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Weekend With Warren: Berkshire Hathaway CEO Warren Buffett on impact of a flat tax and why he believes the economy would not benefit from an increased...
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Just spent five hours answering questions but eating.
-- of peanut brittle and Coca-Cola.
At a time when you've been diagnosed with little bit of a health issue one might say gonna say that everything's fine but.
-- to change your behavior at all -- just pick -- pounds of.
Zero.
This this -- got 881.
And all I've got as a normal prostate cancer that will probably would.
Wouldn't even need to be treated so I implied but what I during her feeling well enough to teach it now -- -- -- -- at least a few important.
Question came up from one of the shareholders and everybody -- could see collectively sat on the edge of their seats and that was.
If the corporate tax rate were to be brought down without help jump start the economy -- you said no because there's a lot of liquidity.
But everybody waited for you to say what would jump start the economy.
You have.
Well jumpstart the economy is more household formations.
And -- need more households order form the quicker we eat up.
The excess housing inventory which is beaten up.
And I would say in -- -- like Wal-Mart it's it's it's it's very small way and excess inventory but household formations are what cause.
Houses to be occupied or apartment units and and that is holding back the economy.
Charlie Munger said that he figured we'd absolutely eventually see a value added tax -- think we should have that and -- Hi I'm not excited about value added tax -- It's it's basically not a progressive tax I mean as -- I believe in progressive taxation and that.
The economy with the enormous step I want differences in results on -- I do not want equality of results I want equality of opportunity but that's currently do vast differences -- results.
But I think the tax code to some extent.
Means that the people that get that wonderful opportunities and I'd like I have.
Should be paying more than the people that have gotten the short straws and and a value added tax like a sales tax cuts across the board.
We started to hear people talk about pushing for raising the minimum wage because a lot of people are working minimum wage jobs should we raise the minimum winning the problem with a minimum wage at raise the minimum wage is that it takes people on the labor force -- A market economy as.
There's brutal in many ways it's wonderful and it's created.
This country and -- -- for where the country overall.
But if you set a minimum wage is too high for the abilities of the person that that the market -- -- higher.
All you've -- has driven them from employment you may need.
A an assistant wage and some and some occupations by the government so that the employer pays part of it and it it's -- -- in some way.
Lot of interest in your potential successor and you said something today where you said.
To the shareholders you need not worry about my successor he has the Berkshire culture imbedded within him.
So it's a man.
It is man -- -- -- several.
Several times that in over demand ten years but I hope our economy a more that's irrelevant but that -- man now is that why you're not naming dispersant is you to change your mind.
While the -- could change -- -- and we could have new acquisitions that brilliant column that you know we don't have available now we have.
We're gonna have a change in our -- -- the valuation.
Of the people.
And that we name somebody now and then.
We changed our mind and the time came that person would leave -- -- under the present system that would not be the case there's there's just a lot of reasons -- -- -- the person.
Your profits doubled so you're much happier I'm sure this year vs last year but you talked about energy being one of the drivers and of course -- -- mid American energy.
Talked about natural gas.
It is it's such incredible lows.
You love to buy things -- Would you purchase for you think about natural gas and should we be converting trucks converting this economy and this country over to natural gas used.
Well natural gas is so -- it's ridiculous now on the other hand.
Although that is about probably two dollars and thirty cents and -- 195 there -- but if you if you buy for delivery three -- Gartner report hours.
-- -- -- -- -- your doctor about three dollars and forty cents so you if you're gonna convert things you can't really look at the spot price you have to look at futures.
Price and so you can't.
You can't extrapolate -- two dollars and make decisions based on its still -- -- If you look out of the futures prices but it doesn't look as dramatically shape as if you look at the spot price you'd just say -- to businesses in the Netherlands.
What are what we bought one -- -- poultry.
Equipment business that fits under our company CTV it's -- We've got a terrific management -- CBB and I love the idea that scenario runs -- getting another Tuesday.
You said that you might get more into newspapers but you think it's stupid that some newspaper owners ended up putting that same Paper the people pay.
Fifty cents or a dollar for up on the web for free.
Will you change the business model what the Omaha world herald or that the Buffalo News you know and -- buy more newspapers.
I think both of those papers have actually made some modifications are in the process of looking modification.
The Gannett papers and you've got dozens of -- making changes this is something is happening in the newspaper business right now for.
The last century years almost all the newspapers have given away.
On the on the and at what they were selling but that that is change that has changed and is changing big time right now I wouldn't -- -- right we've mourners were.
Thank you very much thank you.
