Tag Archives: Warren Buffett

Jun. 27, 2017 Billionaires On Inequality

On Nov 28, 2015, Fortune’s Erik Sherman reported “7 Billionaires Worried about Income Inequality.”
Entrepreneur and investor Nick Hanauer, who sold his Internet advertising company to Microsoft for $6 billion in 2007, most famously warned fellow one-percenters, “If we don’t do something to fix the glaring inequities in this economy, the pitchforks are going to come for us. No society can sustain this kind of rising inequality.”
Lloyd Blankfein, Goldman Sachs Chairman and CEO “Too much of the GDP over the last generation has gone to too few of the people,”
Warren Buffett, Berkshire Hathaway Chairman and CEO “But you really shouldn’t have an economy with over $50,000 in GDP per person and have lots of people living in poverty who are willing to work. I mean, that makes no sense and we need governmental policies to correct that.”
Bill Gates, Microsoft Co-founder “Capitalism does not self-correct toward greater equality—that is, excess wealth concentration can have a snowball effect if left unchecked.”
Jeff Greene, Florida Sunshine Investments Founder “The global equalization of wages and the exponential growth in technology has created a job-killing machine that’s only going to get worse,”
Carl Icahn, Icahn Enterprises Chairman “The American worker is also getting ‘screwed,’”
Paul Tudor Jones II, Tudor Investment Corporation Founder, But intuitively, that makes sense, right? Because if the top 10 percent of American families own 90 percent of the stocks, as they take a greater share of corporate profits, then there’s less wealth left for the rest of society.”
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Apr. 3, 2017 Self Driving Car Insurance

On Apr. 3, 2017 NPR’s Yuki Noguchi wrote “Self-Driving Cars Raise Questions About Who Carries Insurance” Every auto insurance company will be affected by self driving cars. “Billionaire investor Warren Buffett, whose company, Berkshire Hathaway, owns the insurance giant Geico, told CNBC in a February interview: “If the day comes when a significant portion of the cars on the road are autonomous, it will hurt Geico’s business very significantly.”

If current inequality trends continue, most people will be too poor to own a car.  If they need transportation they will use Uber or Lyft. They might use a traditional taxicab or car rental company that has survived the transition. Car manufacturers might even offer their cars directly. In any case, consumers will not be paying directly for insurance. If a car has an accident it will not be the passenger’s fault.

Copyright 2017 DJ Cline All Rights reserved.

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