BTW mr. Gates has a lot of tone deafness to say that people today can expect to be better off than their parents, since by every measure that is factually incorrect.

Maybe he was thinking of anyone who can still work being better off that their elderly parents who are supposed to be the first to experience the 'patriotic sacrifice' - to the essential ever-growing war machine, if the banksters/Wall St. don't get it first in the upcoming October-scheduled crash - of their Social Security, which they paid into through their working lives? With maybe Mr Gates himself making a bit more of those much-needed profits from this himself?

up
9 users have voted.

Psychopathy is not a political position, whether labeled 'conservatism', 'centrism' or 'left'.

A tin labeled 'coffee' may be a can of worms or pathology identified by a lack of empathy/willingness to harm others to achieve personal desires.

thanatokephaloides's picture

@doh1304

I was lucky in 2008, I only lost about a third of my investments.Once the bloodletting stopped I took Mr. Gates' advice and devoted about a third of my income to replacing my losses, a strategy I was only able to do because I had no family or "vices".

At any paycheck level I've ever had, such "vices" include clothing, food, shelter, and employer-acceptable transportation to and from work. Or, as you point out, a dependent family.

And that's to have any investments at all, much less recover from carnage such as stockholders suffered in 2008-9.

I am glad you made it out OK.

up
13 users have voted.

"I say enough! If Israel wants to be the only superpower in the Middle East then they can put their own asses on the line and do it themselves. I want to continue to eat."
-- snoopydawg

snoopydawg's picture

Especially when they work so damn hard to get the protection legislation overturned! Many people are of the opinion that banks deliberately set themselves up to crash for a number of reasons. Clear the books, dump bad stocks and after stocks loose so much of their value, but them at lower prices just so they can do it again one day in the future.

Anyone who still banks with the big ones should read this article. Congress made it possible for when the next crash comes they can keep our money because it's not ours after we deposit it in their banks. Obama signed it into law. This is what happened in Greece after the banks loaded it up with loans that they couldn't pay back. People went to get their money out of the banks and they could not. Older people who were living on their pensions were hurt badly by this as well as others.

If You Have Money in a US Bank Account Be Aware!

The Wall Street Reform and Consumer Protection Act of 2010 is better known as “The Dodd-Frank Act” to the American public. What the American public does not know about, is that it codifies a “bail-in” provision that ensures that the United States can conduct the type of bail-in that we saw in Cyprus.

The bank bailouts of 2008 and 2009 will now be history as Dodd-Frank authorizes the Federal Deposit Insurance Corp. to recapitalize failed financial institutions by confiscating customers’ deposits.

It claims to protect the American taxpayer by ending bailouts. That is done by implementing” bail-in” to stave off financial collapse, but is this constitutional?

The United States of America has been a free and sovereign nation, based upon a foundation of law. What underlies the founding laws of the nation is the issue of its “Right”. The right of the nation to govern itself and to govern in a way that upholds the right of each citizen to his or her life, is the most fundamental value in law.

Dodd-Frank, will deprive the citizens of the United States of those rights guaranteed to them under the Constitutional Law to their right to life. They will be deprived of their right to petition their government, they will be deprived materially and certainty that many will be deprived of their lives–by violence, poverty, starvation, extreme want, or suicide.

I'm thinking that this is very unconstitutional. But then, are we a nation of laws or of men? Maybe we should ask the constitutional law professor!

up
12 users have voted.

The Democratic Party under Bill Clinton transformed itself into the traditional Republican Party, and the Republican Party moved, was pushed, so far to the right it became insane

mimi's picture

@snoopydawg
does it mean they can refuse to pay out the money to you? What is then the solution? To buy gold and dig it somewhere in your garden? Put my dollar or euro bills in my matress? Grow your food supplies in your garden, which you can't afford to buy the land for to begin with to have a garden at all ?

I still need a real easy to understand article which explains the situation not using any of the words they do. Bail in and bail out and Bonds and quantitative easing, dumping this and buying that and all that stuff. I hate it so much I give up even trying to learn it.

The stockman video Azazello posted is too difficult for me to understand. But I really have to understand it. Who will help with that?

I hate to be manipulated, scared and uninformed, but to get the information I think I need, there is no way to be protected from the manipulation and fear the information provided en mass in itself.

Diablo

up
7 users have voted.

@snoopydawg @snoopydawg

If it's legal for cops to shake people down on the street and confiscate anything they want simply by announcing that it must be drug money, (new motto: to serve as a protection racket?) surely it must be legal for banks to seize the money forming a major purpose of community banks in keeping depositor's money safe?

This ought to get people clear of criminal banksters and into Credit Unions - assuming that they also are not allowed to do the same thing... and that the people have a credit union in their area... and don't have a mortgage that they can't transfer elsewhere...

So, how long are people going to stand for this, while their skin's being measured for lampshade coverings?

Edit: silly wabbit, laws are for Poors! Or rather, against Non-Billionaire Americans.

up
4 users have voted.

Psychopathy is not a political position, whether labeled 'conservatism', 'centrism' or 'left'.

A tin labeled 'coffee' may be a can of worms or pathology identified by a lack of empathy/willingness to harm others to achieve personal desires.

mimi's picture

most progressive candidate, who actually would work on the issues I care for, Schatz, Gabbard or Hirono.

I always see criticism against all of them. Who would you support in Hawaii?
Jimmy Dore talks tacheles with Kyle Kulinski. So what's the difference between Schatz and Tulsi Gabbard? I never even looked at Hirono and won't.

up
4 users have voted.
Hawkfish's picture

If they did pay taxes on the gains, do you think it would go to funding human needs or to more wars and tax giveaways to the oligarchs? Assuming that their charities are doing actual charitable work, this might be a practical solution for the present moment. The power balance is wrong (why do they get to choose?), but at least no one is being bombed with the proceeds.

I ask this question because I have been trying to reduce my taxes as a war protest since I was old enough to pay them. But until we the people control the public purse, we are stuck with these Hobson’s choices.

up
4 users have voted.

We may find that we’re all alone
In the dream of the proud.
- Pink Floyd, On the Turning Away

@Hawkfish

Well, if the bank steals your money out of your account, lucky you may wind up going to jail for being unable to pay taxes on that stolen money, so you might as well term it protest against the horrors that the public's taxes are funding instead of public works and all of the other long-neglected/denied necessaries that a governments supposed to be taxing (those who can afford to pay them) to pay for.

up
3 users have voted.

Psychopathy is not a political position, whether labeled 'conservatism', 'centrism' or 'left'.

A tin labeled 'coffee' may be a can of worms or pathology identified by a lack of empathy/willingness to harm others to achieve personal desires.