The economy is horrible. Most people are suffering, but Warren Buffett is benefiting from the situation. (New York Times 2/28/10)
This time he described how he had used the last 18 months to scoop up a string of assets — a buying spree that culminated at the end of last year with the agreement to buy the Burlington Northern Santa Fe Railway, his biggest bet yet.
Mr. Buffett wrote that his company, Berkshire Hathaway, had net income of $8.1 billion last year, or about $5,200 a share, 61 percent higher than in 2008. The company also reported a 19.8 percent rise in book value.
Goody, goody for him.
I'm reading Howard Zinn's A People's History of the United States, and it is reminding me about something I learned before. Prior to New Deal reforms that buffered economic downturns, depressions were quite common in this country. During those depressions, it was common for the super rich to buy assets at discounted prices, consolidating their wealth and power.
As usual, the NY Times article repeats the obsequious tone of so much of the corporate media towards these vultures who make money off of the misery of others. If you read the corporate media, you get the distinct impression that we are all expected to worship the very excrement of Buffet and his ilk.
We need to make the rich pay their fair share in taxes so we can help the miserable. Besides, with less money available for wild financial speculation, we would have a more stable and secure economy.