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Buffett's 1982 Letter on Derivatives


farnamstreet
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Now that was a concise, thoughtful letter that makes a lot of sense. And the congressman that it was addressed to knew it as well. Congressmen are not idiots, they are highly educated people. The problem is that they do not have the moral fortitude to do the right thing. They don't want to do the right THING. There primary interest is not the fiduciary responsibility to the people. There primary aim is to get money into their campaign coffers and get re-elected. I have always said that mandating term limits across the board for all office holders would go a long way to solving this problem. Career politicians are the worse form of plague that a country can suffer.

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