Author Topic: "Mr.Trump received the equivalent of at least $413 million from his father"  (Read 7904 times)

Cardboard

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Re: "Mr.Trump received the equivalent of at least $413 million from his father"
« Reply #100 on: October 17, 2018, 08:38:54 AM »
"If you had a choice between Warren and Trump, and that's your only choice and you have to choose, who would you choose? I'd choose Warren for the reasons I explained."

Another significant mistake made by people on this website favoring the Left is associating Buffett with the Left to justify their ideology.

As I mentioned, the world is all about competition whether you are tired of it or not.

And Buffett despite his kind words, eloquent as some would say, is a ruthless capitalist and competitor. He will not pay a dime more than needed and his whole life is filled with examples to prove exactly that.

On taxes he will do all he can to avoid it: does not get a large salary from Berkshire, defers taxes (exchange Duracell for P&G shares will large tax bill due on sale) and there was a passage in Lowenstein that he knew the tax code inside and out.

So much for that statement that he pays a lower tax rate than his secretary. One, he does all he can to obtain that result and two, some smart folks on this site have demonstrated that through payroll taxes that it is an untrue statement anyway.

On acquiring companies, he got into a fight for what? $1/8 on Berkshire? Premiums paid are always relatively low. The managers end up keeping their job, so everybody is happy except minority shareholders being acquired on the cheap.

On employees, he gives them as little as he can. There are no stock options, restricted shares. He loves the 3G guys and admire Bezos. Are these people providing best and fun working conditions to their employees?

So if you believe that Buffett is this true charitable guy with such great heart because he supported Obama and Hillary Clinton, you may want to look twice at his actions throughout his life and see how he accummulated his wealth. He would not be the President that you think.

Cardboard


maybe4less

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Re: "Mr.Trump received the equivalent of at least $413 million from his father"
« Reply #101 on: October 17, 2018, 09:41:49 AM »
"If you had a choice between Warren and Trump, and that's your only choice and you have to choose, who would you choose? I'd choose Warren for the reasons I explained."

Another significant mistake made by people on this website favoring the Left is associating Buffett with the Left to justify their ideology.

As I mentioned, the world is all about competition whether you are tired of it or not.

And Buffett despite his kind words, eloquent as some would say, is a ruthless capitalist and competitor. He will not pay a dime more than needed and his whole life is filled with examples to prove exactly that.

On taxes he will do all he can to avoid it: does not get a large salary from Berkshire, defers taxes (exchange Duracell for P&G shares will large tax bill due on sale) and there was a passage in Lowenstein that he knew the tax code inside and out.

So much for that statement that he pays a lower tax rate than his secretary. One, he does all he can to obtain that result and two, some smart folks on this site have demonstrated that through payroll taxes that it is an untrue statement anyway.

On acquiring companies, he got into a fight for what? $1/8 on Berkshire? Premiums paid are always relatively low. The managers end up keeping their job, so everybody is happy except minority shareholders being acquired on the cheap.

On employees, he gives them as little as he can. There are no stock options, restricted shares. He loves the 3G guys and admire Bezos. Are these people providing best and fun working conditions to their employees?

So if you believe that Buffett is this true charitable guy with such great heart because he supported Obama and Hillary Clinton, you may want to look twice at his actions throughout his life and see how he accummulated his wealth. He would not be the President that you think.

Cardboard

The original question was about Elizabeth Warren vs. Trump, not Warren Buffett...

LC

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Re: "Mr.Trump received the equivalent of at least $413 million from his father"
« Reply #102 on: October 17, 2018, 11:04:47 AM »
I agree cardboard. The evidence is lacking.

I also am still wondering what deregulation people are speaking of, and if there is similar evidence.
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cubsfan

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Re: "Mr.Trump received the equivalent of at least $413 million from his father"
« Reply #103 on: October 17, 2018, 01:17:52 PM »
I agree cardboard. The evidence is lacking.

I also am still wondering what deregulation people are speaking of, and if there is similar evidence.


There is plenty written about the impact of deregulation on business confidence,  capex spending, and hiring.

https://www.investors.com/politics/commentary/deregulation-nation-president-trump-cuts-regulations-at-record-rate/

rules and commands issued by Washington bureaucrats who know nothing about their companies.

The burden on small businesses is especially acute. A National Small Business Association survey found that small business owners spend more than 80 hours a year just dealing with regulations. In the first year alone, a small business will spend on average roughly $83,000 to comply with government rules.

Deregulation's Impact

"The impact of regulatory burden cannot be overstated," the NSBA noted. "More than one-third have held off on business investment due to uncertainty on a pending regulation, and more than half have held off on hiring a new employee due to regulatory burdens."

The record regulatory siege under President Obama goes a long way toward explaining his poor economic performance. With growth averaging below 2%, his was the worst administration for growth in postwar history.

The Trump economy, by contrast, is today growing at just a nick below 3% a year. Median annual household income stands at $62,175 currently, the highest level since 2000. Unemployment in June matched its lowest level in half a century. In short, the economy is operating on an entirely different level than during the Obama years.

It's made a huge difference in Americans' confidence, as shown in recent strong gains in our own IBD/TIPP Economic Optimism Index, which rose to 58.0 in August, its highest level since January of 2004. The economy is again growing robustly and creating jobs, thanks in large part to Trump's deregulation, which acts like a giant tax cut — one you didn't even know you got.

LC

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Re: "Mr.Trump received the equivalent of at least $413 million from his father"
« Reply #104 on: October 17, 2018, 10:37:49 PM »
I was hoping for more specifics. Your figure of 80 hrs per year - has that decreased? Is that due to social security/ tax withholding/ etc. ?

The article you post just mentions cutting budgets at govt agencies. It does not mention which regulations trump has removed and what impact that removal has had on private business.
"Lethargy bordering on sloth remains the cornerstone of our investment style."
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LongHaul

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Re: "Mr.Trump received the equivalent of at least $413 million from his father"
« Reply #105 on: October 19, 2018, 07:10:09 AM »
I appreciate your post Liberty!  People are free to make up their own mind.
High probability it was true -the Trump family very likely defrauded the Government out of many millions and the stupid IRS approved it.  Super sleazy. 

I try to be independent minded with politics as hating anything causes an extreme psych bias.  It is not healthy or productive as Munger recently said.  Trump has done some good and a lot more bad.


Great expose on him Schwab. 

A few random comments.
1.  I really appreciate the founding fathers and the US constitution.  Genius pragmatic and honorable founders.
I think the stars really lined up when this country was founded vs how so many others turned out.  The Founding Fathers were very aware of the history of power corrupting and devised a wonderful system that could check someone like Trump. 

2. I don't give any US politician credit for booms or busts.  Those are of a cycle of their own time from human nature, credit and many other factors.  Politicians generally ride a wave.

3.  Let's not forget the old Roman virtues: Truth, honor, justice and wisdom. I would add treating others with respect and and inclusiveness is important.


LC

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Re: "Mr.Trump received the equivalent of at least $413 million from his father"
« Reply #106 on: October 19, 2018, 02:12:51 PM »
I was hoping for more specifics. Your figure of 80 hrs per year - has that decreased? Is that due to social security/ tax withholding/ etc. ?

The article you post just mentions cutting budgets at govt agencies. It does not mention which regulations trump has removed and what impact that removal has had on private business.
Any takers?
"Lethargy bordering on sloth remains the cornerstone of our investment style."
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LC

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Re: "Mr.Trump received the equivalent of at least $413 million from his father"
« Reply #107 on: October 20, 2018, 11:09:47 AM »
Incredible that “deregulation” has become a meaningless word. Nobody knows any specifics but everyone mindlessly supports it.
"Lethargy bordering on sloth remains the cornerstone of our investment style."
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cubsfan

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Re: "Mr.Trump received the equivalent of at least $413 million from his father"
« Reply #108 on: October 20, 2018, 05:22:34 PM »
Incredible that “deregulation” has become a meaningless word. Nobody knows any specifics but everyone mindlessly supports it.

Well not really LC. Why don't you think of deregulation as an enormous effort to undue soooo much Federal Government red tape?
It makes so much sense, but takes a lot of time.

There has been so much written on this subject. I'm sure you can search it out too..
You ask for specifics - where this is a gigantic effort at cutting big Federal Government bureaucracy - it's not that easily done when
so many rulemakers are fighting you to save their useless jobs.

So, yea, much of this is 'anecdotal' - where individual companies say rolling back this rule or that rule helps my business, etc.
or obvious stuff like building pipelines creates jobs...or drilling in the Arctic and Federal lands for energy..,etc

Sorry it doesn't seem to resonate with you. But somehow, I think, if unemployment went to zero and GDP grow was 4%+, you'd still not give
Trump his due when it comes to the economy.

In the end, I think you're going to believe what you want to believe.

https://cei.org/blog/red-tape-rollback-report-trump-ends-fiscal-year-americas-least-regulatory-president-reagan

https://nypost.com/2017/03/07/trumps-regulation-rollbacks-have-already-set-off-an-economic-revolution/

http://theweek.com/articles/723199/how-trump-launched-biggest-regulatory-rollback-american-history

https://www.washingtontimes.com/news/2017/mar/6/rolling-back-regulations-will-help-economy/

https://www.thenewamerican.com/economy/commentary/item/27601-trump-s-regulatory-rollback-not-2-to-1-but-22-to-1

https://www.dailysignal.com/2017/04/23/11-ways-trump-has-rolled-back-government-regulations-in-his-first-100-days/

https://www.nationalreview.com/2017/04/trump-hundred-days-regulation-rollback/

https://cei.org/sites/default/files/Ten_Thousand_Commandments_2018.pdf

https://cei.org/blog/2017-unconstitutionality-index-18-federal-rules-every-law-congress-passes

https://govtrackinsider.com/economic-growth-regulatory-relief-and-consumer-protection-act-would-roll-back-financial-6d809d16da72

https://www.brookings.edu/interactives/brookings-deregulatory-tracker/

https://www.americanactionforum.org/print/?url=https://www.americanactionforum.org/insight/costs-benefits-targeted-epa-reforms/

https://www.npr.org/2018/08/21/639396683/trump-moves-to-let-states-regulate-coal-plant-emissions

http://environment.law.harvard.edu/policy-initiative/regulatory-rollback-tracker/

https://www.npr.org/2018/05/09/607273500/in-the-coal-counties-of-central-appalachia-will-trump-s-promises-come-true













LC

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Re: "Mr.Trump received the equivalent of at least $413 million from his father"
« Reply #109 on: October 22, 2018, 11:48:40 AM »
So the only two references which IMHO are of merit (the majority are "what ifs") are the regulatory trackers:

https://www.brookings.edu/interactives/brookings-deregulatory-tracker/

http://environment.law.harvard.edu/policy-initiative/regulatory-rollback-tracker/

These are great resources - thanks for posting.

From the Brookings link, if you actually filter by "repealed", there's only maybe 40-50 items which were actually repealed. Some were actual laws, but about a third were simply pieces of guidance. Then if you subfilter by "noteworthy" you are left with only 4 items.

I read through the summary on maybe 2/3rds of all the repealed items - my opinion is that in general the above proportion is accurate. Only a handful of the items seemed like they would have any substantial change (and by that I mean magnitude of impact, not whether it's "good" or "bad").

In general I was left unimpressed (it's politics so what else is new). Overall there is a low amount of actually repealed legislation, and among that low amount, a large percentage is relatively no/low impact.

I encourage the board to filter by "repealed" and actually read what has been removed. You can then judge for yourself the extent and efficacy of these actions.
« Last Edit: October 22, 2018, 02:05:36 PM by LC »
"Lethargy bordering on sloth remains the cornerstone of our investment style."
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brk.b | cash