you know i'm glad you brought that up max because you're aware that i wrote this book called dear mr buffett about the financial crisis where it's contrasting the principles of benjamin graham that warren buffett just follows and charlie munger spoused to what happened during the financial crisis and i think the preliminary draft of my manuscript came out in july two thousand and eight i sent it to warren buffett he looked at it he liked it and in there of course i'm a big critic of the rating agencies and all along i've been criticizing the rating agencies one time they just refused list in february of two thousand and seven i wrote a letter to the f.c.c. and by the way he. gives me feedback on it and i wrote to the f.c.c. saying that the rating agency should have her an arrest her own designation revoked that the aaa ratings were phony i gave an example of a phony product that was rated triple a that within a year the principles of the. just lost ninety percent of their principle and i was warning about it when the product first came out was rated aaa and that was in my letter to the f.c.c

mr. buffett, will not be able to jump the loopholes that everybody talks about. it is the tax code.hey have all of these write- offs from different things of the people that -- different things. all of the people that collagen to seize them that -- that called in to seize them, that live on the government, not the seniors, but the parasites that live off the government, we are in a mess. you have to wake up. if mr. tom coburn, and mr. dick durbin could sit down and work something out for america, but we will need to get behind them. host: we will leave it there. let me turn to tim reid and talk about the bush tax cuts. why has the gang of six done about that. what could happen to those? guest: they have not been specific about them, but they have been looking at letting the tax cuts expire, as they are due to do next year. politically, it is a difficult issue because we are fast- heading into an election season, and try to get anything in washington done is difficult, especially tax cuts. host: you touched on this with senate leadership and harry reid say in social security should n

code i'd like to ask, is it fair, let's say, warren buffett, should pay a lower income tax rate than his receptionist? is that fairness in our tax code? mr. ribble: i'd concur that it's not fair. the chair: the gentleman's time has expired. the gentleman from arizona. mr. grijalva: thank you. let me yield one minute to the gentleman from new york, congressman rangel. the chair: the gentleman is recognized for one minute. mr. rangel: thank you for giving me this opportunity. this substitute budget is listed as the progressive budget. and for reasons that clearly that anyone could take a deep breath and take a look at this as opposed to what mr. ryan is presenting to us, it's really what our country is all about. build on the great things that we have done and make certain that the young people that follow us would be able to say that we have improved their opportunities. make no mistake about it. borrowing trillions of dollars and paying interest on that money puts us in a very bad economic position. not only in our country but throughout the world. and i assume that none of us here want to spend a lot of time and pointing the finger at e