Wednesday, August 05, 2009

Warren Buffett - Traitor?

Well, a traitor to the cause of capitalism - the socioeconomic philososphy that made him the wealthy man he is today.

Seems as if some of Mr. Buffett's key holdings have been doing quite well under the Obama regime. Holdings that, coincidentally, are recieving a lot of taxpayer-funded bailouts:

Berkshire Hathaway, in which Buffett owns 27 percent, according to a recent proxy filing, has more than $26 billion invested in eight financial companies that have received bailout money. The TARP at one point had nearly $100 billion invested in these companies and, according to new data released by Thomson Reuters, FDIC backs more than $130 billion of their debt....

He even traded the bailout, seeking morally hazardous profits in preferred stock and warrants of Goldman and GE because he had "confidence in Congress to do the right thing" -- to rescue shareholders in too-big-to-fail financials from the losses that were rightfully theirs to absorb.

So Buffett, the oracle of capitalism, is telling us that 'ol Baracky is just fine, the system is fine, and that all is well...because he is currently profiting from the wealth transfers being orchestrated by the Obama administration.

Buffett is being naive, and greedy. Doesn't he realize that he is going to be a prime target for plunder once the bills come due for Socialist America? Or does he, with Cesearean recklessness and pride, feel he is an untouchable, even in Obama's crooked system?

Buffett could have been a leader, a voice of reason and a spokesman for the return to the capitalism that made him (and many other Americans) wealthy. Instead, he has sold his soul for some short-term profits finanaced by the middle-class taxpayer.

In the long term, both he and his shareholders will see their wealth raided. Obama will justify it as a return on his/our investment. And Buffet, who could have changed the world, will be rendered powerless by his very support of the system that will destroy him.


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