Dalal.Holdings

You're comforted that Trump parallels nationalistic leaders in Europe during the 1930s?? His first press conference and address to the CIA were worrying in that he can't let petty things go. "Alternative facts"!? Are we going to start doubting the numbers on Jobs, GDP, etc etc? A large portion of the U.S.'s prosperity is due to its credibility--if that falls, then so will the country's AAA rating, status as reserve currency, etc, etc. The hope is that Trump only focuses on trivial things like crowd sizes and leaves the meat of governing to his more conventional cabinet picks.

So from your model of how credit should vary with interest rates, you'd argue that a planned, gradual expansion of interest rates should result in credit expansion as "buyers" of credit seek to lock in temporarily low rates? Trying to think more about this model... On a related note, I recently watched an interview with James Grant (of interest rate observer) where he essentially described fixing rate as no different than price controls.

No idea where you're assuming Buffett ever said anything about raising payroll taxes. What matters (and what Buffett focuses on) is the percentage of total taxes paid by an individual relative to total income (why the secretary example makes sense: total taxes/total income). Emphasis added to WB's words:

You're absolutely wrong--he's been talking about raising capital gains taxes all along: http://www.nytimes.com/2011/08/15/opinion/stop-coddling-the-super-rich.html?_r=0 Straight from the horse's mouth:

I would be surprised if Buffett didn't cut a deal with the IRS at some point in his life. He's been in business over 60 years and we all know he is desperate to avoid taxation, did he not try to write off his bicycle as a business expense when he submitted his first tax return!? I would be shock it at some point in his career he didn't cross the line at some point. To cross swords with the IRS doesn't make him a crook, however at the same time you can't help but think his attitude to taxation is more of a "do as I say" rather than a "do as I do". This so called Buffett hypocrisy on taxes is laughable. Fact is that he made his early fortune when tax rates were much higher than now--he actually had a tougher playing field.