In 2017, the wealth gap is wider then ever before. Just eight billionaires have a net worth of more than half the world’s population combined. To illustrate the rate at which this growth continues to occur, last year there were 62 individuals who had collectively accumulated as much wealth as half the planet. The gap continues to grow, and Americans continue to fork over their money to companies like Microsoft and Amazon. In fact, six of the eight wealthiest men are Americans.
An analysis from Oxfam warns that the gap between the rich and the poor is greater than ever. In their report, An Economy for the 99%, Oxfam describes the gap as “obscene.” The analysis reveals that eight very wealthy men have a combined net worth of $426 billion. There are 3.6 billion people comprising the poorest half of the world’s population, and their combined net worth is only $409 billion.
Count one of Hillary Clinton’s biggest financial backers, billionaire Warren Buffet, among the biggest fans of the “Trump rally.”
In an interview with Charlie Rose recorded on Friday, Warren Buffett said that since the election day, Berkshire Hathaway bought $12 billion in stock. This was a change in strategy for Buffett, who as it turns out was a net seller in the first nine days of the month, when Hillary seemed like a guaranteed winner in the November election, one which Buffett was selling into.
“We’ve, net, bought $12 billion of common stocks since the election,” he said in an interview with Charlie Rose that aired on Friday. Buffett didn’t identify the securities that he picked. As of Sept. 30, Berkshire had an equity portfolio valued at $102.5 billion.
Continue to prepare for collapse. (And maybe support this website if you can.)
Just when you think this election could not get more ridiculous, with even the Simpsons endorsing Hillary as President, the king of crony capitalism Warren Buffett has offered to drive voters to the polls in November.
According to NBC, Buffett pledged to “take at least 10 people to the polls who otherwise would have had difficulty getting there” on November 8, challenging his congressional district to “give America a civics lesson. Buffet said he even reserved a trolley called “Ollie” Monday. “It seats 32, I’m gonna be on it all day, I’m gonna be doing selfies, whatever it takes.” Where have he heard that last phrase before?
There’s something about being insanely rich that people will believe every word that comes out of your mouth no matter how bizarre.
And no, I’m not talking about Donald Trump. Warren Buffett is an even better example.
As one of the richest men in the world, Buffett’s opinions carry almost Biblical impact, even when they might be completely ridiculous.
It takes 20 years to build a reputation and five minutes to ruin it. If you think about that, you’ll do things differently.
– Warren Buffett
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He walked them through Clayton-built homes on the lot, then into the sales center, passing a banner and posters promoting one subprime lender: Vanderbilt Mortgage, a Clayton subsidiary. Inside, he handed them a Vanderbilt sales pamphlet.
“Vanderbilt is the only one that finances on the reservation,” he told the women.
His claim, which the women caught on tape, was a lie. And it was illegal.
In minority communities, Clayton’s grip on the lending market verges on monopolistic: Last year, according to federal data, Clayton made 72% of the loans to black people who financed mobile homes.
All you need to know about Warren Buffett can be gleaned from this one sentence he uttered in a Bloomberg interview earlier this year:
Clinton has a vision for America that’s very similar to mine.
Indeed, and that vision is one of crony capitalism and oligarchy. Two things both Buffett and Hillary have a long history of supporting.
As such, he’s busying running a $33,400 a plate fundraiser for this faux populist, along with the President of private equity giant Blackstone. Blackstone, of course, is one of the firms that benefited most from the Obama administration’s banker bailouts, by quickly buying up all the foreclosed homes only to turn around rent them right back to the peasants who were evicted. Here are a few articles on the topic to get caught up.
Warren Buffett – billionaire investor, opposer of Citizens United but major donor to super-PACs, previous fan of Bernie Sanders, and vehement supporter of the ‘fairness doctrine’ on taxes for everyone but himself – will be joining ‘campaigner for everyday Americans’ Hillary Clinton as she stumps in Omaha this month.
In May 2015, Buffett backed Hillary…
Billionaire investor Warren Buffett is backing Democratic front-runner Hillary Clinton in the 2016 presidential election.
“I think that she is the most likely person to be president of the United States, elected in 2016, and I’m going to vote for her,” Buffett tells the Fox Business Network in an interview that will air Monday evening.
In a “difficult but necessary” decision, Kraft-Heinz will cut 2,600 jobs in the latest post-mega-merger “synergy” bloodbath. Thanks Warren.
Back in August, we said “thanks uncle Warren” on the heels of reports which indicated it was time for Kraft employees to do their part to facilitate merger “synergies” in the wake of the Kraft-Heinz tie-up engineered earlier this year by everyone’s favorite folksy octogenarian billionaire along with 3G.
In short, Kraft Heinz said it would lay off 700 workers at Kraft’s corporate headquarters in north suburban Northfield, part of a cost-cutting plan that would slash the combined entity’s headcount in the U.S. and Canada by 2,500 jobs.
Well, on Wednesday we got more of the same with CNBC reporting that Kraft Heinz will close seven plants and lay off 2,600 employees. The company is also reportedly moving Oscar Mayer to Chicago from Wisconsin. Here’s what we know so far:
– “Some People Just Don’t Fit In The Economy” Buffett Explains: “We’ll Send Them Off To Afghanistan” (ZeroHedge, Sep 8, 2015):
Not to be outdone by his partner Charlie Munger (who offended many with his comments that “gold is a great thing to sew onto your garments if you’re a Jewish family in Vienna in 1939,”), Berkshire Hathaway’s Warren Buffett – having already taken on Europe, comparing Greece to a “dog peeing on the carpet” of Europe,
suggesting Germany stop “rewarding behavior you want to get rid of” – takes aim at the military. Speaking on Bloomberg TV, the octagenerian oracle of offense just unfriended every American veteran…“You want everybody educated to their potential. You want people to reach their potential. That still won’t work for some people in a highly developed market system.
I mean if this were a sports-based system, you could give me a PhD in football, and I could practice eight hours a day, and I might be able to carry the water from, not onto the field, but from the locker room to the bench. There’s just some people don’t fit well into a highly skilled market-based economy.
They’re perfectly decent citizens. We’ll send them off to Afghanistan, but they are not going to command a big price.”
– Uncle Warren Strikes Again: Kraft Heinz Cuts 2,500 Jobs (ZeroHedge, Aug 12, 2015):
Thanks, Uncle Warren.
The Kraft-Heinz merger engineered earlier this year by everyone’s favorite folksy octogenarian billionaire along with 3G will cost some 2,500 people their jobs, as the combined entity looks to cut costs.
CEO (and 3G partner) Bernardo Hees has already slashed jobs on the Heinz side of things, so now it’s apparently time for Kraft employees to do their part to facilitate merger “synergies.”
– Warren Buffett thinks the poor should stop blaming inequality on the rich (Independent, May 23, 2015):
– Bank Of England Exposes US Cronyism: Questions Why Buffett’s Berkshire Hathaway Is Not Too Big To Fail (ZeroHedge, April 20, 2015):
If you thought currency-wars were a problem, just wait until crony-wars begin. In a stunning show of disagreement among the omnipotent, The FT reports that a Freedom of Information Act request has confirmed The Bank of England wrote to US authorities seeking clarity about Berkshire’s absence from a provisional list of “systemically import” (Too Big To Fail) financial institutions (SIFIs). The US Treasury declined to comment…
With MetLife suing the US government to try to escape being deemed systemically important by Washington (which means the firm may need to hold more capital to cover unexpected losses and could face a requirement to draw up “living wills” to make them easier to wind down in a crisis), The FT reports on questions over Berkshire Hathaway’s status…
British regulators have challenged their US peers over their apparent reluctance to subject Warren Buffett’s Berkshire Hathaway to tougher scrutiny as part of a worldwide push to make the financial system safer.
– Warren Buffett the Slumlord – Predatory Loans, Kickbacks and Preying on the Poor at Clayton Homes (Liberty Blitzkrieg, April %, 2015):
The disastrous deal ruined their finances and nearly their marriage. But until informed recently by a reporter, they didn’t realize that the homebuilder (Golden West), the dealer (Oakwood Homes) and the lender (21st Mortgage) were all part of a single company: Clayton Homes, the nation’s biggest homebuilder, which is controlled by its second-richest man — Warren Buffett.
– Dramatic Explosion Footage: Warren Buffett-Owned Oil Freight Train Derails, Bursts Into Flames (ZeroHedge, March 5, 2015):
It wasn’t the vetoed Keystone XL pipeline which exploded today: it was a tanker train carrying 103 trains of oil and belonging to none other than Obama’s tax advisor, Warren Buffett, that ended up in a dramatic fireball in the middle of rural Mississippi.
– Buffett On Europe: Germany Must Stop Greek Dog Peeing On Its Carpet (ZeroHedge, March 3, 2015):
Not to be outdone by his partner Charlie Munger (who offended many with his comments that “gold is a great thing to sew onto your garments if you’re a Jewish family in Vienna in 1939,”), Berkshire Hathaway’s Warren Buffett decides to take on Europe (and The Big Lebowski), and particularly the Greeks in today’s ‘perhaps it’s time to just STFU’ moment. Responding to questions about Europe’s future, Buffett compares Greece to a “dog peeing on the carpet” of Europe, suggesting Germany stop “rewarding behavior you want to get rid of.”
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Quick question – just how far does one go to ‘punish’ the peeing dog before Animal Cruelty is called?
– “Tax Me More” Buffett To Finance Burger King’s Tax Inversion Deal (ZeroHedge, Aug 26, 2014):
President Obama would have proudly proclaimed Warren Buffett a true patriot in his bailing out of the banking system with expensive loans and his ‘realization’ that those earning more than $1 million should be tax-tax-taxed. However, the “Buffett Rule” appears to have one caveat… if you are making over a $1 billion, you’re good to go with tax-avoidance strategies. In one of his career’s most hypocritical moves Warren “tax-me-more” Buffett has decided that putting his money where his mouth is no longer makes sense.. and is funding $3billion of Burger King’s “tax-inversion” takeover of Canada-based Tim Hortons. Somewhere on a golf course, a Presidential Putter is being snapped across a knee…
From the article:
“Far away from Congress is the real forgotten man, the taxpayer who foots the bill… For if human liberty is to survive in America, we must win the battle to restore honest money.”
“the paper money disease here may take many years to run its course…but when that day arrives, our political rulers will probably find that foreign war and ruthless regimentation is the cunning alternative to domestic strife.”
– The key libertarian in Warren Buffett’s life who he never listened to (The Blaze, Aug 13, 2014):
Warren Buffett has famously supported the Obama administration and other Democrats, even lending his name to the so-called “Buffett Rule,” which calls for raising income taxes on high earners. As such, it may surprise you to learn that a key person in Warren Buffett’s life was an ardent proponent of political views diametrically opposed to those of the “Oracle of Omaha.”
111 years ago today, Warren’s father Howard Homan Buffett was born in Omaha, Nebraska. Buffett, like his son Warren, worked in the investment business, but also served four terms in the U.S. House of Representatives from 1943-1949 and then again from 1951-1953, as an anti-New Dealer, anti-Fair Dealer and overall anti-interventionist of the Republican “Old Right.” Politically, it could be said that Buffett was the Ron Paul of his day.
Buffett even corresponded with leading libertarian Murray Rothbard, asking Rothbard in one letter where he might be able to procure a copy of his “The Panic of 1819,” so that he could pass it along to his son.
– Buffett’s Bailout Bonanza (ZeroHedge, Oct 7, 2013):
In the past we have tried to show the growing divide between the haves and the have-nots in the US. Whether through this morning’s “aggregate” Main Street vs Wall Street chart or various anecdotal indicators of diverging confidence. However, no one signifies the beneficiaries of the status-quo-sustaining government bailouts and stimulus better than Warren Buffett (who now, like Obama, sees stocks are full valued). The following chart shows just how well one can do with a few billion in your pocket and an ear for what the Government will do.