Buffet Bails

THEN:

In last week's final presidential debate, after Republican John McCain raised questions about his rival's ties, Sen. Obama said, "Let me tell you who I associate with. On economic policy, I associate with Warren Buffett and former Fed Chairman Paul Volcker ... who have shaped my ideas and who will be surrounding me in the White House."

- in article by Monica Langley, The Wall Street Journal, October 21, 2008

Today, REUTERS ran this story: Buffett says unchecked U.S. debt threatens economy: report

Politicians will not likely have the will to raise taxes or slow spending, so they may opt to quietly let inflation increase, a move that will "confiscate" wealth and allow the United States to evolve into a "banana republic economy", he said.

His exact words from the opinion piece in the New York Times. (August 18, 2009) were:

Slowing them down will require extraordinary political will. With government expenditures now running 185 percent of receipts, truly major changes in both taxes and outlays will be required. A revived economy can’t come close to bridging that sort of gap.

Legislators will correctly perceive that either raising taxes or cutting expenditures will threaten their re-election. To avoid this fate, they can opt for high rates of inflation, which never require a recorded vote and cannot be attributed to a specific action that any elected official takes.

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Buffet isn't for "Card-check" either. ("Card-check is the Employee Free Choice Act which will take away the secret ballot for employees voting on whether to join a union)