On the subject of cycles, Warren Buffett likes to talk about “the natural progression, the three I’s.” As he put it to Charlie Rose in 2008, those I’s are “the innovators, the imitators and the idiots.” One creates, one enhances — and one screws it all up.
Buffett was describing the process that led to the 2008 housing and financial crises. But he might as well have been talking about the decline of the conservative movement in America.
.. If we have reached the point where rank-and-file conservatives see nothing amiss with giving Hannity an award named for Buckley, then surely there’s a Milton Friedman Prize awaiting Steve Bannon for his insights on free trade.
.. Buckley shed isolationism, segregationism and anti-Semitism, and insisted the conservative movement do likewise.
.. as the gatekeeper of conservative ideas, he denounced the inverted Marxism of Ayn Rand, the conspiracy theories of Robert Welch (founder of the John Birch Society) and the white populism of George Wallace and Pat Buchanan.
.. In March 2000, he trained his sights on “the narcissist” and “demagogue” Donald Trump. “When he looks at a glass, he is mesmerized by its reflection,” he wrote in a prophetic short essay in Cigar Aficionado. “The resistance to a corrupting demagogy,” he warned, “should take first priority” for Americans.
.. The conservatism he nourished was fundamentally literary: To play a significant part in it you had to know how to write, and in order to write well you had to read widely, and in order to do that you had to, well, enjoy reading. In hindsight, 2008, the year of Sarah Palin, was also the year when literary conservatism went into eclipse.
Suddenly, you didn’t need to devote a month to researching and writing a 7,000-word critique of Obama administration’s policy on, say, Syria to be taken seriously as a conservative foreign-policy expert. You just needed to mouth off about it for five minutes on “The O’Reilly Factor.” For books there were always ghostwriters;
..The quality of an idea could be tested not by its ability to withstand scrutiny from experts, but by the willingness of people to swallow it.
.. It shouldn’t be a surprise that a post-literate conservative world should have been so quick to embrace a semi-literate presidential candidate. Nor, in hindsight, is it strange that, with the role Buckley once played in maintaining conservative ideological hygiene retired, the ideas he expunged should have made such a quick and pestilential comeback.
- Thus, when Hannity peddles conspiracy theories about Seth Rich, the young Democratic National Committee staffer murdered in Washington last year, that’s an echo of John Birch.
- When fellow Fox host Tucker Carlson — who once aspired to be the next Buckley and now aims to be the next Ann Coulter — tries to reinvent himself as the tribune of the working class, he’s speaking for the modern-day George Wallace voter.
- Isolationism is already back, thanks to Trump.
- Anti-Semitism can’t be far behind, either, and not just on the alt-right.
a Buckley Award for Sean Hannity suggests nothing ironic
.. a fresh reminder of who now holds the commanding heights of conservative life, and what it is that they think.
Five Men Now Hold as Much Wealth as Half of the World’s Population Combined
A new analysis of 2016 data shows that five men now possess as much wealth as half of the world’s population combined. The five men—Microsoft founder Bill Gates, Spanish businessman Amancio Ortega, Amazon founder Jeff Bezos, American investor Warren Buffett and Mexican telecommunications tycoon Carlos Slim—combined hold $400 billion. Slim is a major shareholder in The New York Times, while Bezos owns The Washington Post.
Warren Buffett Says Free Trade Has Turned American Workers Into Roadkill
Warren Buffett likened American workers who have seen their jobs and factories destroyed by global trade to animals slaughtered by cars and trucks on the highway.
“Nobody should be roadkill,” Buffet said Saturday at the festival-like annual meeting of Berkshire Hathaway in Omaha, Nebraska.
.. But if I own a good insurance company, I can diversify away the problems. If you’re a 55-year-old steelworker, you can’t diversify away your talents. I mean, you had it if steel or textiles or shoes become subject to total, it all moves offshore. So you want to have free trade, but you also have to take care of the people who, through no fault of their own, have spent their life learning one profession. And you can talk about retraining and all that, but it just isn’t practical... And a rich country that’s prospering because of free trade, and as the world is prospering, should keep the free trade as much as possible. But they also should take care of the people that become the roadkill, you know, when an industry moves.
Warren Buffett, at Berkshire Meeting, Condemns Republican Health Care Bill
He argued that the American Health Care Act, which passed the House this past week, amounted to “a huge tax cut for guys like me.” He also said rising health care costs, rather than high taxes, were the biggest drag on American businesses.
“Medical costs are the tapeworm of American economic competitiveness,” he said.
.. Yet Mr. Buffett and Mr. Munger stood by Wells Fargo and other Berkshire investments, including United Airlines and Coca-Cola. When a protester from Germany delivered a long speech decrying Coke, sugar and capitalism itself, Mr. Buffett said he would continue to drink his favorite beverage, Cherry Coke.
.. “Change is painful for a lot of people,” he said. “I think it’s absolutely essential to America that we become more productive, because that’s the only way we increase consumption per capita.”
.. Still, he allowed that he expected Berkshire’s next chief to already be rich after a career of business success. And in answering a question about how much that person would be paid, he took a swipe at compensation consultants who often urge corporate boards to pay their managers extravagant salaries. “If the board hires a compensation consultant, I’m coming back!” he joked.