it, too. yeah, he’s got — you’ve got two people as we said earlier i mean and when you have negotiations, the way to get things done is to have somebody on each side that can deliver. if i’m in a labor negotiation, i want somebody from the labor union there, and when he says, this is what my — my group will take, that i know that that’s good. and when i say this is what i can deliver, he knows i’m going to get overrun by a board of directors. you can make a deal that way and you do it in private and you don’t go out and make speeches, you know, about i won’t do less than this and all that sort of thing. when you ha negotiations, you really need to get it down to a couple of people. and — and — that require being able to speak for your constituency, and both of them have trouble. joe? thanks, warren, a lot of people aren’t buying newspapers. and i’m trying to figure this out. you bought 28 newspapers in the last 15 months. 28 dailies. and it wasn’t a lot of money. and you know it’s not a huge business but you seem to really be into it. is that you doing that? is this personal to — to — to one of your interests? yeah? yeah. it is? right. okay. do you want to — are you going to be like ran golf hearst, or are suddenly dailies local dailies that much better than the big nationwide papers which have so i don’t know whether you’d be long-term investors in those or not. i know you know washington post you’re a long time investor. i didn’t think you liked newspapers that much and i there must be a difference between the business model for these local newspapers. the business model for both is not good. the business model for the big metro paper in my view is far worse than for the local community paper. the local community paper, really is indispensable to the people of the community or many of the people in the community and that has a sensible internet strategy. i think has a much better future than the, the big, the big metropolitan paper. just to get to your the william randolph hearst approach. we had 12 papers that endorsed in the presidential campaign
warren first of all, sylvia mathews-burwell who is being nominated for omb, she’s from the walmart foundation but you have some experience with her as well you you know who she is? i think she was the gates foundation, too, after she left working with bobin. she’s just class. it’s amazing, joe, as you sit here. buffett has thoughts or knows just about someone involved in just about every one of the headlines that you ran through. you spoke about janet yellen and warren we’ve spoken an awful lot about your thoughts on the economy this morning. yellen is just making this speech probably not a surprise to hear many of the things that she’s saying that she doesn’t see any cost right now to what the fed’s doing. do you worry about future costs? well there’s never a problem when you’re buying. i mean it’s the selling that could be a problem. you know, to whom. and, it’s got to be some kind of a problem when they unwind. how big of a problem i don’t know. you do know that throughout the world, decisions are being made on the basis that money is basically free. and, when the signal comes that that’s going to change in a major way, you’re going to see a lot of activity, a lot of places. and it, it, how, you know, how extreme it gets i don’t know. it doesn’t have anything to do with what we do. i mean, if we — if we buy heinz we know that’s coming at some point. we’re buying heinz to own at 100 years. but it — this will be the biggest — this will be the biggest economic event for market participants that they have seen in quite awhile when they get a strong signal that the fed is reversing in a significant way. you’ve made it very clear that you are a fan of ben bernanke. you think that he saved the global financial system. absolutely. but you’ve also been saying i think for over a year at this point that you’ve been concerned about how much the fed is doing. are you growing increasingly concerned another 85 billion dollars every month just in qe infinity? it’s easy to do. i on the upside. and like i say you could, we’re returning a — we having 3.5, 3.6 billion of expenditures or trillion, and let’s just say he bought the whole issue. and we had no taxes. well we know that doesn’t work over time, right? but the fed could do it. they could buy 3.6 trillion and they could set up deposits for banks and so on. that would have enormous problems. we’re doing a small variation of that. not so small at 1 trillion. at it’s — it’s an act that bernanke has said he doesn’t want to carry the whole load himself. i think the guy has been just absolutely terrific. but i don’t think it — and i’m sure he’s thought a lot about how he unwinds this and all of that. but i don’t think it’s totally predictable what will happen. let’s talk about the euro very quickly. it has come under some pressure recently. people including members of the ecb have told us on squawk box that
