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Warren Buffett and Charlie Munger - 'Debt Ceiling Makes No Sense'

October 04, 2013 | About:
Holly LaFon

Holly LaFon

276 followers
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:


Rating: 3.7/5 (17 votes)

Comments

brianbook
Brianbook premium member - 1 year ago
What the Republican extremists are doing is immoral. It is also premeditated, http://www.nytimes.com/2013/10/06/us/a-federal-budget-crisis-months-in-the-planning.html?pagewanted=a

at a cost of more than $300 million/day.
AlbertaSunwapta
AlbertaSunwapta - 1 year ago
^ I thought this was interesting. The discussion talks about past shut downs...

http://www.cnn.com/video/standard.html#/video/bestoftv/2013/10/08/exp-pmt-newt-gingrich-robert-reich-government-shutdown.cnn

mi
Mi - 1 year ago


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.
batbeer2
Batbeer2 premium member - 1 year ago
>> 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.
brianbook
Brianbook premium member - 1 year ago
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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