Is it the Buffett Rule or the Buffoon Rule?
If this absurd rule were to be put into play, look at what it would do for our debt load:
$ 47,000,000,000 revenue from buffett rule
$6,953,000,000,000 still left and we have taken $47 billion out of the capital markets that could be used to invest in our economy which would produce jobs.
One of the president’s whipping boys is the Oil and Gas industry. He blasted them again yesterday, despite their paying into his bottomless pit $86.000.000 a day.
If he wants to blast big business for ‘obscene’ profits, how about jumping on Apple and their $40 billion dollar enterprise. Apple has a net margin of 23.9% against the Oil & Gas industry’s 7.9%. And, if you take the O&G out of the Dow, the rest of the business economy has 11.5% margin. Wonder which way Apple and its management leans?
But, like Shah, rahm emanuel said, “…don’t ever let a crisis go to waste…”, so obama grabs the current price of gas select his target and flails away, knowing the sheep will gobble up the garbage spewed out.
The number above were offered by Charles Payne, CEO of Wall Street Strategies, Inc., in TownHall Finance.