In an interview with Charlie Rose last night, Berkshire Hathaway CEO Warren Buffett called the 2012 Republican contenders “pathetic” over their opposition to raising taxes.
Archive | August, 2011
Warren Buffett Calls GOP 2012 Candidates “Pathetic”
16 Aug
Stop Coddling the Super-Rich
15 AugWarren Buffet shoujld know; he’s one of the richest of the super-rich.
Back in the 1980s and 1990s, tax rates for the rich were far higher, and my percentage rate was in the middle of the pack. According to a theory I sometimes hear, I should have thrown a fit and refused to invest because of the elevated tax rates on capital gains and dividends.
I didn’t refuse, nor did others. I have worked with investors for 60 years and I have yet to see anyone — not even when capital gains rates were 39.9 percent in 1976-77 — shy away from a sensible investment because of the tax rate on the potential gain. People invest to make money, and potential taxes have never scared them off. And to those who argue that higher rates hurt job creation, I would note that a net of nearly 40 million jobs were added between 1980 and 2000. You know what’s happened since then: lower tax rates and far lower job creation.
The Pentagon’s new China war plan – China – Salon.com
14 AugControl is a crock. The world IS NOT ours to control. Continuing down this path is madness. The effort to control the world is bankrupting us. The harder we try, the more money we throw down the rat-hole of the defense budget. In the end we’ll lose control of our finances and our resources. Stop the madness now.
For the first time since the end of the Cold War, the U.S. government has encountered the practical limits of the 1992 Defense Planning Guidance. In its story about AirSea Battle and the China Integration Team, Inside the Pentagon revealed an oblique, if profound insight from Andrew Krepinevich, the highly regarded head of Washington’s Center for Strategic and Budgetary Assessments. China, he said, is clearly jousting for control of the Western Pacific and “we have to decide whether we’re going to compete or not. If we’re not, then we have to be willing to accept the shift in the military balance.” Otherwise, “the question is how to compete effectively.”
End America’s Wars: Bring the Troops Home
12 AugComeHomeAmerica.us has a petition going. Please go over there and sign it. As Brother James used to sing, Please, Please, Please.
From the letter/petition:
It is time to end all of these wars. It is time to initiate a fundamental shift in U.S. foreign policy away from domination of others through military strength and damaging sanctions. As a first step we urge a major withdrawal of soldiers from Afghanistan–as candidate Obama promised in 2008. This withdrawal should be at least as large as the 63,000 troop escalation the President put in place early in his presidency. This withdrawal should be defined as a clear first step to a complete withdrawal of all soldiers and private contractors from Afghanistan by the end of 2011. It is time to return to our Founders’ declared conception of the United States as a democratic Republic and not an Empire.
New Rules and Old Plants May Strain Summer Energy Supplies – NYTimes.com
12 AugThe E.P.A. estimates that a rule on air toxins and mercury that it expects to complete in November will result in a loss of 10,000 megawatts — or almost 1 percent of the generating capacity in the United States. Electricity experts, however, say that rule, combined with forthcoming ones on coal ash and cooling water, will have a much greater effect — from 48,000 megawatts to 80,000 megawatts, or 3.5 to 7 percent.
… The most likely replacement for the coal plants is new natural gas-powered generators. But PJM and others are complaining that if the E.P.A. follows its intended schedule, utilities will not have much time to decide whether to close or upgrade their old plants, and no one will have time to build new ones.
… The new peaks will shape the planning of the grid. In the eastern United States, electricity is mostly generated near where it is consumed, and if some producers disappear, someone will have to build new generation or new transmission to supply the area from a distant source.
“You always manage toward the peak, and have a reserve margin based on your latest peak,” said Tom Williams, a spokesman for Duke Energy, which does business in areas that experienced a new peak.
Peak supply is also becoming a vexing problem because so much of the generating capacity added around the country lately is wind power, which is almost useless on the hot, still days when air-conditioning drives up demand.
via New Rules and Old Plants May Strain Summer Energy Supplies – NYTimes.com.
Stop Using Chimps as Guinea Pigs – NYTimes.com
11 AugBut in the years since, our understanding of its effect on primates, as well as alternatives to it, have made great strides, to the point where I no longer believe such experiments make sense — scientifically, financially or ethically. That’s why I have introduced bipartisan legislation to phase out invasive research on great apes in the United States.
Today is the start of a two-day public hearing convened by the Institute of Medicine, which is examining whether there is still a need for invasive chimpanzee research. Meanwhile, nine countries, as well as the European Union, already forbid or restrict invasive research on great apes. Americans have to decide if the benefits to humans of research using chimpanzees outweigh the ethical, financial and scientific costs.
Can the Middle Class Be Saved? – Magazine – The Atlantic
11 AugPlutonomy, an economy in which the economy activity of the top 1% of the income stream.
In a plutonomy, Kapur and his co-authors wrote, “economic growth is powered by and largely consumed by the wealthy few.” America had been in this state twice before, they noted—during the Gilded Age and the Roaring Twenties. In each case, the concentration of wealth was the result of rapid technological change, global integration, laissez-faire government policy, and “creative financial innovation.” In 2005, the rich were nearing the heights they’d reached in those previous eras, and Citigroup saw no good reason to think that, this time around, they wouldn’t keep on climbing.
The Great Recession has been a Great Sorter, shifting people out of the middle class:
It’s hard to miss just how unevenly the Great Recession has affected different classes of people in different places. From 2009 to 2010, wages were essentially flat nationwide—but they grew by 11.9 percent in Manhattan and 8.7 percent in Silicon Valley. In the Washington, D.C., and San Jose (Silicon Valley) metro areas—both primary habitats for America’s meritocratic winners—job postings in February of this year were almost as numerous as job candidates. In Miami and Detroit, by contrast, for every job posting, six people were unemployed. In March, the national unemployment rate was 12 percent for people with only a high-school diploma, 4.5 percent for college grads, and 2 percent for those with a professional degree.
Housing crashed hardest in the exurbs and in more-affordable, once fast-growing areas like Phoenix, Las Vegas, and much of Florida—all meccas for aspiring middle-class families with limited savings and education. The professional class, clustered most densely in the closer suburbs of expensive but resilient cities like San Francisco, Seattle, Boston, and Chicago, has lost little in comparison.
More excerpts below the fold. Continue reading
Truth and Traditions 