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Thread: Warren Buffet bets against the U.S.

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    Banned Eric Stoner's Avatar
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    Default Warren Buffet bets against the U.S.

    Actually what he really bet against were the very Obama policies he has publicly supported. Well, old Warren would never let a little hypocrisy get in the way of larger profits for Berkshire Hathaway, now would he ?. Hidden away in Berkshire's quarterly filing is a large investment where he is betting AGAINST the debt of about a dozen state and local governments, especially California and Illinois. All the bond issuers are high tax , spend and borrow big, state and local governments.

    Buffet has publicly supported Obama and the expansion of the welfare state. He publicly supports higher public spending and higher taxes on the wealthy. Except himself, of course. The reason his secretary pays a higher income tax RATE than he does is becuase he pays himself $100,000 a year in SALARY to run Berkshire and pays his secretary a LOT more than that. Best of all, ( or worst depending on your pov ) is his letting Obama use his name for a new tax on millionaires and billionaires that will not raise very much money and is little more than a political ploy.( Sorry for the collateral political mention.)

    As we have pointed out in this forum many , many times, Governor "Dum Dum" Brown has been raising taxes in California and investing $8 billion in a HSR boondoggle that according to the most optimistic estimates will produce few new jobs. In Illinois, Governor Quinn has raised taxes and seen the state deficit go UP as its pension fund is even more underfunded. Meanwhile, businesses and jobs have packed up and moved to ... guess where ? Indiana and especially Wisconsin.

    While he hasn't publicly said anything, Buffet doesn't have to. His money is speaking volumes as he bets against Brown, Quinn and other spendthrifts.

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    Veteran Member Jaana's Avatar
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    Default Re: Warren Buffet bets against the U.S.

    He supports Leystone XL. that was reason enough for me to stop thinking he was actually on our side.

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    Banned Eric Stoner's Avatar
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    Default Re: Warren Buffet bets against the U.S.

    Warren has an obligation to his shareholders and has fulfilled that obligation very, very well over the years. It is NOT his job to be "on our side". That is SUPPOSED to be Obama's job ; and his appointees ( see my thread on the SEC ) and Governors like "DumDum" Brown etc. How do YOU think they are doing ?

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    Default Re: Warren Buffet bets against the U.S.

    The reason his secretary pays a higher percentage of her income in taxes is.... much of his income is passive..... subject to a lower rate & no Fica taxes on it..... All income should be treated the same..... It would help stop the from govt picking winners & losers.
    The country has been looted.

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    Default Re: Warren Buffet bets against the U.S.

    What I find interesting about Buffett (and Bill Gates too)is how they say they are for the poor, support Obama etc, yet both have outsourced jobs from their companies overseas. What does this say about them?

    Quote Originally Posted by Eric Stoner View Post
    In Illinois, Governor Quinn has raised taxes and seen the state deficit go UP as its pension fund is even more underfunded. Meanwhile, businesses and jobs have packed up and moved to ... guess where ? Indiana and especially Wisconsin.
    Illinois is in horrible shape and this is yet one reason. For those of you who don't live here may not know Illinois is a welfare cesspool. We have a very generous welfare system and many are on for years and illegals are eligible for most of the programs (75% of those on Medicaid are illegals and their kids). In addition to this nepotism is alive and well in government hiring and most of our government jobs go to someone who knows someone (and most are unqualified). Because of all of that we are going broke and instead of cutting programs our governor decided to cut the elderly and disabled instead of the illegals and the welfare queens (I'm sure we all know why) and there was still a shortage. So he raised taxes on companies and yes many fled. Because many fled this means LESS taxes and guess who pays the price? YEP taxpayers and my family is being hit badly. Not to mention they are increasing taxes on everything. My mom smokes and she is paying more and more in taxes for Medicaid (and in this state only those who kids usually qualify).
    Anyway getting back on track and that is companies are fleeing and this is dangerous o many levels.

    If I was governor I would cut corporation taxes to keep these companies (and jobs)here.

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    Banned Eric Stoner's Avatar
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    Default Re: Warren Buffet bets against the U.S.

    Quote Originally Posted by mikef View Post
    The reason his secretary pays a higher percentage of her income in taxes is.... much of his income is passive..... subject to a lower rate & no Fica taxes on it..... All income should be treated the same..... It would help stop the from govt picking winners & losers.
    The only problem with that is money made on capital gains has already been taxed. It was already taxed when it was made as income and/or when it was inherited.

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    Default Re: Warren Buffet bets against the U.S.

    Quote Originally Posted by Eric Stoner View Post
    The only problem with that is money made on capital gains has already been taxed. It was already taxed when it was made as income and/or when it was inherited.
    As they say in the used car business..... It's new to you.
    The country has been looted.

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    Default Re: Warren Buffet bets against the U.S.

    actually, there's lots of scuttlebutt that Warren / Berkshire acted on 'inside info' by selling off muni bonds just prior to the recent Moody's warning. Probably true, but not provable or prosecutable, and very profitable. That's why Warren's Berkshire Hathaway BRK-A stock sells for $129,500 per share !!!

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