There is something intensely annoying about Buffett: his hypocrisy.
He claims that rich Americans are not paying their fair share of taxes, but doesn't take the obvious step of voluntarily paying more taxes by sending a big check to the IRS.
He supports the estate tax, supposedly because it is bad for America to have children receive inherited wealth. Of course, he has set up a foundation which his children will administer after his death. Naturally, they'll take a salary for this arduous assignment. And it just so happens that having an estate tax benefits the insurance companies in which he is heavily invested: 10% of insurance company revenue comes from the policies wealthy folks buy in order to avoid estate taxes.
He's all for rigorous corporate government and the avoidance of self-dealing. Except when these standards are violated by his subordinate and Berkshire-Hathaway heir-apparent David Sokol, who -- with the full knowledge of Buffett -- personally invested in a company that Sokol was pitching to Berkshire-Hathaway.
Buffett is clearly a shrewd investor. However, an economic holy man he is not.
No, he couldn't. His remark is a flip one that is totally impractical. Had Ross Perot (another rich guy who likes to pop off) made this suggestion we'd all be laughing at him.
