Gambling is not an addiction. Addiction is a word so people can avoid personal responsibility. I gamble it is my choice if I go broke. Buffett does golf bets. So he is allowed to gamble and we the pigeons can't. There are many people that got tapped out on mortgages, CDS, stocks, options. And I see this bozo not wanting to illegalize short selling, hedge funds, or mutual funds. Why because he is a bookie.
@pirucreek That's a very interesting point. So you are saying without the gambling on the wall street Warren Buffett cannot make money, he is a bookie, casino owner, his making money on other people's misery. Again, Buffett and Munger are very vocal against high frequency trading, he called CDOs in 2005 financial weapons of mass destruction he said to people to say away from it and to invest in low cost index funds. In 1999 he said to people to stay away from internet stocks...
@49fiori I actually agree with what he says here. He is a hedge/mutual fund manager. He gets a cut thus he is not too concerned about the little guy. He says his secretary pays more tax than he does and he knows it is not true. There is 36% corp. taxes and 15% capital gains taxes, or 50% taxes. Not only that tack on 10% inflation taxes and state and local taxes and the sales taxes no doubt he is up to 80% tax. But he doesn't care as it will hurt the small investors not him.
@pirucreek First of all Buffett is not hedge or mutual fund manager. Buffett uses Berskhire's cash from balace sheet and insurance float to invest. He doesn't take people's money to invest other than equity on the right side of the balance sheet, but this is the equity of shareholders - completely different from hedge fund or mutual funds.
His secretary pays more taxes than him. That is true. Berkshire is incorporated in Delaware, lost corp. tax in the US.
@49fiori That is definitely not true. All his stocks have minimum 50% tax to them on the federal level. 34% corporate taxes and 15% capital gains taxes. Those are direct taxes. Indirectly he pays much more. There is no way his secretary pays that much. I don't think he collects a salary as CEO.
Gambling is not an addiction. Addiction is a word so people can avoid personal responsibility. I gamble it is my choice if I go broke. Buffett does golf bets. So he is allowed to gamble and we the pigeons can't. There are many people that got tapped out on mortgages, CDS, stocks, options. And I see this bozo not wanting to illegalize short selling, hedge funds, or mutual funds. Why because he is a bookie.
pirucreek 1 year ago
@pirucreek Exactly true.
theguvnorjimmy 1 year ago
@pirucreek That's a very interesting point. So you are saying without the gambling on the wall street Warren Buffett cannot make money, he is a bookie, casino owner, his making money on other people's misery. Again, Buffett and Munger are very vocal against high frequency trading, he called CDOs in 2005 financial weapons of mass destruction he said to people to say away from it and to invest in low cost index funds. In 1999 he said to people to stay away from internet stocks...
49fiori 9 months ago
@49fiori I actually agree with what he says here. He is a hedge/mutual fund manager. He gets a cut thus he is not too concerned about the little guy. He says his secretary pays more tax than he does and he knows it is not true. There is 36% corp. taxes and 15% capital gains taxes, or 50% taxes. Not only that tack on 10% inflation taxes and state and local taxes and the sales taxes no doubt he is up to 80% tax. But he doesn't care as it will hurt the small investors not him.
pirucreek 9 months ago
@pirucreek First of all Buffett is not hedge or mutual fund manager. Buffett uses Berskhire's cash from balace sheet and insurance float to invest. He doesn't take people's money to invest other than equity on the right side of the balance sheet, but this is the equity of shareholders - completely different from hedge fund or mutual funds.
His secretary pays more taxes than him. That is true. Berkshire is incorporated in Delaware, lost corp. tax in the US.
49fiori 9 months ago
@49fiori That is definitely not true. All his stocks have minimum 50% tax to them on the federal level. 34% corporate taxes and 15% capital gains taxes. Those are direct taxes. Indirectly he pays much more. There is no way his secretary pays that much. I don't think he collects a salary as CEO.
pirucreek 9 months ago