Warren Buffett's wealth cut almost in half.

[Perd Hapley]

Warren Buffett's Berkshire Hathaway was stripped of its 'AAA' credit rating by Fitch, barely hours after S&P cut General Electric's top-tier rating, as the global financial crisis pummels America's corporate titans.

The downgrade is another setback to Buffett, 78, coming a day after the billionaire lost his position as the world's richest man to Microsoft [MSFT  16.65    -0.36  (-2.12%)    ] founder Bill Gates, according to Forbes' annual list. Buffett's net worth plunged to $37 billion from $62 billion last year, the list said.

http://www.cnbc.com/id/29666975

Wow.  Not that I'm crying for him.   

Now that I've roped in some people that know more about finance than I do, why do people talk as if saving money is NOT stimulative?  So long as your money is in a bank or investment somewhere (not in a mattress) it's still stimulating the economy, correct? 

[KD5NRH]

So long as your money is in a bank or investment somewhere (not in a mattress) it's still stimulating the economy, correct?

Absolutely; investments stimulate growth and creation of wealth, while banked money is loaned as a form of investment.

[Fjolnirsson]

Absolutely; investments stimulate growth and creation of wealth, while banked money is loaned as a form of investment.

Shh. We aren't supposed to know that. Officially, only large scale government spending can save us. If we don't try to spend our way out of financial trouble as a nation, America will fall, the global economy will collapse, and we will see a new dark age, which will include all the worst parts from the Bible.

[Gowen]

This guy and his ilk pimped and push obama, serves him right. 

[Hutch]

 

Buffett's net worth plunged to $37 billion from $62 billion last year

Yeah, but he still doesn't have to count his change before he goes out for lunch.

[grampster]

I wonder why they never mention the probably multiple billions of dollars that folks like me pulled out of the market in the last year and deposited in CD's in banks and credit unions?  Maybe that's why all of the banks that stayed in banking and didn't turn into Fronkenshteen financial companies are quietly not saying anything about being in trouble.

[Perd Hapley]

Absolutely; investments stimulate growth and creation of wealth, while banked money is loaned as a form of investment.

Yeah, that's kinda what I thought.