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Are your bitcoin right written we need to talk about a bit -- than a -- I can't wait to hear what Charlie Munger have to stand under the -- -- and Charlie -- the vice chair of Berkshire Hathaway bill's gonna move -- that you can -- -- him.
Good morning Charlie good morning.
I just had to get your thought.
-- -- this this this digital currency that's out there that people say oh it might be the next big thing what do you think.
I think -- rat poison.
-- god is undecided.
Do you understand what they're trying to deal with -- know what I regard as deeply flaky deeply played OK okay what bill what do you think.
I think it's it -- held -- to force.
But that's an area where governments are gonna maintain and dominant role.
Bill Warren I think either Charlie or -- -- right.
Either one of those -- Is currently one of the things that I noticed during this this weekend meeting was that you would Warren disagreed on a couple of issues but the one that struck me the most was your issue on.
Corporate tax rates.
One feels that corporation should be taxed more they have the money you say -- why.
Well I I think.
It's a disadvantage to have your tax rates less -- -- victory.
Elsewhere in the world.
And so I don't think we're in total control of our own tax rates.
Meaning I think we should.
Angry crazy to have -- -- -- the United States 50% of them have a 20%.
Throughout the rest of the world.
Do you think that -- all over prior Texas whether they should be on individuals and consumption and so I don't think we.
I like -- corporate directory.
Do you think it should be considerably lower than what it is now no US -- just slightly somewhat yes somewhat slightly Warren you disagree.
Yeah I think that.
And -- Charlie and I have just read -- lots of things -- we've never had an argument that over fifty years but.
We do disagree sometimes and US taxes.
Our our corporate taxes are.
One point 71 point 8% and GDP.
Frequently -- go back some years they were 4% we did well.
Under those conditions businesses doing extraordinarily well and since we have to raise money from someplace.
And I see these returns on equity and it did in business compared to the interest rates being -- incredible levels.
And I just think that if you're looking for a good tax more I think that corporation should be part of that out.
The -- sure have have.
Moaned a lot about how they feel they're over -- and that there -- over regulated you both disagreed on that a little bit you actually feel.
On the entire banking issues that banks look healthier now a days you feel very comfortable about your investments and Wells Fargo and lemon tea.
You know US Bancorp the US Bancorp as well.
But Charlie -- -- less optimistic in the long term about next what worries you.
I think too many bankers go crazy and those too much damage when it happens.
So I'm for more bank regulation not -- What form should it take I would deny there ability to have huge derivative books some offensive things.
Do you think the derivatives are still too -- -- position on some other books sure.
How do you regulate something like that.
Well if you let me do a -- about a week.
What's lacking is the will.
Not the power the will not the power of the let's talk quickly about the fact.
You had a great quote during the the shareholder meeting where he said that back during the first couple.
Alan Greenspan that instead of taking a punch bowl away before people -- totally drunk they increased the alcohol proof.
I think that's right.
What is I think he's your relatives sent switches to his -- them but what are we doing now.
Is there -- punch ball is the alcohol proved too happy right now how do you see it.
-- what I said -- that you're not confused -- what's happening now you don't understand it.
Evenly people in the economics -- are confused.
We're where we're sort of uncharted waters -- -- -- stuff out now we had a huge huge problem results that that it.
Undoubtedly required a lot of medicine but we have not yet seen medicine like this -- out and then the after a -- A little bit of.
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