Tuesday, August 16, 2011

Buffett Says He is Educating the American People

Following his call for higher taxes on the "super-rich", Warren Buffett told Charlie Rose last night that the American people:
...have to be educated on the reality of future promises. They have to be educated on it as a necessity of running significant deficits when the economy is weak.
Sounding like some kind of egalitarian Keynesian, he also said:
I think it’s important that whatever is done restores to a degree, and you can’t do it overnight, but restores to a degree people’s faith in the fact that their government can work. Now, I also think fairness is important, and I think getting rid of promises that you can’t keep is important. I don’t think we should cut spending dramatically now. I don’t think that what I’m talking about on taxes solves the deficit gap at all. But, I think fairness is important.
Note that there is never any discussion of how many of the super-rich have become so because they are super-productive and that if you want to raise taxes on anyone, the super-rich are the last you would want to tax, given their demonstrated ability to advance the economy.

Further, there is never any discussion by Buffett of where this tax on the super-rich should go. Should it support drone attacks, the SEC, what? Or is Buffett in favor of the entire government just the way it is? Buffett's mass aggregative thinking on revenues, deficits and expenditures is mind bogglingly absurd. Aside from the fact that many of us think that government revenues and expenditures should be cut dramatically (approaching zero), it is absurd for anyone who calls for higher taxes to not look at the expenditure side at all and just take it as a given.

To me it sounds like Buffett is the one that needs to be educated on alternatives to government spending. It is simply bizarre that he would support the entire government monstrosity without questioning one penny of spending. Buffett's father, Howard  (a supporter of Murray Rothbard), is spinning in his grave.


  1. Of course he wants government spending to continue, he knows he is profiting from it. If the economy tanks or is allowed to unwind, so do all of the investments he's made and along with his insurance entities. This is why I always laugh at regressives becuase they cannot understand how their programs and ideas enrich the oligarch like Buffet. Buffet should feel damn guilty after he shook down GE and GS knowing that the government would backstop his investments. He earned 10% plus appreciation on a government backed investment.

  2. Buffet is a master bubblist. He say what he thinks he must to keep the thing 'flated.

  3. Two Warren Buffett gems:

    I have enormous respect for Bernanke. I think he played a big part in saving the system a couple years ago. And he knows a lot more economics than I do.

    ~Warren Buffett, the Oracle of Omaha, CNBC interview, March 23, 2011

    Well, it's always been a mistake to bet against America, since 1776. And, you know, we take our body blows from time to time, but this country always comes through. And when we get united, get out of the way. It--and we are--at moments like this you particularly see that. And of course, after 9/11 we saw it. But I've always had enormous faith in this country to do anything, whether it's in economics or whether it's in liberating people or whatever it may be. And this is just one more dramatic illustration of when the United States sets out to do something, it gets it done.

    ~Warren Buffett, chairman, Berkshire Hathaway, CNBC's Squawk Box, May 2, 2011

    (Buffett on the assassination of OBL)

  4. Again...This twit has a 5 year old's view on "Fairness". Steal money from people who earned it and hand it over to those who didn't...5 year olds and Liberals infantile sense of "Fairness". I have come to HATE that word!

  5. Mr. Buffet is correct - the super-rich can pay more, and should. It will not affect how many illegals they hire to do their menial work.