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The Water Cooler
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Buffett's hypocrisy
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<blockquote data-quote="Hobbes" data-source="post: 1607857" data-attributes="member: 3371"><p>Depends on how you calculate 'subsidies'.</p><p></p><p>The nuclear industry gets one of the largest subsidies. </p><p>Since no insurance company in the world will sell the nuclear power industry liablility insurance, the federal government provides that small necessity that makes it possible for private investors to invest in the technology.</p><p>The profits are private, but if something bad happens the costs are public.</p><p>Sound familiar??? Wall street banks maybe???</p><p></p><p>Then there is oil....</p><p>When they calculate the oil subsidies they sure <u>Don't</u> add in the cost of keeping the straights of hormuz open to shipping.</p><p>That's because those costs are folded into the pentagon budget so it makes oil look cheaper than what it really costs.</p><p>If the costs of protecting oil shipping lanes were visible in the price of gasoline it would look a lot more expensive and the pentagon budget would look a lot smaller.</p><p></p><p>There shouldn't be any subsidies at all, for anyone.</p><p>The only reason they exist is because of political pressure and influence.</p><p></p><p>As for Berkshire Hathaway, the company leadership has a fiduciary responsibility to maximize profits to the fund shareholders to the limit of the law.</p><p>My retirement fund wouldn't have it any other way.</p></blockquote><p></p>
[QUOTE="Hobbes, post: 1607857, member: 3371"] Depends on how you calculate 'subsidies'. The nuclear industry gets one of the largest subsidies. Since no insurance company in the world will sell the nuclear power industry liablility insurance, the federal government provides that small necessity that makes it possible for private investors to invest in the technology. The profits are private, but if something bad happens the costs are public. Sound familiar??? Wall street banks maybe??? Then there is oil.... When they calculate the oil subsidies they sure [U]Don't[/U] add in the cost of keeping the straights of hormuz open to shipping. That's because those costs are folded into the pentagon budget so it makes oil look cheaper than what it really costs. If the costs of protecting oil shipping lanes were visible in the price of gasoline it would look a lot more expensive and the pentagon budget would look a lot smaller. There shouldn't be any subsidies at all, for anyone. The only reason they exist is because of political pressure and influence. As for Berkshire Hathaway, the company leadership has a fiduciary responsibility to maximize profits to the fund shareholders to the limit of the law. My retirement fund wouldn't have it any other way. [/QUOTE]
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