Subscribe to stay up to date with the latest videos ?-? https://www.sbry.co/suBiHEpisode 45 - Why Buffett Will Never Buy GE & Economist Dr. Lacy HuntPorter dispels Wall Street rumors that Buffett will come to the rescue of General Electric (GE) and tells you about the time he sat next to former CEO Jack Welch at a New York City Broadway play. Nobody knew what kind of financial engineering Jack was up to in the 1990s, possibly even Welch himself. Did the GE slogan "Imagination at Work" apply to their accounting, too?International Economist Dr. Lacy Hunt from Hoisington Investment Management joins Porter and Buck to reveal whether record debt will break economies around the world, slow them down, or leave everything largely unaffected. Porter asks Lacy if a debt jubilee will come to pass. Despite history, you'll be surprised to hear Dr. Hunt's answer. Lacy reminds Porter that out of all the major economies in the world, the US is still "the best of the worst."Listeners ask about the ethics of investing in companies like Facebook and what will happen to Berkshire Hathaway when it's two famous principles finally leave. Porter tells you why he's actually glad social media companies watch him, and how he would run Berkshire post-Buffett and Munger.Be sure to click here to never miss an episode ?+"GOOGLE PLAY MUSIC ?-? https://www.sbry.co/lkwhpITUNES ?-? https://www.sbry.co/7OQ79SOUNDCLOUD ?-? https://www.sbry.co/jHn5hSTITCHER ?-? https://www.sbry.co/tEkL5------------Follow us on Twitter ?-? https://www.sbry.co/p11ihJoin our Facebook Community ?-? https://www.sbry.co/fMckKCheck out our website ?-? https://www.sbry.co/wUAyeCheck out Stansberry NewsWire ?-?https://www.sbry.co/IhNeWCheck out Health and Wealth Bulletin ?-? https://www.sbry.co/iHRmDCheck out Extreme Value ?-? https://www.sbry.co/EvIiH------------2:07 Porter shares the big rumor on the street that Warren Buffett's about to buy GE, and why this is completely insane.2:50 Porter tells us why this week's Stansberry Investor Hour guest is a novelty - and it's not just that he personally manages $6 to $8 billion in assets. "One of the things you very rarely see is a rich economist, because economists have an awfully hard time predicting the future. But not this economist."7:00 Porter reveals how GE masqueraded as a company that made lightbulbs and other everyday devices, but was actually making money like a big bank. "The idea that Buffett's gonna come into that morass is crazy."18:00 Reflecting on a GE bigshot's $300 million divorce, Porter shares an observation about employees whose personal lives are in shambles. "There's no real difference between public ethics and private ethics."19:35 Buck introduces Dr. Lacy Hunt, the internationally-known economist and vice president of Hoisington Investment Management Company with over $3.6 billion in assets under management whose opinions have featured in a "who's who" of financial journals.25:00 Dr. Hunt reveals how he assesses whether debt will break economies, slow them down for a little while, or even leave them basically unaffected. It comes down to three things.28:00 The law of diminishing returns applies to debt, too - and there's a big reason the United States won't get nearly as much oomph from its $20 trillion in debt as it did from its first $10 trillion. Dr. Hunt explains why, as you make disproportionate use of debt capital, benefits decrease gradually, until they're overwhelmed by consequences.36:10 Lacy shares a grim statistic about the U.S. economy's productivity growth over the last four years - it's the lowest four-year streak since productivity data in America's been recorded. This in turn erodes standards of living, and reinforces negative demographics - unless one step is taken right away.38:05 Lacy pinpoints where the deterioration in the dollar's standing began - the 1971 abandoning of the gold standard - why he supported it at the time, and why he was wrong.45:55 Porter asks Lacy what role, if any, a debt Jubilee plays in the runaway debt policies we see today. Check out Lacy's reason why he "unequivocally" rules out the idea of a debt Jubilee today, despite its historical precedence.51:54 Porter asks Lacy his ultimate question: We have an economy that's unsustainable with a negative multiplier, so it's headed to crisis. At one point do you abandon long investments in sovereign bonds? Lacy explains why, while there will be hell to pay, it won't be tomorrow.1:01:50 James from the mailbag asks Porter if this is a chance to buy Facebook shares at a discount, and whether libertarians should rule out this company on moral grounds. Porter explains why he doesn't view Facebook as having done anything immoral whatsoever - and why he's glad they're watching him.