mr. buffett is telling us that we're going to be buying gas guzzlers again. > > well, efficiency is going to rise. that's one thing that happened out of the conventions with the mandates coming out of washington, that efficiency is going to rise by 50%. but demand is still going to be there, and there's nothing that replaces the distillates of oil, angie, as you know. > > good to have you on the show this morning. that's matt shaprio, president of mws captial. that's is for now. coming up tomorrow, we'll report on the global money shift and why some americans are choosing to invest overseas. from all of us at first business, thank you for watching and have a terrific tuesday. . >>> good morning, today marks the anniversary of the september 11 terror attacks honoring thousands of people who were killed. >>> and firefighters here honor the fallen of 9/11, we will tell you what is planned this morning. >>> cleanup in berkeley, we will tell you what triggered the vandalism. it is all ahead on the ktvu channel 2 morning news. . >>> good morning thank you for waking up with us, let's check in w

mr. buffett. there's been some reference here to small business. the very nonpartisan entities indicate that 97% of people who are in small business and beyond, 97% have income actually around $250,000 or less. so, look, all this bill does is to indicate what's already in the code so there's nothing wrong with the bill. what is wrong is this frightful mislabeling to try to recover up a refusal of the republican party in this institution to face up to what is really necessary to be done. i yield back the balance of my time. the speaker pro tempore: the gentleman from michigan, mr. levin, yields back the balance of his time. the gentleman from michigan, mr. camp, is recognized. mr. camp: thank you, mr. speaker. i yield myself the balance of the time. the speaker pro tempore: the gentleman is recognized. mr. camp: i can understand why my friends on the other side are talking about everything but the bill before us and that's because this administration -- excuse me -- record on the deficit is so dismal. we are going on the fourth $1 trillion deficit.

mr. buffett. the way to go bankrupt quickest is to guess on interest rates. i don't know when that'll happen, but somewhere about 2018. >> when you show the $222,900,000,000,000 in interest per year, that is assuming that we go back to the normalized interest rates. >> gradually that we do. not on on a spike. >> that's a good question for others. >> let's take a look at the next chart read this is about interest and entitlements. let me explain what they are. social security, medicare, medicaid, interest on the debt. things that people are entitled to receive. so she feels that we have made called interest of sovereign debt. sometimes because of court decisions that say that even though we don't have the money, these people who are in the beneficiary class are allowed to get this money. if you take a look at social security and these other entitlements, notice that within about 15 years, they consume all federal revenues. what does that mean? that means transportation. that means scientific research. whether it is health or basic science. energy research. it

mr. buffett. the way to go bankrupt quickest is guess on interest rates. i don't know when it'll happen, but somewhere about -- 2018. >> when you show the 2022 $900 billion on interest in debt per year, that is assuming we go back to the normal interest rates. >> gradually that we do not on a spike. which is a question for others. let's take a look at the next chart. this is about interest in entitlement. let me explain what swiet entitlements are. some people get confused, social security, medicare, medicaid, interest on the debt are things that people are entitled to receive sometimes because of deals that we've made called issuance of solve rains debt. sometimes can court decisions if we don't have the money, these people who are the beneficiary class are allowed to get the money. so if we take a look at social security, medicare, and these other so-called entitlements. notice in about fifteen years, they consume all federal revenue. what does it mean? transportation, scientific research whether it's held for basic sentence, energy research, it means ed

buffett rule a gimmick. i'm wondering now if the president believes that part of mr. -- the gentleman from maryland's offering is in fact a gimmick. it encompasses the buffett rule in its entirety. i compare all of this, madam speaker, to the offering we have before you with oubill. that bill reduces the deficit by at least $237 billion. over the same 10 years. theirs redeuces it by $5 billion, raising taxes. ours reduces the deficit by $237 billion at least according to the c.b.o. that's the smallest number the c.b.o. gives us. it also gives us four times as much deficit reduction in the first year than what they seek to replace. theirs increases the deficit by $55 billion in the first year, ours decreases it by more than the b.c.a. it steeks replace. our offering does that, madam speaker, without asking anybody, anybody, pay more money to the government. people pay enough money to the government. we spend their money improperly. it's not that we don't take enough from. the we take enough money from our citizens. we spend it improperly. when i fnished looking at is, madam speaker, i thought to myself, i thin

buffett rule a gimmick. i'm wondering now if the president believes that part of mr. -- the gentleman from maryland's offering is in fact a gimmick. it encompasses the buffett rule in its entirety. i compare all of this, madam speaker, to the offering we have before you with our bill. that bill reduces the deficit by at least $237 billion. over the same 10 years. theirs redeuces it by $5 billion, raising taxes. ours reduces the deficit by $237 billion at least according to the c.b.o. that's the smallest number the c.b.o. gives us. it also gives us four times as much deficit reduction in the first year than what they seek to replace. theirs increases the deficit by $55 billion in the first year, ours decreases it by more than the b.c.a. it steeks replace. our offering does that, madam speaker, without asking anybody, anybody, pay more money to the government. people pay enough money to the government. we spend their money improperly. it's not that we don't take enough from. the we take enough money from our citizens. we spend it improperly. when i finished looking at this, madam speaker, i thought to myself, i

buffett rule a gimmick. i'm wondering now if the president believes that part of mr. -- the gentleman from maryland's offering is in fact a gimmick. it encompasses the buffett rule in its entirety. i compare all of this, madam speaker, to the offering we have before you with our bill. that bill reduces the deficit by at least $237 billion. over the same 10 years. theirs redeuces it by $5 billion, raising taxes. ours reduces the deficit by $237 billion at least according to the c.b.o. that's the smallest number the c.b.o. gives us. it also gives us four times as much deficit reduction in the first year than what they seek to replace. theirs increases the deficit by $55 billion in the first year, ours decreases it by more than the b.c.a. it steeks replace. our offering does that, madam speaker, without asking anybody, anybody, pay more money to the government. people pay enough money to the government. we spend their money improperly. it's not that we don't take enough from. the we take enough money from our citizens. we spend it improperly. when i finished looking at this, madam speaker, i thought to myself, i

mr. murdoch said that look the path to global competitiveness runs through israel. even quoted warren buffetto the middle east to look for oil, you can skip for israel. if you are looking for brains, look no further. so coming up, we're going to be speaking with different people from israel today as to why you may want to consider investing in israel. for instance, we will speak with the chairman from israel natural gas. you can't invest directly in that company, but israel's on the verge of energy independence and exporting natural gas. they have partnered with british petroleum, noble energy. we're going to talk about the opportunities for an investor in that as well as israel no longer being dependent on gas supplies from egypt. that's been a very big political hot potato. also speak with the israeli finance minister about investment in israel. about the companies which have already started doing that. apple will be opening a research and development lab in israel come 2013. they are already there. microsoft. the the big names, cisco is there. intel is there. but you also have johnson & jo

mr. you wrote a 0 bit for "the new york times." in the article, you argued that instead of an enacting so the called buffett rule which drawn considerablettention in congress you require american -- pay at least 30%. and some of the defects that were currently argued over certainly i think legitimately would allow those to dispute tax rates. and at the same time, mr. buffet has suggested that in terms of consequences he should not be paying at the lower rate than the secretary. do you want to elaborate on the point how congress and your -- relatively low rate? >> sure. thank you for the question. my reaction to the learning over $200,000 in 1969, which would be equivalent to a million now paid some tax and it was originally targeted very high income people and poorly designed to begin with, and new dated a morphed over time and i pay it. i take it personally, i'm not a millionaire. i don't like alternative taxes. the problem with it in the first place it is there is some loop loopholes they were unwarn eted. the they should get rid of them. the reason he pays a tax -- in foreign capital gains taxed at 159% rate. if you want to fix that