Firstly, "Why is it WB's fault, or any asset managers’ fault? "
The majority of ordinary people are just savers, not volentary investors. It is his fault trying to keep people inside a system that robs the poor! He is morally bankrupt in doing so.
"I see people attacking WB, to prove they are better and smarter?"
No, we attack WB for his dishonesty, for his acting as a running dog for and benefiting from the corrupt system:
A good chunk of his fortune is dependent on taxpayer largess. Were it not for government bailouts, for which Buffett lobbied hard, many of his company’s stock holdings would have been wiped out.
Berkshire Hathaway, in which Buffett owns 27 percent, according to a recent proxy filing, has more than $26 billion invested in eight financial companies that have received bailout money…
…It takes remarkable chutzpah to lobby for bailouts, make trades seeking to profit from them, and then complain that those doing so put you at a disadvantage.
Elsewhere in his letter he laments “atrocious sales practices” in the financial industry, holding up Berkshire subsidiary Clayton Homes as a model of lending rectitude.
Conveniently, he neglects to mention Wells Fargo’s toxic book of home equity loans, American Express’ exploding charge-offs, GE Capital’s awful balance sheet, Bank of America’s disastrous acquisitions of Countrywide and Merrill Lynch, and Goldman Sachs’ reckless trading practices.
And what of Moody’s, the credit-rating agency that enabled lending excesses Buffett criticizes, and in which he’s held a major stake for years? Recently Berkshire cut its stake to 16 percent from 20 percent. Publicly, however, the Oracle of Omaha has been silent.
(Reuters: http://blogs.reuters.com/rolfe-winkler/2009/08/04/buffetts-betrayal/)
Your reply post shows me that you don't have a prober understanding toward the role and function of gold to a society. That is what fofoa's blog is dedicated to. You need tu read up.
