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“Obama has paid and will continue to pay dearly for betting on his stimulus package. Because of it, the Bush recession is becoming the Obama recession much faster than it would have had he adopted a more gradual approach to solving economic problems. By jumping in immediately, as he did, in order to increase government spending and pass eight years of Democratic dreams in one day, he made the public expect a solution.”

“The more the state gives to its citizens, the less they have to earn. That is the basic concept of the welfare state - you receive almost everything you need without having to earn any of it. About half of Americans now pay no federal income tax - but they receive all government benefits just as if they had paid for, i.e., earned them.”

“The most pernicious of his [Obama] proposals will be the massive Make Work Pay refundable tax credit. Dressed up as a tax cut, it will be a national welfare program, guaranteeing a majority of American households an annual check to 'refund' taxes they never paid. And it will eliminate the need for about 20% of American households to pay income taxes, lifting the proportion that need not do so to a majority of the voting population.”

“The welfare state is predicate don collecting money from today's workers in order to pay for those who paid in before them. But today's workers don't have enough money to sustain the scheme, and there are too few of them to do so. As a result, virtually every welfare state in Europe, and many American states, like California are going broke.”

“The America of Obama's dreams is not the one of self-reliance and entrepreneurship to which he paid phony lip service at the beginning of his speech. It is an America in which the government, rather than the private sector, creates wealth and leads ignorant, helpless people by the nose from cradle to grave, from preschool to the academy, with the caveat that if they succeed too much, they will make themselves enemies of the state and targets for punitive action. Obama's new American dreams is an American nightmare.”

“Follow the money, Washington reporters like to say. The money is this case comes from taxpayers, present and future, who are the source of every penny of dues paid to public employee unions, who in turn spend much of that money on politics, almost all of it for Democrats. In effect, public employee unions are a mechanism by which every taxpayer is forced to fund the Democratic Party.”

“Edge also implies what Ben Graham....called a margin of safety. You have a margin of safety when you buy an asset at a price that is substantially less than its value. As Graham noted, the margin of safety 'is available for absorbing the effect of miscalculations or worse than average luck.' ...Graham expands, "The margin of safety is always dependent on the price paid. It will be large at one price, small at some higher price, nonexistent at some still higher price."”

“Berkshire's whole record has been achieved without paying one ounce of attention to the efficient market theory in its hard form. And not one ounce of attention to the descendants of that idea, which came out of academic economics and went into corporate finance and morphed into such obscenities as the capital asset pricing model, which we also paid no attention to. I think you'd have to believe in the tooth fairy to believe that you could easily outperform the market by seven-percentage points per annum just by investing in high volatility stocks.”

“Our standard prescription for the know-nothing investor with a long-term time horizon is a no-load index fund. I think that works better than relying on your stock broker. The people who are telling you to do something else are all being paid by commissions or fees. The result is that while index fund investing is becoming more and more popular, by and large it's not the individual investors that are doing it. It's the institutions.”

“Me and Conan O'Brien and Robert Smigel and Dana Carvey wrote a script called 'Hans and Franz: The Girlyman Dilemma,' and it was going to be co-produced with Arnold Schwarzenegger, and he was going to co-star in it. We had a deal with Sony, we got paid to write it, and it was a musical, but it never got made because...I think Arnold kind of backed out at the last minute because he was getting cold feet because ;The Last Action Hero' had come out, where he was parodying himself. But it was a really funny script, and I wish it could've seen the light, because I think it would've done really well.”

“If, even as the price to be paid for a fifth vote, I ever joined an opinion for the Court that began: 'The Constitution promises liberty to all within its reach, a liberty that includes certain specific rights that allow persons, within a lawful realm, to define and express their identity,' I would hide my head in a bag. The Supreme Court of the United States has descended from the disciplined legal reasoning of John Marshall and Joseph Story to the mystical aphorisms of the fortune cookie.”

“One of my great surprises when I was in America was about twenty-five years ago in Harvard, hearing Randall Jarrell deliver a bitter attack on the way poets were neglected. Yet there were about two thousand people present, and he was being paid five hundred dollars for delivering this attack.”

“To me, it's an assignment, and my job is to tell the story. To me, it's easy, and to me, it's what I'm paid to do and what I've dreamt about doing from day one. Sometimes people don't like the stories, but it is what it is. So to me, I absolutely feel like no matter, if I'm calling a game between my brothers or my parents, the facts are the facts. The story dictates itself to me, and I relay the message to the viewers as well as I possibly can. That's going to be my job whether it's the Warriors or anybody else.”

“Far too many businesses have been all too eager to lobby for maintaining and increasing subsidies and mandates paid by taxpayers and consumers. This growing partnership between business and government is a destructive force, undermining not just our economy and our political system, but the very foundations of culture.”

“The lawyers have escaped most criticism [and undeservedly so]. The tax shelters [were approved by lawyers, who got paid huge commissions to do so] and every miscreant had a high-falutin' lawyer at his side. Why don't more law firms vote with their feet and not take clients who have signs on them that say, "I'm a skunk and will be hard to handle?" I've noticed that firms that avoid trouble over long periods of time have an institutional process that tunes bad clients out. Boy, if I were running a law firm, I'd want a system like that because a lot of firms have a lot of bad clients.”