I am going to admit something here. Though I have educators all through my family and I have the greatest respect for teaching as a profession (in the sense that Socrates was a teacher) I have little respect for our public schooling system. Though I went through one of the “best” public school systems in the United States nearly my entire experience, with a few shining exceptions was of mediocrity of thought and effort from both the teachers and the students. School rewarded those filled in the circles and check the boxes. It was a machine.
But I can say at least that I never had any completely inappropriate political rants from any teachers. There was some political correctness to be sure but I never remember any slavish homages to big government. But I guess I was one of the lucky ones. In California at a recent gathering the president of the California Federation of Teachers Joshua Pechthalt said;
We really do appreciate Congressman Lynch and his candor with regard to Obamacare in the attached video. We have long been critics of the ACA because we see it as a massive vehicle for crony capitalism (pharma and the big insurance companies do quite well under Obamacare) while it also undermines the good parts of our healthcare system and the economy generally. Obamacare is a disaster. It is a train wreck and the pile up continues.
Interesting article. It is very true that the Oracle of Omaha has benefited handsomely from sweetheart deals and political connections over the years. He has played the crony game very well.
I will say though, as much as I agree with the general sentiment of the author, I’d still go long on the USA before Kazakhstan. We do still enjoy the reserve currency of the world. As long as we do the bet is still to the upside for US equities generally. Reserve currency status is the linchpin. If you ever hear that the US dollar is no longer the reserve currency it is time to sell. Of course when we hear it it will be too late.
An aside. – My first real job was working for GEICO (One of Warren Buffett’s companies. His “cash cow” as he calls it.) selling insurance over the phone. To this day – “Thank you for calling GEICO Direct. This is Nick Sorrentino speaking. How can I help you?” – rolls right off the tongue.
(From Nomad Capitalist)
…allow us to examine just how Warren Buffett became so wealthy, because while he is obviously an astute investor responsible for generating huge returns, he has also enjoyed advantages few other Americans do.
It is such advantages, propped up by his cronies in government, that perhaps contribute to so much of his optimism.
To begin with, much of Berkshire Hathaway’s holdings are in the equities markets. While Buffett has done an excellent job over the years of picking winners and losers, he has no doubt benefitted from the amazing impact that inflation – and recently endless money printing – have had on the American stock markets.
Click here for the article.
The maximum tax rate in 1915 (before World War I and the institution of the Federal Reserve and broad income tax) was 7%. The maximum tax rate after 30 years of uncontrolled government, 2 World Wars and an emerging system of crony capitalism driven by the Fed? 94% in 1944. Insane. It just goes to show how powerful statism was during the mid-20th Century. In many ways, a very dark time for the world.
He has not only been feted recently by White House advisors. He is all the rage at the Council on Foreign Relations, the International Monetary Fund, and the United Nations as well.
I can’t argue with Will on this. We should be ashamed of ourselves. We have allowed profligate spending. We borrow to pay our current bills. We elect people who year after year expand government and who pass laws which reduce our liberty and fundamentally our very humanity. It is we who have allowed this to happen.
In the words of 2 people I spoke to about this story – “How can this be legal?”
Good question. At least they’re stopping it.
Americans want a flat tax, overwhelmingly. It would be good for the general economy in a myriad of ways. (Assuming it was set at a low enough rate.) Just think for instance of how many millions of man hours lost to wading through our labyrinthine tax code could instead be put to productive use. A flat tax would just make life so much EASIER.
This graphic comes out every year and I still find it fascinating. (And depressing.)