Sunday, November 2, 2008

Geeks bearing formulas, WMD's, and taxing the wealthy

Warren Buffet, bless his "world's richest person" heart.  If these three quotes don't get you to read this article, nothing will.

"As far back as 2003, Mr. Buffett had warned that the complex securities at the center of today’s troubles — once so profitable, but now toxic — were “financial weapons of mass destruction.”

"These securities were engineered by the math quants on Wall Street, and in the interview Mr. Buffett expressed his disdain: “Beware of geeks bearing formulas.”"

"To help pay for the rescue, the government should raise taxes on the wealthy, Mr. Buffett suggested. “I’m paying the lowest tax rate that I’ve ever paid in my life,” he said. “Now, that’s crazy.”"

Let me know what you think.

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