Liberalism: Do You Agree We've Had Enough of It? Message Board

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Politics : Liberalism: Do You Agree We've Had Enough of It?

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To: MJ who wrote (92370)	10/7/2010 10:30:43 PM
From: Hope Praytochange	Read Replies (1) of 224718

Warren Buffett has said people are 'making a mistake' if they chase the rally in bonds. The 80-year old billionaire investor offered the warning at Fortune magazine's Most Powerful Women conference: He said: 'It's quite clear that stocks are cheaper than bonds. I can't imagine anyone having bonds in their portfolio when they can own equities.' Buffet, who owns big stakes in Wells Fargo and Goldman Sachs, also launched a fresh criticism on the casino culture on Wall Street. 'One of the problems we still have is we have unbalanced incentives for managers of huge financial institutions. 'Wall Street does a lot of good things and then it has this casino. It's like a church that's running raffles on the weekend.' Buffett also said it is time that the Bush-era tax cuts for the wealthy in the US, which are due to expire at the end of this year, are given a serious makeover. He said taxing the rich would be the best way for the US government to start clearing its yawning deficit 'I think maybe we should cut taxes for the middle class,' he said. 'Upper middle class [and] lower middle class.' Taxing the rich, he said, is the best way for the government to boost its income. 'The question is, Do we get more money from the person that's going serve me lunch today, or do we get it from me? I think we should get it from me. 'If you get a hundred billion more of taxes -- just pick a number -- from people like me at the top, it means you borrow a hundred billion less out of the economy. Somebody's going come up with a hundred billion,' he said. 'You're taking the money from the economy either way. The only question is if you take it by borrowing or by taxes.'

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