Warren Buffett’s political views and “solutions” are largely fascist—he loves it when bought-and-paid-for politicians come to the rescue of rich business guys like him when they make huge mistakes—and part of his “investment smarts” is knowing what officeholders will do, immoral or not (and betting on the sinful hearts of men is often a winning wager!).
From Bloomberg.com: “Buffett Says Pension Tapeworm Means Decade of Bad News.”
Public pension plans threaten the financial health of U.S. cities and states more than taxpayers realize, billionaire investor Warren Buffett said.
“Citizens and public officials typically under-appreciated the gigantic financial tapeworm that was born when promises were made,” Buffett wrote in his annual report to shareholders of Berkshire Hathaway Inc. (BRK/A) released on March 1. “During the next decade, you will read a lot of news –- bad news -– about public pension plans.”
Obligations to retirees have weighed on governments from Puerto Rico to the bankrupt city of Detroit. Illinois lawmakers passed a bill last year to bolster the worst-funded U.S. state pension system. New Jersey Governor Chris Christie said last week that Detroit shows what could happen if his state doesn’t limit obligations to workers.
Buffett’s public pensions warning is something many of us have been sounding the alarm about for a long time, and the fact he’s willing to include it a part of his annual letter tells you it’s getting closer and closer to being a major problem. Hey, Warren, if you’re so concerned, why don’t you just hand over your personal fortune to various government entities that are in trouble, and who you believe should be “bailed out”?
Finally, I do love how some of the others quoted in this article are “talking their book”–disseminating views to support their own bets in the market, rather than being realistic, or talking about what should be done from a perspective of right and wrong.