Thursday, February 2, 2012

If Warren Buffett was conservative...

Buffett has interjected himself into the political discourse of the United States of his own free will. He offered up his secretary and his other employees to the Left as case studies for the downtrodden in an op-ed he wrote. He's openly endorsing the so-called Buffett rule legislation, willingly standing next to the President and joining in the populist, class warfare claptrap of the latter. His secretary--who is hardly middle class--sat next to the First Lady during the most recent State of the Union Address.

And for all of this, Buffett has become a hero to the Left. A symbol of the guilt the rich should freely partake of and allow themselves to be targeted as the principal cause of what ails the nation and the world. But it sure took a long time for Buffett to succumb to that guilt, didn't it?

Where was he in the eighties? Demanding that Reagan return to the punitive tax rates of the seventies for the highest tiers of incomes? Hardly. Buffett--already a millionaire--was busy buying up companies, using those newly freed monies to his advantage, so effectively that Buffett became a billionaire by 1990.

From there, Buffett just kept making more money, thanks to that booming economy in the nineties. Look at the growth of Berkshire Hathaway stock:

Let's remember that Buffett has been raking it in for a long, long time. The man is 81 years old, after all. So now, in the twilight of his career, he says this:
My friends and I have been coddled long enough by a billionaire-friendly Congress. It’s time for our government to get serious about shared sacrifice.
In other words, he got his and now--now--he's willing to pay more. And he wants everyone else--everyone making $1 million or more--to do the same, no matter if they're twenty-five or ninety-five. Well, isn't that nice. And for this blatant hypocrisy, Buffett is heralded as a great man, as a true American, as a mensch.

What a load of crap. If Buffett wants to be really fair, he should pony up that tax increase he wants now for the past thirty years, at least. And of course, there's nothing stopping him from writing that check all on his own, anytime he so desires.

But we all know the truth here: for thirty plus years, Buffett--like most everyone else--has filed taxes with the intent to lower his personal and corporate tax burdens. He has had accountants looking to minimize those burdens every single one of those years. And there's nothing wrong with that, it's the way the system is set up. And we also know another truth: if Buffett was an outspoken conservative, if he was opposing tax increases on the rich, he'd be taking it on the chin, like the Koch brothers and others.

His past business activities would be criticized as "crony capitalism" or the like, and would all be under a microscope. Charles Gasparino details some of Buffett's "darker" history here. If Warren Buffet were a conservative, he'd be pilloried for his profiteering from the ratings agencies failures on mortgage-backed securities. But he's a liberal, so all is not only forgiven, it's wholly ignored.

Cheers, all.

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