Warren Buffett supported Obama, but now with considerable financial blood in the street he seems to be backing-off, or is he just in a corner? He said that he does not support "cap and trade" nor the raising of taxes, nor the prohibition of private jets, nor "card-check." There are other "ideas" he does not support either, like the vilification of the "captains of business" and "caps on salaries." What parts of the administration's policy does he support?
Obama is clever and recognizes people's weaknesses - that is how his speeches are directed, how he has climbed the ladder of political success; one hears what one wants to hear. Truly charismatic and dangerous. He appeals to an ego like Buffett's and says, "I respect your success, would you be one of my advisers?" The “Messiah” gets the “Oracle” on board (a winning combination?!) and then ignores advise. Having publicly committed to Obama, Buffett now does not want to look foolish and remains - sort-of - committed.
Eventually (1), anyone with any money left will disclaim Obama. But his majority support will not diminish – it will actually grow. Obama has co-opted, through a cult of "believers" and "tax relief" promises, 50% of the voters, who will now receive either outright IRS welfare checks or minor income tax relief. He is rapidly creating more followers needing entitlements as a result of the destruction of the capitalistic system. Obama will continue to appeal to many voters: most Blacks, many Hispanics, traditionally liberal Jews, and rising Islamists, the very poor, and all those who can't bring themselves to vote for anyone without the (D) after their name. This absolute block, of perhaps 50% of voters, will be his... no matter what. A solid block. Classic Bolshevism. Read A Peoples Tragedy by Orland Figes. The conservative Democrat has vanished, as has the traditional Republican.
Eventually 2 (soon) taxes will have to be raised or the dollar will collapse. A country just can't print money forever! The so-called rich are really the nation's Income Class. These folks have cash flow, these citizens are the only ones left to pay, and are ripe taxable targets. This large middle class will have to pay nearly all required taxes. The truly rich, the Equity Class are already off-shore and pay few taxes. Corporations pass ALL taxes on to their customers and pay NO taxes themselves. Sticking with his pledge, Obama won't raise income tax brackets on any but the truly rich. Instead a broad range of tax collecting measures will be put into place: taxes on cell phone use and texting (just pennies); taxes on web access (just pennies); a national sales tax (sales tax or Value Added Tax, or Gross Excise Tax) which will tax every single transaction in America including transactions on the likes of eBay; fossil fuel tax; carbon foot-print tax; water use tax; interstate highway use tax; mileage driven tax; luxury taxes; etc. In LA a new tax - a super tax - is under discussion (perhaps passed by now) on those with houses larger than 3500 sq.ft. Could this sort of tax be re-modeled and applied nationally by the Feds?
Eventually (3) a huge underground black market will spring-up. This has happened in every economy where the population feels put upon. The taxpayer is not a stationary target, he/she can step aside....
One more note: Additional proof that the "catastrophe" is being allowed to continue and “not going to waste” (as stated by Obama illuminaries: Akelrod, Raahm and Clinton), is that there is no apparent rush in D.C. to fix the collapsing economy... if there was, a fully functioning Treasury would be in effect NOW!
Considering that the banking system began its sudden descent just before the election, and Obama started speaking to it then, before the election, and that he stated, immediately after the election that he and his team "were prepared to hit the ground running," to fix it, nothing has been done to staunch the decline in either stock market or real estate values, not even an uplifting speech.
There's trouble ahead...