Buffett Ready to Take Republican's Tax Challenge

http://swampland.time.com/2012/01/11...up-or-shut-up/



Warren Buffett is ready to call Republicans’ tax bluff. Last fall, Senator Mitch McConnell said that if Buffett were feeling “guilty” about paying too little in taxes, he should “send in a check.” The jab was in response to Buffett’s August 2011 New York Times op-ed, which made hay of the fact that our tax system is so unbalanced, Buffett (worth about $45 billion) pays a lower tax rate than his secretary. Senator John Thune promptly introduced the “Buffett Rule Act,” an option on tax forms that would allow the rich to donate more in taxes to help pay down the national debt. It was, as Buffett told me for this week’s TIME cover story, “a tax policy only a Republican could come up with.”

Still, he’s willing to take them up on it. “It restores my faith in human nature to think that there are people who have been around Washington all this time and are not yet so cynical as to think that [the deficit] can’t be solved by voluntary contributions,” he says with a chuckle. So Buffett has pledged to match 1 for 1 all such voluntary contributions made by Republican members of Congress. “And I’ll even go 3 for 1 for McConnell,” he says. That could be quite a bill if McConnell takes the challenge; after all, the Senator is worth at least $10 million. As Buffett put it to me, “I’m not worried.” (See below for a statement from McConnell’s office.)



Read more: http://swampland.time.com/2012/01/11...#ixzz1jDYAFivz

I was so hoping you'd post this ludicrous "challenge".

Here you have a guy who WANTS to pay more taxes challenging people who DON'T want to pay more taxes to volunteer to pay the government MORE.

STUPID. It is so stupid that it's not newsworthy.

You do see this how stupid it is, don't you?

Yes the Republcians tax bluff was "ludicrous"

"HE SAYS WITH A CHUCKLE." He is being funny, dummy.
He knows the will NEVER take him up on his offer.
Buffett understands just what a joke the Republicans tax bluff is.
Though he is willing to pay more than his fair share, he doesnt believe a few individuals paying
more than they are required will solve anything. Its only thru legislation that covers all people in theupper bracket that a dent in the deficit can be made.

I wonder if McConell will poney help to help his country? LMFAO

Quote:

---

Originally Posted by Havakasha

Yes the Republcians tax bluff was "ludicrous"

"HE SAYS WITH A CHUCKLE." He is being funny, dummy.
Buffett understands just what a joke the Republicans tax bluff is.
Though he is willing to pay more than his fair share, he doesnt believe a few individuals paying
more than they are required will solve anything. Its only thru legislation that covers all people in theupper bracket that a dent in the deficit can be made.

I wonder if McConell will poney help to help his country? LMFAO

---

Oh dear Lord, you don't see it. Wow.

You just dont get the joke Buffett is playing on the Republicans. Wow. lol



I aint going to let you hide Siriuslywrong. You are going to have to own Schiff, Ron Paul and your Austrian school of economic wrong predictions. Enjoy. :)

How will Peter Schiff and the Austrian school of economics predictions do this year?
Last year they did pretty badly. Wonder if SiriuslyWrong and Ron Paul will still praise and
defend him?

http://coolspot7.wordpress.com/2011/...ce-in-a-while/



Well, let’s go back in time and see how good his prediction was for 2011:

US dollar demise: Schiff does not see much safety in the US dollar. Schiff says it is not just a dollar collapse, it is a bond collapse too; "avoid any kind of long term bonds, avoid treasuries, and avoid municipal bonds."
The year is not over yet, there is still one more trading day so this can change, but in 2011 the US dollar is up 1.85%, basically flat. No collapse in the dollar like what Schiff predicted.

The 3-year Treasury bond fund (SHY) is up 0.56% (basically flat), 10-year Treasury bond fund (IEF) is up 12%, and the 20-year Treasury bond fund (TLT) is up 28%. No collapse in treasuries like what Schiff predicted.

I looked up three municipal bond ETFs (PZA, MUNI, MUB) and they are up 8%, 5%, and 10%. No collapse in municipal bonds like what Schiff predicted.

I looked up one long term bond ETFs (BLV) and it is up 16%. No collapse in long term bonds like what Schiff predicted.

Indeed, every bond fund I checked was up big this year (and everyone one I wasn’t invested in was up more than mine). Quite simply, what Schiff predicted would occur this year did not occur.

Buy emerging markets and foreign currencies. Schiff is focusing on Asia where people work hard, are producing and have savings.
The emerging market funds (VWO, EEM) were down 20% this year.

For currencies:

Japanese Yen: +4%
Australian Dollar: –0.9%
Swiss Franc: –1%
Canadian Dollar: –2%
Swedish Krona: –3.06%
Euro: –3%
Chinese Yuan: –1%
Mexican Peso: –11%
New Zealand Dollar: –10%
Russian Ruble: –4%
US Dollar: +1.85%

How did the US dollar do against some other currencies directly?
vs Singapore Dollar: +1.48%
vs Hong Kong Dollar: –0.03%
vs South African Rand: +25%

Looks like the US dollar did very well this year and held its own against almost everyone, contrary to what Schiff said. Emerging markets also did poorly, contrary to what Schiff said.

Buy precious metals and commodities. Stay with gold, stay with silver.
Gold is up +9% this year, so he got this one right. However, silver is down –10% this year. Copper is down 42%, Aluminum is down 45% and platinum is down 25%. If you were lucky enough to buy a precious metal ETF, you could have made some money but not very much, maybe 3%.

What about other commodities? The general commodities ETFs (GSG, MOO, DBA) are down 3%, 20% and 11%.

The fact is that commodities did not do very well this year, contrary to Schiff’s advice.

If you would have listened to Peter Schiff this year, you wouldn’t have done very well in the market. You would have underperformed it. Everything he recommended was either flat (currencies), down big (emerging markets) or straight up wrong (collapse in dollar, treasuries and bonds). He was right on gold but wrong on silver – and every other metal. That’s 1 out of 7.

Now, you can argue (as Schiff does) that gold is a long term investment and long term, everything he is saying will turn out to be correct. Maybe. But for now, his prognostications are no more correct than anyone else’s.

He did say, after all, that this was his outlook for 2011.

Peter Schiff on Investment Outlook for 2012

Recognizing what has happened in 2011 and projecting that into 2012 is a difficult exercise given there are so many risks and uncertainties. However, we have some basic views on what could happen and some possible strategies to offer clients depending on where they are with respect to their investing goals.

Stated plainly, we don’t expect a stock market crash. On the other hand, we don’t see a runaway stock market rally either. While we do see heightened volatility until a solution is found for the European debt crisis, we think aggressive stock market corrections will be met by equally aggressive market rallies, in short order. Impediments to long-term real economic growth are likely to persist while consumers deleverage and as long as governments seek to solve their problems with easy fiscal and monetary policy. However, we have to also understand that these policies can result in higher asset prices, regardless of the underlying economic fundamentals. As long as governments are willing to coordinate world-wide liquidity providing exercises, they will likely have the ability to kick the can down the road and avoid facing their fundamental problems for the immediate future.

And, while we can certainly paint a gloomy picture with respect to economic growth prospects, it’s important to point out that everyone else can too, and has. Right now there is an incredible amount of negative sentiment amongst investors. Short interest on the New York Stock Exchange is near record levels not seen since 2009 (Bloomberg, 2011). Further, retail investors have sold $65 billion of equity mutual funds in 2011, more than the $49 billion in buys in 2010, indicating retail investor sentiment is very negative this year (Strategic Insight, 2011). Economists have almost cut their 2012 real GDP growth estimates for the G10 in half over the course of 2011 (Bloomberg, 2011).

We also think it is likely that another round of quantitative easing will be coming from the Federal Reserve in 2012, which would be supportive of asset prices. This round won’t necessarily be triggered by lower asset prices or sustained high unemployment. While those may be cited as the reasons, another round of quantitative easing could come simply as a way of financing the 2012 US deficit. In 2011, the Fed bought approximately $720 billion of US Treasury securities (Bloomberg, 2011), and the government is expected to run a $1.23 trillion deficit in 2011. In effect, the Fed financed 59% of the US deficit with money printed from thin air. We should expect more of the same moving forward, especially in an environment where private sector growth and consumption are retrenching. If another round of quantitative easing were to come, it would be a positive for commodities, stocks and foreign currencies, in our opinion

http://www.charliefell.com/index.php...tlook-for-2012

Since you seem interested......

Legendary Investor Jim Rogers says that the FED is the biggest risk for the US economy in 2012 : "[The biggest risk for 2012] is probably the federal reserve in America because they do not know what they are doing , they are printing a lot and they do not seem to understand economics or finance or currencies or much of anything else except printing money " but according to Peter Schiff of Europac the biggest risk would be if the focus is all on us if Europe solves its problems " the biggest risk is that Europe solve its problems or at least postpone it and come up with a short term solution and then all the focus is on us , we have done all the wrong things so we have got a currency crisis we have a bond crisis that sends the dollar into a free-fall " he said.

Watch it here:

http://jimrogers1.blogspot.com/2011/...2-outlook.html

When you read what Siriusly wrong posted about Schiffs 2012 predictions keep in mind what he said last year (2011).
Peter Schiff has stated that either the Dow will tank to 1,400 or Gold will rise to $12,000 within
the next 2 years. He is a charlatan out to sell newsletters. He got you.


Peter Schiff has NEVER TAKEN RESPONSIBILITY FOR HIS WILDLY WRONG PREDICTIONS. HE SIMPLY PUSHES THEM TO THE NEXT YEAR IN THE HOPE THAT ONE YEAR HE WILL BE RIGHT. HE IS A
COWARD AND A CON ARTIST. AND YOU LIKE HIM. THAT TELLS US EVERYTHING THAT WE NEED TO
KNOW ABOUT YOUR POINT OF VIEW.

Come on SiriuslyWrong own up to just how bad he did. You kept saying 2011 wasnt over and
NOW IT IS.

Here is something I posted a year ago in jan. 2011 about Peter Schiff.
Its an example of what happens when you become a rigid adherent to a right wing ideology.
SiriuslyWrong really should be embarassed to have pushed Peter Schiffs book and his Austrian School
of economics in this website.
=
01-05-2011 09:15 AM #1
Havakasha
Senior Member

Peter Schiff:Economic Disaster in 2011
Austrian School economist predicts economic doomsday scenarios for 2011.
Anyone here believe what he has to say about interests rates going through the
roof?

He comes in around 5:55.
http://www.youtube.com/watch?v=Z9V5RuLlXtw


Peter Schiff Says U.S. is Powerless to Prevent Runaway Inflation, Silver to Soar to $100
Commodities / Gold and Silver 2010
Sep 12, 2010 - 01:23 AM


Peter Schiff forecasts that Silver could reach $100 following a collapse of the U.S. Dollar as he says “The United States right now is completely powerless to prevent runaway inflation”, as the U.S. continues with policies of more economic stimulus and bigger deficits.


“I think growth is real around the world and I think inflation, unfortunately, is very real. Central banks are much too easy. They’re printing much too much money.
Edit Post Reply Reply With Quote

Be reminded that I've made money on this huckster's advice.

And my remaining position on DGL is now up over 20% again. > 20% return on investment? Not bad.

Do you think I should sell?

If you believe SiriuslyWrong made money by following Peter Schiff's financial advice in 2011, when I have demonstrated that he got almost every economic prediction WRONG, then I have some swamp land in Florida I would love to sell you. Show us ALL your stock transactions in 2011 bozo.


ARE YOU STILL CALLING HIS PREDICTIONS FOR 2011 CORRECT?

So you admit that you followed schiff's investment advice for 2011 since you are posting his advice for 2012?

If you followed his advice you lost big time. Too embarassed to own up to it huh? Figures


WE CALL IT SELECTIVE AMNESIA. YOUR LIKE THOSE CASINO ADDICTS WHO ONLY REMEMBER THEIR WINNINGS. AND YOU WANT TO TELL PEOPLE HOW TO RUN THE ECONOMY. WHAT AN ABSOLUTE JOKE YOU ARE.



Here is something I posted a year ago in jan. 2011 about Peter Schiff.
Its an example of what happens when you become a rigid adherent to a right wing ideology.
SiriuslyWrong really should be embarassed to have pushed Peter Schiffs book and his Austrian School
of economics in this website.
=
01-05-2011 09:15 AM #1
Havakasha
Senior Member

Peter Schiff:Economic Disaster in 2011
Austrian School economist predicts economic doomsday scenarios for 2011.
Anyone here believe what he has to say about interests rates going through the
roof?

He comes in around 5:55.
http://www.youtube.com/watch?v=Z9V5RuLlXtw


Peter Schiff Says U.S. is Powerless to Prevent Runaway Inflation, Silver to Soar to $100
Commodities / Gold and Silver 2010
Sep 12, 2010 - 01:23 AM


Peter Schiff forecasts that Silver could reach $100 following a collapse of the U.S. Dollar as he says “The United States right now is completely powerless to prevent runaway inflation”, as the U.S. continues with policies of more economic stimulus and bigger deficits.


“I think growth is real around the world and I think inflation, unfortunately, is very real. Central banks are much too easy. They’re printing much too much money.
Edit Post Reply Reply With Quote