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Warren Buffett and Charlie Munger - 'Debt Ceiling Makes No Sense'
Posted by: Holly LaFon (IP Logged)
Date: October 4, 2013 11:59AM

Warren Buffett of Berkshire Hathaway (BRK.A)(BRK.B) discusses the political deadlock in Washington, D.C., and compares the folly of using the debt ceiling as a weapon to the historical use of nuclear bombs. His partner Charlie Munger calls this "understated." From Fortune:




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Re Warren Buffett and Charlie Munger - Debt Ceiling Makes No Sense
Posted by: brianbook (IP Logged)
Date: October 4, 2013 05:24PM

What the Republican extremists are doing is immoral. It is also premeditated, [www.nytimes.com]
at a cost of more than $300 million/day.



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Re Warren Buffett and Charlie Munger - Debt Ceiling Makes No Sense
Posted by: AlbertaSunwapta (IP Logged)
Date: October 8, 2013 07:50AM

^ I thought this was interesting. The discussion talks about past shut downs...

[www.cnn.com]




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Re Warren Buffett and Charlie Munger - Debt Ceiling Makes No Sense
Posted by: mi (IP Logged)
Date: October 8, 2013 10:08PM


A government which spends money it doesn't have will eventually devalue it's currency and/or raise taxes on future citizens who will be forced to pay the price for governmental services they most likely didn't receive. Either alternative is a form of "taxation without representation."

That, 'Brianbook," is immoral.



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Re Warren Buffett and Charlie Munger - Debt Ceiling Makes No Sense
Posted by: batbeer2 (IP Logged)
Date: October 9, 2013 12:55AM

>> Either alternative is a form of "taxation without representation." That, 'Brianbook," is immoral.

1) The concept of taxation predates the concept of democracy. Were all taxes immoral before the invention of democracy?

2) I don't see how future citizens will benefit from the current shutdown. Arguably, the Greek government handles its debt issues better.



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Re Warren Buffett and Charlie Munger - Debt Ceiling Makes No Sense
Posted by: brianbook (IP Logged)
Date: October 9, 2013 11:33AM

Mi, you are outside your "circle of competence". First, taxes are the cost of civilization. Second, learn the social science of macroeconomics from the moral economist, Joseph Stiglitz, by reading "The Price of Inequality". Did you know that macroeconomics can be counterintuitive?



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