Warren Buffett - "I could end the deficit in 5 minutes"

Discussion in 'Wall St. News' started by Placebo, Oct 25, 2011.

  1. Placebo


    Warren Buffett, "I could end the deficit in 5 minutes," he told CNBC. "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 re-election. The 26th
    amendment (granting the right to vote for 18 year-olds) took only 3 months
    & 8 days to be ratified! Why? Simple! The people demanded it. That was in
    1971...before computers, e-mail, cell phones, etc. Of the 27 amendments to
    the Constitution, seven (7) took 1 year or less to become the law of the
    land...all because of public pressure.

    Warren Buffet is asking each addressee to forward this email to a minimum of
    twenty people on their address list; in turn ask each of those to do
    In three days, most people in The United States of America will have the
    message. This is one idea that really should be passed around.

    *Congressional Reform Act of 2011*

    1. No Tenure / No Pension. A Congressman collects a salary while in office
    and receives no pay when they are out of office.

    2. Congress (past, present & future) participates in Social Security. All
    funds in the Congressional retirement fund move to the Social Security
    system immediately. All future funds flow into the Social Security system,
    and Congress participates with the American people. It may not be used for
    any other purpose.

    3. Congress can purchase their own retirement plan, just as all Americans

    4. Congress will no longer vote themselves a pay raise. Congressional pay
    will rise by the lower of CPI or 3%.

    5. Congress loses their current health care system and participates in the
    same health care system as the American people.

    6. Congress must equally abide by all laws they impose on the American

    7. All contracts with past and present Congressmen are void effective 1/1/12.
    The American people did not make this contract with Congressmen. Congressmen
    made all these contracts for themselves. Serving in Congress is an honor,
    not a career. The Founding Fathers envisioned citizen legislators, so ours
    should serve their term's), then go home and back to work.

    If each person contacts a minimum of twenty people then it will only take
    three days for most people (in the U.S.) to receive the message. Maybe it is

    THIS IS HOW YOU FIX CONGRESS!!!!! If you agree with the above, pass it on.

  2. only on et. this place never ceases to amuse:


    This eRumor first appeared on the Internet in January 2011. Later, in October 2011, versions with an inserted quote by business millionaire Warren Buffett began circulating and also said that he was requesting all readers to forward the email.

    The Buffett quote is real and taken from a transcript of an interview on CNBC on July 7, 2011. Buffett gave a humorous quick solution to fix the problems of the deficit and Congress during a live interview. Buffett jokingly said, "I could end the deficit in five minutes. You just pass a law that says that any time there's a deficit of more than three percent of GDP, all sitting members of Congress are ineligible for re-election. Yeah, yeah, now you've got the incentives in the right place, right?"

    TruthOrFiction.Com has found no evidence that Warren Buffett has made such a plea to forward this email on the Internet.
  3. Bob111


    this type of demands i was expecting from from OWS..what a bunch of clowns they are.
    spot on,i'll vote for it at any day.
  4. ya buffet definitely would use the approach of each person to email 20 people and so on. lol
  5. It may be bogus, but the ideas are excellent. I don't think you can legally void existing contracts, eg accrued pension rights, but you certainly can going forward.

    I would go further and eliminate the compensation all together. Maybe pay a small living stipend or just buy a hotel and let them all stay there. Return Congress to its intended role as citizen-legislators. We have way too many political opportunists in there now and too few people who have actually achieved something in life outside politics.
  6. +1
  7. JamesL


    GM,Chrysler bond holders?
  8. They should also be required to send their kids to Public Schools.
  9. Who needs Congress?
    With the proliferation of internet, cell phones, print and electronic media, citizens can make informed decisions and directly vote on bills/laws.
  10. Bob111


    i was proposing this few years ago..but hey..who is going to listen..
    try tell this to DC...i would like to see what will happens with any presidential candidate,who propose something like this.:)
    US Congress as of today remind me nothing but the soviet politburo in 70-s-80's. bunch of old farts,all for themselves and their power,incapable to make any meaningful decisions and adapt to fast changing conditions. they should go..just like the dinosaurs..
    #10     Oct 26, 2011