Rick Rule – Obama and Buffet are Fascists
Sage advice and commentary from one of the best in the business in this condensed version of a previously posted interview. Rick Rule calls them as he sees them, every time.
On the topic of Berkshire Hathaway maven Warren Buffet’s pronouncement that President Barack Obama is “not anti-business,” Rule opines: “There is a strong drift in American politics toward fascism and I think Obama and Buffet are fascists. The idea that a company should not be allowed to fail I think is anathematic to a market. Failure is what is required in a market to purge the market of moral risk. So when you ask me if Obama is anti-business it depends on how you define business. If you define business as maintaining brain dead parastatal fascist structures like JP Morgan Chase or General Motors then no, he’s certainly not anti-business – but I do think he and Buffet are anti-market. I’m pro-market. I think the thing that made the United States as great as it was for many years there was a reliance on markets and a sense that it was okay for people to succeed and it was okay for people to fail too. And it was that interplay that kept the playing field real.”
Rule has a knack for distilling thoughts into memorable sound bites. “One of the roles that gold has performed for 3,000 years is catastrophe insurance,” says our friend Mr. Rule, and “Having a little catastrophe insurance in your back pocket is a good thing.”
Source: Cambridge House via YouTube