Anyone interested in business should slowly read these notes from a recent Q&A session with Warren Buffett. It’s making its way around the blogosphere for good reason.
Here’s Charlie Munger’s USC speech I’ve blogged about – also worth reading.
My favorite quotes:
“I think the best way to stimulate the economy is to give money to the poor. They will spend it. Don’t give it to guys like me.”
“We did an informal office survey by looking at the total tax footprint versus the total income. I earned 46 million and paid a tax rate of 17.5%. My rate was the lowest, the average was 33%, and my cleaning lady paid 40%. The system is tilted towards the rich… We need to flatten income and payroll taxes, and those making under $30,000 shouldn’t be bothered.”
This is the best, simplest refutation I’ve heard of Bushonomics– not even Thomas Sowell will step’n fetchit for the the Hoover Institution to contravene Warren Buffett.
Federal aid to the poor doesn’t disappear into some bottomless pit of iniquity– it’s dispersed in the economy.
For example, as Fat Freddie, my old grey-beard guru, pointed out, the food stamp program is effectively a huge federal subsidy for the food distribution industry.
Warning to those who wish to make a printout of Munger’s speech (from the link given above): You’ll only get one full page of the speech.
I don’t know what is causing this — I see it a lot on blog sites. But if anyone would care to offer an explanation, I’m all ears.
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