Buffett braves the crisis...

An interesting article in today's NYT compares Warren Buffet's current actions with those taken by JP Morgan in the early 20th century. I wasn't around for JP's insights and work, but I have to admit there are few people who seem to get business better than Buffett. I've read a couple of bios on the Sage of Omaha (a new one just released is the first authorized one, so I'll have to pick that up), and it seems clear to me that the guy just gets it. You can hate on him all you want for being extremely rich and appreciating the profit motive, but it is important to recognize he isn't what you might envision when you think of the personality of the world's richest man. An example of his mindset and values can be gleaned in the final few paragraphs of the article:

As far back as 2003, Mr. Buffett had warned that the complex securities at the center of today’s troubles — once so profitable, but now toxic — were “financial weapons of mass destruction.” These securities were engineered by the math quants on Wall Street, and in the interview Mr. Buffett expressed his disdain: “Beware of geeks bearing formulas.”

To help pay for the rescue, the government should raise taxes on the wealthy, Mr. Buffett suggested. “I’m paying the lowest tax rate that I’ve ever paid in my life,” he said. “Now, that’s crazy.”

A rich guy who recognizes he isn't paying his far share and that he could pay more without the world ending? Can't be. I've been convinced that if you raise taxes on the wealthy then they will stop investing in anything, sit on their asses, and we will all suffer. Or, maybe Warren is right and the right wing pundits are wrong?