FATHER KNOWS BEST

A lot of people mix money and politics. I do too. These two aspects of life seem to go hand-in-hand in so many handy ways. Lately I've been writing and commenting here about Warren Buffett and his company's investment in Bank of America. He's in the news.

I was reading other reports and came across the following copy of a speech given by Howard Buffett, Warren's father. This is from 1956 and it's like he's talking to us today.

"The last 40 years have seen a gigantic expansion of political power over economic affairs by the federal government. This change is linked by many scholars to the passage of the income tax law in 1913. This law revolutionized the taxing system in two ways:
     1. It gave the government new powers over the economic status of the individual. This change has curtailed the ability of the individual to achieve economic independence.
     2. The part of this production taken from the producer cumulatively increases the power of the federal government proportionately with the increase in its income. This power is not created; it is simply taken from the people. . . .

"George Sokolsky, noted columnist, says it this way: 'When human beings become dependent upon the political power of the state for their livelihood, the independence of person must disappear. It is the identification of economic with police power that destroys the right of individual liberty.'
The transfer of economic power into political hands takes many forms. In 1932 about 2.5 million people received a check from the government every month. Today (1956) about 20 million receive a government check every month. What is the effect on the freedom of this great segment of our people being more or less dependent on the political authorities for their daily bread? . . .
"Any discussion of the status of the economic foundation of freedom is incomplete without some attention to a historic human urge---the desire for security. This intense human desire is reflected in the so-called social legislation politicians have placed on our statute books.
"Will this legislation fulfill its promises? If you think so, consider this rarely mentioned fine print clause. If the government is to guarantee you the consequences of your actions will be in this case, security, then the government must take control of your activities. For with responsibility---even self-arrogated responsibility---must go authority. This means that if politicians are to supply your security, they must control your work, your spending, and your saving."

WARREN, LISTEN TO YOUR FATHER.

Please, you've made yours now be quiet and let the rest of us make ours. Your father had it right. You have chosen to buddy-up with the President in his devastating march toward socialism. Your recent comments about taxes are wrong (factually) and wrong-headed. Proverbs 23 is full of advice. A few chosen morsels. Verse 22: "hearken unto thy father that begat thee." Verse 23: " Buy the truth, and sell it not (nor do any truth-splits, my add); also wisdom, and instruction, and understanding."
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More coming up after the Wall Street Journal comments on WARREN BUFFET'S TAX DODGE. The plot thickens.