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The Sandbox - Austin The Sandbox is a collection of off-topic discussions. Humorous threads, Sports talk, and a wide variety of other topics can be found here. If it's NOT an adult-themed topic, then it belongs here

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Old 08-27-2011, 01:25 PM   #16
Reya Sunshine
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I can't say anything about Buffett other than I think that this cartoon he did to help kids learn about money is really cute and comes from a good place in his heart. http://www.youtube.com/watch?v=66DKQxtS0TI It's called "The Secret Millionaire's Club" and it's adorable. He seems like a sweetheart.

Every now and then I pick up Forbes Magazine just to spy on the rich people out of curiosity and the editor wrote a minimally true but maximally cruel letter there once a few years ago saying that poor people deserve to be poor because they are genetically inferior. I admire his balls for saying in plain language how he really feels but it made me nervous about when he and his friends might decide to start rounding me and my friends up and sending us to camps(the kind with barbed wire, not the kind Warren Buffett supports). He claimed that our society values and rewards intelligence with money and prosperity(that's debatable) and that intelligence is largely inherited and that's why you see generational poverty. He totally came off like a self important jerk.
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Old 08-27-2011, 02:18 PM   #17
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I've never stood in a Forbes line with a plate in my hand...

Just sayin.
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Old 08-27-2011, 03:39 PM   #18
DTorrchia
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Originally Posted by Munchmasterman View Post
Open your eyes and get with the program. Capitalism did just happen. A private investor stepped in, invested in the company and made a shitload of profit. They received no new federal funds, the stockholders won, no jobs were lost but you’re still pissed. Because they didn’t fail as you wanted them to. Because you are also wrong about the ability to give them more money. Or didn’t you know that the house wouldn’t agree?
What I know is this. Buffet wants Obama re-elected. So he comes up with this phony media blitz, telling the world how him and his fellow Billionaires don't want to be coddled anymore and that they want their taxes raised. All of which is absolute B.S.! You know it, I know it, so let's not beat around the bush. He's trying to help Obama by making it seem that the Republicans are opposed to taxing the rich even when the rich WANT to be taxed. That's what he's trying to do. I'm simply calling bullsh*t and pointing out that if he really wanted to pay more taxes, he's free to do so and if he was sincere, he certainly wouldn't shelter his millions in foundations. So let's not pretend as to what he's doing.
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Old 08-27-2011, 05:25 PM   #19
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Default Latest Evidence that Warren Buffett is a Senile Old Fool

August 27, 2011 13:41

Buffett one-day score in BoA deal: $357M


Billionaire investor Warren Buffett [3] made headlines on Thursday when his company, Berkshire Hathaway, announced that it would invest $5 billion in Bank of America. And according to CNN, warrants related to the deal earned Buffett $357 million on Thursday alone. Nice work if you can get it.

From CNN:

In exchange for the Buffett brand name and $5 billion, the Charlotte, N.C. financial institution granted Warren Buffett the option to buy up to 700 million of its shares any time in the next 10 years for $7.14. [Thursday] those warrants would've reaped the Omaha investor a nine-figure profit.

Now, if Bank of America shares fall and stay down (the bank's stock had fallen more than 50 percent this year before Berkshire Hathaway's investment), things could turn out differently for Buffett.

As part of the deal, Bank of America agreed to pay Berkshire $300 million a year for 10 years — a 6 percent annual dividend — on its $5 billion in preferred shares.

The announcement of the deal sent Bank of America's stock up as much as 26 percent on Thursday before it settled back down.

"The question is whether Bank of America gave too many of those warrants away to get Warren Buffett to put the $5 billion preferred investment in the company. In the end that will be the question," Marty Mosby, a managing director at Guggenheim Securities, told CNN.

Bank of America recently announced that it would be cutting 3,500 jobs on top of the 2,500 it has already cut this year. And as many as 10,000 more layoffs could be on the horizon. In June, Bank of America agreed to pay $8.5 billion to investors including Pimco, BlackRock and the Federal Reserve Bank of New York to settle claims about mortgage backed securities. Since then, insurance giant American International Group has filed a lawsuit against the bank over the same securities.

Bank of America is the nation's largest bank employer, with approximately 287,000 workers.

http://www.globalpost.com/dispatch/n...ca-357-million

An interesting aspect of the "discussion" here is that all of the "arguments" against Buffett's New York Times op-ed piece http://www.nytimes.com/2011/08/15/op...uper-rich.html are shouting, arm-waving Ad Hominem attacks on the person with not a word of refutation or rebuttal to his assertion that his class, the ultra-rich, pay less than their fair share of the tax burden. That is typical of Right Wing/ Republican rhetoric: all angry bluster and shouting - no reasoned counter case, no data. The usual assumption about someone who engages in Ad Hominem is that they Have no substantial argument and so are throwing rocks instead.

Wikipedia on Ad Hominem:
Abusive ad hominem (also called personal abuse or personal attacks) usually involves insulting or belittling one's opponent in order to attack his claim or invalidate his argument, but can also involve pointing out factual but apparent character flaws or actions that are irrelevant to the opponent's argument. This tactic is logically fallacious because insults and negative facts about the opponent's personal character have nothing to do with the logical merits of the opponent's arguments or assertions.
http://en.wikipedia.org/wiki/Ad_hominem
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Old 08-28-2011, 01:35 AM   #20
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Originally Posted by DTorrchia View Post
What I know is this. Buffet wants Obama re-elected. So he comes up with this phony media blitz, telling the world how him and his fellow Billionaires don't want to be coddled anymore and that they want their taxes raised. You are wrong. Unlike some, he doesn't pretend to speak for others. His personal opinion is that they should be taxed more, not that anyone else wanted to be taxed more All of which is absolute B.S.! It is not BS. It is the stated position of repubs and teabaggers alike. No tax increases for the rich. Tell us the names of repubs who want taxes raised. You can't.You know it, I know it, so let's not beat around the bush. He's trying to help Obama by making it seem that the Republicans are opposed to taxing the rich even when the rich WANT to be taxed. Seem? Who was he helping in 2007? http://blogmaverick.com/2007/12/11/w...he-presidency/ That's what he's trying to do. I'm simply calling bullsh*t and pointing out that if he really wanted to pay more taxes, he's free to do so and if he was sincere, he certainly wouldn't shelter his millions in foundations. So let's not pretend as to what he's doing.
How do you know he doesn't pay extra? That's right, you can't possibly know. You might call a press conference when you check the "give 3 bucks to the election fund" box but somehow I think he doesn't notify anyone. And if sincere about the charitable foundations, he would supply them with the most possible "bang for his buck" money he could get.


You're right. Let's not pretend we know something when we don't.


We should stick to the facts....like republicans being opposed to raising taxes on the rich.
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Old 08-29-2011, 11:33 AM   #21
DTorrchia
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Originally Posted by Munchmasterman View Post
How do you know he doesn't pay extra? That's right, you can't possibly know. You might call a press conference when you check the "give 3 bucks to the election fund" box but somehow I think he doesn't notify anyone. And if sincere about the charitable foundations, he would supply them with the most possible "bang for his buck" money he could get.


You're right. Let's not pretend we know something when we don't.


We should stick to the facts....like republicans being opposed to raising taxes on the rich.
First off, for about the FIFTH time on this board, I will say and HAVE said that I feel Corporations should pay their fair share of taxes. So should the Über-rich. You won't get an argument out of me on THAT issue. What I tend to point out is, when certain liberals on this board constantly scream about the rich and the Corporations but never address the myriad ways our government is bleeding out money on issues that they (liberals) support. In other words, in case you missed the other posts, it's o.k. for 6 million people in this country who are here ILLEGALLY not to pay taxes but damn those rich people who are living here legally and aren't paying their fare share?? Maybe you fail to see the irony in this but I see it clearly. We allow people to come into this country in violation of our laws and over half of them don't pay federal taxes. Then you want to scream about the Corporations that are providing hundreds of thousands of jobs nationwide?
That's just ONE example of hypocrisy that I constantly see around here.
The list goes on and on, from a Government trying to FORCE it's citizens to pay for health insurance, and penalizing them if they don't, to handing out almost a TRILLION dollars in Bail-outs to reward big business for running their institutions into the ground while paying themselves Multi-Million dollar salaries and perks.
You damn right I think BOA should have been allowed to fail. They're charging people 21% interest on credit cards and can't stay afloat, supposedly because of bad loans, while "their CEO Brian Moynihan will be paid $950,000 for 2011 plus his pay package will also include $9.05 million in performance-based stock awards, to be granted Feb. 15. Those shares may eventually be converted into 40 percent cash and 60 percent stock, and earn dividends like regular shares".

So for the record, as far as I am concerned, when it comes to these debates here is where I stand:
1.The large Corporations in our country should pay their fair share of
taxes
2. U.S. Corporations who move overseas to obtain cheap labor should be taxed at a HIGHER rate (Tariffs) than those who remain in the U.S.A. and hire from within our country.
3. The rich should pay their fair share of taxes. I don't believe their taxes need to be raised necessarily, I believe tax loop holes allowing them to shelter much of their profits from taxation should be closed.
4. I'm for legal immigration and against Illegal Immigration.
There's a legal way for everyone that's not a criminal to emigrate to this country. Do it the legal way or get deported. Plain and simple.
5. I believe in less government, not more. I believe the Bill of Rights is self-explanatory. Washington should stop trying to figure out ways of how to to an end-run around those rights guaranteed to us.
6. If you take my money and say it's to supplement my retirement later in life, rather than allowing me to invest that portion of my check myself, then that money damn well better be there when I turn 65. Otherwise, what makes you different than someone that simply came up and robbed me or swindled me out of my money?

So, if you feel these views make me a Republican, Tea Bagger, Liberal or whatever else, that's fine. It's simply where I stand on these issues.
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