Billionaire Warren Buffet attacks Bush’s tax cuts
In a his annual letter to stockholders, legendary investor Warren Buffet blasted Bush
“Tax breaks for corporations (and their investors, particularly large ones) were a major part of the Administration’s 2002 and 2003 initiatives,” he wrote. “If class warfare is being waged in America, my class is clearly winning.”
The letter returned to previous themes on the inadequacy of corporate governance structures among U.S. companies and mutual funds.
“[If] Corporate America is serious about reforming itself, CEO pay remains the acid test,” Buffett said. “The results aren’t encouraging.”
Buffet is now massively short the dollar, this from someone who has never speculated on currencies before.
The trade deficit has him spooked. “In recent years our country’s trade deficit has been force-feeding huge amounts of claims on, and ownership in, America to the rest of the world,” he said. “Late in 2002, however, the world started choking on this diet, and the dollar’s value began to slide against major currencies.”