Warren Buffett: "We Coddle Super-Rich" ...WRONG.

[TheBahram203]

huh,no one can fix the budget or cut spending and no one can think of anything to do SO LETS TAX THE RICH which is the easiest !!! when is everyone going to grow up and actually FIX something instead of being jelous of the rich.

[HoSayLiaoLah]

I think this guy is wrong. Obama is not afraid of billionaires. He is going to make changes for the benefit of middle class.

[bulletproof2353]

its more like billionaire corporations and multinationals ,not millionaires ,your not in a democracy, this is fascism ,and were founded as a democratic constutional republic ,not a democracy

[BErectus]

Warren, I understand you're worth ~ $39B. By all means, please immediately go ahead and send in a check for what you think is your fair share. Just go right ahead and send it on in to the IRS. I guarantee they won't reject it. Go ahead and send it in. And convince your super-rich friends to do the same. I'll be watching to make sure you don't forget. Believe me ... I'll be watching you and your mega-rich friends. So, send it in now. Go ahead. Send it in, Warren!!! SEND IT NOW!!!

[allgoo19]

@BErectus "So, send it in now. Go ahead."

Don't forget to answer this one too.

"Name a country that allow people to pay tax only if they want to."

[BErectus]

@allgoo19 Sorry - don't know the answer to that one. Theoretically, the US tax system is voluntary. But, try not paying and see how well that works out.

[BErectus]

@allgoo19 Sorry - don't know the answer to that one. Theoretically, the US tax system is voluntary. But, try not paying and see how well that works out. What's your point?

[ieclipse2]

@BErectus He already gave it all away to charity and even if he didn't already do that one person sending in money isn't going to make a large difference, even if as you say he gets his friends to do the same.

[BErectus]

@ieclipse2 He has a PLAN to give it all to charity. He hasn't done so yet. But, that begs the question: why give it to charity? Why not the govt? Why would he advocate higher taxes but not give his wealth to the govt? Also, I reject your premise - if he sends in $39B he will make $39B of difference. But, for the sake of argument, if, as you say, one wealthy person sending in money isn't going to make enough difference to be worthwhile, then why should any person send in money?

[ieclipse2]

@BErectus He has given it all to the charity, however the stock certificates are being transferred in instalments. The recognition being that he can continue to generate more money and hence a higher price for the stock, since the foundation does not need 39B straight away for what the foundation is trying to achieve.

[BErectus]

@ieclipse2 He has a PLAN to give it all to charity, he hasn't done so yet. But, that begs the question: why give it to charity? Why not the govt? Why would he advocate higher taxes but not give his wealth to the govt? Also, I reject your premise about it making a difference - if he sends in $39B it will make precisely $39B of difference.

[BErectus]

@ieclipse2 But let us examine your argument ... If one wealthy person sending in money isn't going to make enough difference to be worthwhile, then why would ten, or 100, or 1000 make a difference? When will it make a difference? The fact is, if everyone making $250k or more were taxed 100% we still could not pay the govt's planned $3.6T spending bill this year!

[BErectus]

@ieclipse2 My admonition to Buffet was a comment on his hypocrisy, not an advocation of tax increases.

One final irony ... Hearing that "one person won't make a difference" is exactly analogous to the liberal argument about drilling for oil: "We can't start because it will take too long!" For libs a false argument holds whenever convenient ... even if it misses the point entirely.

[ieclipse2]

@BErectus I understand your reasoning behind one person won't make a difference, my reasoning was on fixing the long term problem, and not just relying on Warren for the solution. Sure it will make 39B of difference but that won't change the economy and it will make hardly a dent for the government unless the real changes of changing the tax rates for all Americans to follow.

[BErectus]

@ieclipse2 Agreed - the US system of taxation is a ridiculous mess and has been for some time now.  It needs to be fixed. But Buffet doesn't help with sound bites that advocate doubling down on the existing failed system.

[NathanVu]

The best solution is everyone who make money have to pay 50% tax like Canada. That would be fair and no one would complain. It's only unfair because people in the USA are paying different percentage of tax. We need to update our outdated school system as well and teach people some survival skills other than Calculus and Shakespeare (can you believe that Writing Teachers are teaching kid Shakespeare instead of something modern, like Twilight?). After that everything should still be good.

[braytonm87]

And, whether or not income and wealth inequality affects our country's well being, I do not know. I feel that it would, but that doesn't matter. The point is that it is only how inequality affects our country that should matter and should be the focus for debate and argument.

[braytonm87]

This guy is exactly right! Warren buffet and most people who discuss the issue of our country's income and wealth inequality frame the entire debate as a moral or an ethical issue. While it might be true that it is, framing it as such relegates the argument to the depths of passion and emotion obscuring the real problem of inequality, which is that it may, when it is so great, cause economic instability. So never mind what is "right"; it is how it effects the country's well being that matters.

[Berelore]

this guy seems to be only half an idiot suppose that is something.

[MsBickle76]

get you r tin hats and shit, niggas

[imaginativelads]

Sam Seder, SUPER LOSER!

[Welsh77]

buffet has donated NOTHING to the treasury in the last 5 years. if he really wants higher taxes, and he's so philanthropic, why don't he and his buddies contribute some cash to the treasury. oh yea, IT'S NOT ENOUGH. add up all incomes for people making more than 10 million, it's only 240 billion dollars. that wont put a dent in the debt. taxing just the rich is useless and will bring a host of bad supply-side effects.

[DJManBlack]

@Welsh77 You are completely and utterly WRONG, If we were to tax the top .1% of Americans at 20% of their income with no deductions that would be 2 trillion dollars a year, nearly our current total tax income, with that we could end the budget deficit!

[Welsh77]

@DJManBlack that isn't true... if it was that means 31,000 people have a total income of 10 trillion dollars. our national income was about 15 trillion in 2010. the top .01% are not taking home two thirds of the national income. your numbers are way off, to the point of being laughable. read my first comment again, it's true

[Welsh77]

saying it's a zero sum game put the nail in the coffin for this fool. sorry, it's not a zero sum game, you're just as wrong as buffet. wealth can be created for everyone simultaneously, and it has been. how exactly to rich people influence government when they have money? they don't, they don't have a lot of votes. unions are more powerful than those 400 people, who by the way are the only 400 billionaires in the nation. man this country is dumb

[LalitaXZ]

Idiot.



[jerrybber]

umm uhh... uhhh.. ss.. aa..uhhh .. sam, you need to calm down and do more prep work... you sound like a child arguing to a parent. Thanks for the point at the end captain obvious. If you did a bit of research, you would know Buffet advocates re writing the rule book in washington about lobbying etc... so Sam, You are WRONG

[danomis202]

Sam,

You are obviously an idiot. Learn to read. Read the story before you start talking into the microphone. Take notes. Know what you are talking about before you open your mouth.

[PoliticsILove]

@deanshero1 Ratings isn't everything. It's more important to stand on principles, have morals, and try to make a positive difference in this world. I think Sam does a good job in that when speaking on social justice.

[deanshero1]

Sam Seder, what's it like to have ratings less than the Latin channel Estrella? (For those who don't get the joke, Estrella tops out at .7 most days.

[deanshero1]

I think Sam Seder has a bright future of having Jon Stewart getting him canceled on Fox News.

When the majority of middle class america pays 30-33% and Warren Buffet only pays 21%, it's clear something isn't right.

The wealthy want to keep as much money as possible, but they are so blinded by greed they don't realize billions of a currency that is depreciating means they have nothing of value.

[brothamouzoune]

God this guy is an insufferable prick.

[msdouat]

Dude you can't even read. Who is going to listen to you? He thinks he should be taxed more you dimwit. Yeah millionaires are upset with Buffett because he's not a greedy bastard like the rest.

[jmjfanss]

@msdouat

Oh Really, he's a puppet of the elite.

plus he supports goldman sachs, what a puppet.

[msdouat]

Dude you can't even read. Who is going to listen to you? He thinks he should be taxed more you dimwit. Yeah millionaires are upset with Buffett because he's not a greedy bastard like the rest.

[spark300c]

a small increase on rich would do not much but a big increase would because the rich would spend as much. How ever taxing the rich is more inelastic than other income levels so we can tax them more. I also think our government has got to big and rich use big government to advantage. The big guy go home free but the little guy get the crack down.

[dizzymasekela]

Cenk Uygur is the only person I know of who regularly points out the enormous benefits the wealthy reap from the chicken feed they use to pay politicians to redistribute America's wealth to the very top .

[bungerman1000]

Just keep taking bigger and bigger bonuses until no one can buy your goods and services except yourselves and then all the rich will eventually be just as poor as the rest of us.

We have a demand problem.

[AntiSchiff]

You have "excess capacity" wrong. It is the output gap.  It is the difference between the level of economic activity possible at full employment, when real GDP is about 3% and nominal GDP is about 2%,, and economic activity with lower employment and GDP. Look it up.

[braytonm87]

@AntiSchiff What's "real GDP is about 3% and nominal is about 2%" mean? I think you're close to explaining excess capacity, but your ignorance of economics or poor thought makes your statement unclear; so you look foolish telling others to "look it up." I assume you are referring to unemployment, but unemployment doesn't change with respect to either nominal or real GDP. Real GDP is the same thing as nominal GDP if the inflation adjustment used for real GDP is based off the nominal GDP's year.

[AntiSchiff]

@braytonm87

Sigh. Look stupid, 3% is real growth and 2% is inflation. If inflation falls, due to money hoarding, real GDP falls too, due to the nominal effects. That means many prices are either rising more slowly, or falling outright, but wages slow or fall much more slowly, if at all. That causes unemployment. Did you notice, for example, how we had this massive disinflation/deflation during the financial crisis, yet people were getting laid off rather than wages falling similarly?

[AntiSchiff]

Then, unemployment exacerbates the drop in aggregate demand and helps account for the output gap.

[braytonm87]

@AntiSchiff Well, I didn’t understand what the hell you meant by “real GDP is 3% & nominal is about 2%” because you didn't say that it was growth. What was that statement anyways? an attempt to define full employment or potential GDP? If so, a real GDP growth rate of 3% with inflation pinned at 2% growth does not define full economic output. That is determined by technological progress, worker production rates, and then yes, as you said, full employment and usually a steady inflation rate.

[braytonm87]

@AntiSchiff But, nominal GDP is not synonymous with inflation anyways, you idiot. If you are comparing real and nominal GDP growth rates, then nominal GDP rates are ALWAYS larger than real GDP rates if there is inflation: real GDP=nominal GDP – inflation caused growth. If, as you said, “real GDP is 3%,” then nominal GDP cannot be 2% as you claim. Not to mention, nominal GDP is not needed to calculate the output gap and has nothing to do with its definition. You CANNOT call me stupid...

[braytonm87]

@AntiSchiff ... for misunderstanding your made-up definition of nominal GDP.

[braytonm87]

@AntiSchiff I was never trying to say you explained the output gap wrong. I had a problem with the nominal & real GDP used in your explanation. It, as I said, displayed economic ignorance, or was just a poorly thought out statement – it turns out it was both. So, with it not making much sense, I just thought it was a little arrogant on your part to tell SamSeder to “look it up.” Not to mention, Sam’s usage of “excess capacity” is more easily understood than saying “an inflationary output gap."

[braytonm87]

@AntiSchiff you didn't even correctly define output gap! You should probably go back and look it up yourself before you tell others to. That's why Seder just said excess capacity. It's easier. Who cares if it's primarily a microeconomic term...  For people unfamiliar with economic jargon, it's more easily understood and conveys better what he is trying to say.

[PoliticsILove]

I know the millionaires are highly upset with Buffett. Now ALL of the Republicans are using the same talking point. They're saying, "If he wants higher taxes he's welcome to send more money to the IRS". It doesn't work like that. In order for us to get serious about our debt and deficit more than 1 person in the higher tax bracket needs to contribute.

[BarackMcBush]

@LeavingOnAJet Working Poor pay Payroll taxes ,the mega rich often don't pay any of that.

[donyunger]

Does Buffet really saying that their should a shared sacrifice? I don't believe so, but is using the DC buzz phrase to frame his remarks & he is using the buzz word coddle in that way as well. I agree the concept of shared sacrifice is preposterous, The poor & middle class don't have the capability to wreck the economy. This time around some the financial sector wrecked the economy. More likely than not that is who cause every financial crisis since the US Constitution was ratified

[lennonstube]

idiot! its not just 98% of americans that are having it hard its 98% of the world.

and increasing tax on the rich is a a good idea.

but far greater....

so much greater is to completely re-evaluate the monetary system,

because right now everything is in-control of a selective few.

bankers need to be charged with usury,

but first usury has to be reinstated as law!!

and guess who pushed it through and removed it.

the selective few controlling our governments!!

[jag10]

Why isn't Buffet in jail for insider trading and market manipulation?

[MaryJesusJoseph]

@jag10 Why should he be?

[jag10]

@MaryJesusJoseph

Umm... for insider trading and for a long history of market manipulation.

It's common knowledge he manipulates markets, siphoning from the middle class, and he's admitted to doing so under the pretense of being within the rules allowed by government - but it isn't.

If it weren't for his stance on eugenics, I might feel different about our government allowing him (and his ilk) to siphon off the taxpayer.

[MaryJesusJoseph]

@jag10 Uh-huh. You know, a lot of things that are "common knowlege" are just bullshit.

[jag10]

@MaryJesusJoseph

Well, you could try google. There are a few hundred articles written about this in the past year alone, including his CFO being indicted for insider trading.

I know you nanny staters need to be force fed everything these days, but jeez- if it's not on tv it doesn't exist? Idiot....

[DeletedDelusion]

If excess capacity debilitates the economy and undermines the stability of society, aren't these rich people undermining their own position?

[DonSSanders]

"...If a man *can* buy the government...he will." Woodrow Wilson 1911

[GreatBigSnore]

@SamSeder I've heard Ron Paul say that he wouldn't make immediate cuts to SS and Medicare, but rather he would cut the war spending and begin phasing out SS in a way that doesn't yank the rug out from under dependents. Sounds somewhat plausible. Any thoughts?

[DonSSanders]

@GreatBigSnore I say turn Social Security into a credit union type public trust...citizen owned...citizen run...one buys into the retirement trust, but can get college loans, home and car loans, made by the trust to those who buy in. The interest earned by the participants as *citizens* use the capital to improve their lives...will keep ahead of any retirement bubbles. The loans are administered by the retires who will be very careful with their funds!

[kazooga1234]

@GreatBigSnore no he said he wants to get rid of the entitlement programs he doesnt believe in any government run programs and then he also wants to have a fix tax meaning that the poor will only get kicked around even more and then on top of that he doesnt really care for public schools

[GreatBigBore]

@kazooga1234 Actually, I've heard him myself, saying that he would cut war spending and use some of the savings to pay for SS while it is phased out. Also, he wants zero income tax, which is a huge benefit for the poor. Finally, surely you agree that our public school system is failing. All the other guys allowing the school system to decay are far worse than Ron Paul wanting to abolish it. If people who CAN teach were allowed to teach, the poor would also be quite well educated.

[kazooga1234]

@GreatBigBore ya war spending but when he was being interviewed by cenk on MSNBC he said that he wanted to get rid of the entitlement programs because the government shouldnt be involved with health care and its his same reason for being against alan graysons public options even if states can opt out of it so go look up that interview and here him say that he wants to get rid of the entitlement programs like every other tea bagger

[nic190]

we need your money now warren ,give it to us now.

[pjamesbda]

I like the idea you have deliniated that this favoritism of the rich is not a touchy feely bias our gov. has. Because that clearly looks right past the obvious reason, but the one our electorate can't admit, that they are bought and paid for.

We don't have to recognize the whore dogs to big business. The hot bed of these casinos we call the markets are under attack even as I write this. A self destructive attack self inflicted by the greed and free reign they were given to destroy themselves.

[johnlouisville]

Problem: Does the average US citizen have the attention span to absorb this info??

[pjamesbda]

@johnlouisville - probably not, wtf, just look at Wisconsin. They get F'd over by Walker and the other diviates they elected, and they turn right around and KEEP them in office.

Let them lick the dirty boots. We can't stop them, but we don't have to participate in this shit any longer.

[0hs0Zen0]

Why don't we just privatize everything. Ron Paul would. Ron Paul 201! Ron Paul. Ron Paul. Ron Paul. Ron Paul. Ron Paul. Ron Paul. Ron Paul. Ron Paul. Ron Paul. Ron Paul. Ron Paul. Ron Paul. Ron Paul. Ron Paul. Ron Paul. Ron Paul. Ron Paul. Ron Paul. Ron Paul. Ron Paul. Ron Paul. Ron Paul. Ron Paul. Ron Paul. Ron Paul. Ron Paul. Ron Paul. Ron Paul. Ron Paul. Ron Paul. Ron Paul. Ron Paul. Ron Paul. Ron Paul. Ron Paul. Ron Paul. Ron Paul. Ron Paul. Ron Paul. Ron Paul.

[captcrais101]

@0hs0Zen0 The private sector only cares about profit that is why

[0hs0Zen0]

@captcrais101 The private sector only cares about doing a good job. Duh. Ron Paul.

[captcrais101]

@0hs0Zen0 Yeah like it did a great job with the military. Hallibuton, KBR, Blackwater, etc.. Z For libertarians to support privatizing everything but not a private bank is hypocrisy. Not that I support the fed. I don't I just find it funny.

[0hs0Zen0]

@captcrais101 That's why humor and comedy have both been privatized. Ron Paul.

[captcrais101]

@0hs0Zen0 The private sector does a great job with healthcare right. WHich is why so many are deined by "preexisting conditions" Private sector sucks

[golden454]

@0hs0Zen0 Right companies will self monitor that is why there is another E. Coli warning today, because there is too much "shit" literally in the beef.  And right wing wingnuts like Bachmann, Perry and gang want to end the EPA. Texas is now one of the most polluted states thanks to Perry! He also made young girls take a very dangerous drug so he could line his pocket with some change. He is an evil human!

[kazooga1234]

@golden454 thats awesome because my tea bagger sister lives there and it serves her right for like morons like ron paul who want to get rid of the EPA and FDA

[pjamesbda]

@0hs0Zen0 - what a great idea. You mean like the oil companies and the insurance companies. Or maybe the drug companies. Yes, smashing idea there. Lets just privatize the police too, and the National Guard. That way, they can all be run by Warren Buffet!

[golden454]

@pjamesbda Yeah this is exactly what the billionaire Koch bros want. They are the Tea Party and Libertarians and want to own everything like all of the utilities, prisons, energy. Then on the other side this group of wealthy billionaires will be the only employers and right now what are they doing to employees? Eroding employee rights and benefits, pushing for the end of minimum wage, etc. Privatization? Does not sound so good.

[jmjfanss]

@golden454

Yeah and you George Soros/dumbocratic idiots want a world government ha.

[0hs0Zen0]

@pjamesbda Personally I use oil and take a lot of drugs. And I would privatize everything. Duh. Ron Paul.

[pjamesbda]

@0hs0Zen0 - so your answer would be to privatize the things you use? Make them open to "competition" to drive down costs, right?

Judging from your answer, you're either daft, or lazy. Now there is the outside chance you're just being obstenate. Could be lots of motivations for that, but probably for attention...admiration or pity. Hard to tell. Really I could give a F. Go take drugs and drink your oil, and don't forget to wear your soft constraints. You've already got a blindfold.

[HolyCity2012]

@0hs0Zen0 Take it to the streets dude.

[NinJutsuDude1997]

@0hs0Zen0 201? That's thousands and thousands of years ago!

[MarmaladeINFP]

Is the Buffet's claim we 'coddle' the super-rich codeword for saying politicians are high-paid prostitutes who suck corporate cock? Coddling gives the image of the govt as having more power than the corporations, as if the corporations were weak little babies who aren't allowed to grow up because of an overprotective mommy govt. If corporations are babies, they are the babies of Godzilla.