AP fact check: Secretaries don’t pay more taxes than their bosses (Paging Warren Buffet)

Hotair ^ | 09/19/2011 | Ed Morrisey

[bvw]

Something went haywire morally with Buffet when he had to abandon Graham and Dodd’s methods of security analysis. One typical scoffer at Seeking Alpha writes emotionally accurately of the mindset that took over when Graham and Dodd was abandoned by the investment community: http://seekingalpha.com/article/44626-the-graham-and-dodd-method-for-valuing-stocks

The facts in that essay -— regarding applying G&D to stocks versus a randomized return — are very suspect, imo. I mean who did the analysis?

Graham and Dodd’s methods generalize and work well when their underpinnings are understood. Buffet seems to have stuck with them too, long past 1956.

But something went wrong in trying to use them. And I remember when it was, and think I remember what Buffet — in his yearly commentaries — thought of it, directly and by inference.

Graham and Dodd rely on honest books. Real fiduciary duty and accurate reporting. THAT’S what broke down. Mark it to the mid-seventies onward, and the retirement of the Cocktail set with replacement by the Cocaine set.

I think that pervasive social breakdown of mores, morals and ethics in the investment, banking and finance community got to Buffet.

He has obviously joined the extreme social deconstructionists like the old Marxists who advocate Stalin-Mao like despotism, and the new Marxists like Cloward-Piven and Alinsky, or a mortal enemy like a Bin Laden, or the modern bloody levelers like Ayers-Dorhn (and their apt student Obama), who believe that the whole Western system must be destroyed, financially, economically and civilly.

[SaraJohnson]

Because they are using their money to advocate for socialism to take my freedom and money!

We can call it the Buffet/Soros billionaire tax. Let’s give them what they want - all the way. Taxes on the rich -them! Leave the rest of us alone.