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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory -- Ignore unavailable to you. Want to Upgrade?

To: TH who wrote (96589)	8/24/2008 12:10:08 PM
From: Oblomov	Read Replies (1) \| Respond to of 110194

Buffett's demurral did appear to undermine the effort. Although Walker and Peterson emphasize the outlay side of the ledger, Buffett would dramatically increase income taxes (because "no one wants their programs cut") and taxes on capital gains and estates. In an age when the remnants of the middle class pay nearly 50% of their income in taxes, it would only immiserate productive people further. It would fuel the big business/provider state social model that is the lynchpin of the "four deficits" issue. Buffett looks upon the postwar period (1945-1960) as a golden age; in reality, the prosperity existed only in a vacuum of economic competition (USSR and China rigidly communist, Europe and Japan destroyed) that will likely never be repeated.