Tag Archives: warren buffet

VDH: It was the power, stupid!

Because Victor Davis Hanson is always a good read:

In my dumber days, between 2001-2008, I used to wonder why the Left relentlessly hammered the war on terror (e.g., renditions, tribunals, predators, preventative detention, Patriot Act, intercepts, wiretaps, Guantanamo Bay) when these measures had not only proven quite useful in preventing another 9/11-like attack, but had been sanctioned by both the Congress and the courts. In those ancient times, I was not as cynical as I am now. So I assumed that Harold Koh and MoveOn.org, though mistaken, were worried about civil liberties, or measures that they felt were both illegal and without utility.

But, of course, the Obama (who attacked each and every element of the war on terror as a legislator and senator) Left never had any principled objection at all. Instead, whatever Bush was for, they were in Pavlovian fashion against. I can say that without a charge of cynicism, because after January 2009, Obama embraced or expanded every Bush-Cheney protocol that he inherited. In response, the anti-war Left simply kept silent, or indeed vanished, or went to work extending the anti-terrorism agenda. Guantanamo Bay, in other words, was a national sin until the mid-morning of January 20, 2009….

What is going on? Two things, really. One, the media believes that the noble ends justify the tawdry means. So if it is a choice between emphasizing the latest Obama embarrassment by digging into the scary Fast and Furious, the “millions of green jobs” Solyndra insider giveaways, the Secret Service decadence, the GSA buffoonery, and the work while getting food stamps con in Washington OR endangering Obamacare and by extension “the children,” or the war to eliminate autism, or the right to breath clean air–well, why would one ever wish to derail all that by weakening a landmark progressive and his enlightened agenda?

Or for you more cynical readers, why would you wish to enervate the present comfortable culture in Washington in which the press and politics are at last one? Or why undermine the first African-American president, who is a constant reminder of our progressive advancement? Or why weaken our only chance some day to have open borders or gay marriage?

Two, the Left has always operated on the theory of medieval penance. We surely must assume that Warren Buffett has never had problems with the ethics of Berkshire Hathaway, Inc. or had a company he controls sued by the IRS for back taxes. Why? Because he has confessed his sins, and accepted the faith and paid his tithe to the Church. Ditto a Bill Gates or a rich celebrity like Sean Penn or Oprah. In the relativism of the left, if the one-percenters will simply confess that their class is greedy and needs to pay their fair share—even if they are entirely cynical in the manner of GE’s Jeffrey Immelt and penance is written off as the cost of doing business—then they become exempt from the wages of them/us warfare and the “you want to kill the children” rhetoric.

There is no difference in the way the Koch brothers or Exxon run their empires and the way that  GM, GE, Facebook, Microsoft, Apple, and Google do. But the former are enemies of the people, while the latter are protectors who have have confessed to their bishops and agreed to mouth doctrine and thereby obtained penance to make as much money as they want and to spend it as they damn well please. Suddenly in America after 2009 there are good and bad cable networks, good and bad celebrities, good and bad CEOs, good and bad sports teams (ask Lovie Smith), good and bad states, good and bad everything—not adjudicated on the actual basis of behavior, but rather on whether some are willing to go to reeducation camp, admit their errors, and join the effort to clean the air and feed the kids….

I have a confession to make that may upset readers. I was neutral in the Republican primaries, but especially interested in one fact: who would take off the gloves and run a “war room” campaign in the fashion of Bill Clinton in 1992 (as opposed to the McCain model of emulating Mike Dukakis in 1988)? Romney did it first and most effectively.

The result is that when we hear that Rush Limbaugh should be taken off the air for his profane misogyny, almost immediately now there are accounts of Bill Maher’s $1 million gift to Obama and his far greater and unapologetic slurs against women. When we hear all those creepy “concerns” about Romney’s great-grandfather as a polygamist in Mexico, suddenly we are reminded that Obama’s father in Kenya was, too. Putting a dog on the car roof is now not quite the same as eating a dog and then matter-of-fact reading one’s account of it on an audiotape. Trivial? Yes. Distractions from the current economic mess, and beneath us all? Perhaps. All Romney’s doing? Of course not.

But at least 2012 won’t be a default campaign. In other words, to quote Obama, Romney will get in “their faces” and “bring a gun to a knife fight.” McCain more graciously and nobly lost by putting all sorts of concerns off the table. I would expect that should Obama keep harping about Romney’s tax returns, Romney will demand Obama’s transcripts and medical records at last to be released. If Obama’s surrogates keep writing about Mormonism, we will learn of new disclosures about Trinity Church….

Read it all.

The Buffett Rule wouldn’t apply to Warren Buffett

From James Freeman at the Wall Street Journal:

Billionaire Berkshire Hathaway CEO Warren Buffett is once again thrilling the political class by volunteering other people to pay higher taxes. Long-time observers recall his opposition to former President George W. Bush’s efforts to reduce the tax rate on dividends. Since Berkshire pays no dividends, Mr. Buffett had little at stake but enjoyed the opportunity to pose as if he were a rich guy eager to cough up more dough to Washington.

In the current debate, President Obama is pushing the “Buffett Rule” to ensure that high-income earners pay higher tax rates. But even if it’s enacted, don’t expect the Buffett Rule to have much impact on Mr. Buffett. By an amazing coincidence, the sage of Omaha is already positioned to shield most of his rising wealth from such a tax….

This brings us to the Buffett Rule, which at its heart is a way to raise taxes on dividends and capital gains. Berkshire still doesn’t pay a dividend, and as for capital gains taxes, well, Mr. Buffett has already made clear that he’ll largely avoid them by transferring his fortune to the Gates Foundation and to charitable trusts controlled by his family. In fact, at the 2010 Berkshire annual shareholders meeting, according to Dow Jones Newswires, Mr. Buffett urged attendees to “follow my tax dodging example” and give away their wealth. Democrats in Washington may enjoy using Mr. Buffett as cover to raise taxes, just as long as they understand that he won’t necessarily be paying them.

Read it all. Why does this not surprise me? Who knew that Warren Buffet (whose company Berkshire Hathaway has a back-tax bill of $1 billion) would find a way to get media credit for something that won’t affect him? Color me unimpressed with both him and his secretary.