V.I. Letter 8/19/2011, letter about the “Oracle from Omaha” makes a terrific point, albeit unintentionally. The massive influx of employment between 1980 and 2000 was largely due to the efforts of the President that his Vice President had called his approach to the National Monetary situation “Voodoo Economics” and later had to eat his words. Ronald Reagan was President of the United States from 1980 until 1988 then his VP George H. W. Bush followed from 1988-1992 when Bill Clinton was elected. President Clinton’s unworkable policies (He couldn’t even get his ‘Democrat Base’ to go along with his proposed “Economic Stimulus Package”; that he claimed was absolutely necessary to keep the nation from “Financial Disaster”) were rejected in the 1994 Republican Sweep of the House and Senate. President Clinton was smart enough to embrace some of the Republicans principles and through compromises (however weak and contentious) the National Economy was able to continue its upward spiral until 1998 when it started to wane; but the momentum carried it to 2000, and the election of GW Bush.
President Bush sat on his “Veto Pen” and because it was so well hidden, the Congress could run amuck.
Warren Buffett needs to check back to the “Economic Status” (Including Tax and Employment Rates) of the Nation at the end of the Carter Administration; also he should check the ‘Employment Accounting Procedures’ that were changed during the Clinton Administration (and are still in use today) in order to make things look better for him; these have only been in effect since the mid-90’s.
I can appreciate Mr. Buffett’s accomplishments but as I understand it; he is not an innovation entrepreneur and his fortune has been made mostly by consolidation and manipulation. I’m not about to blindly follow anyone; especially when they have a memory and perception problem.