more from warren buffett and carol loomis right after this. (cheers anan (cheers and applause). >> jon: welcome back, we're talking with warren buffett and carol loomis. you know, we're talking a little bit about -- i consider you sort of an icon of the value economy as opposed to -- i don't even want to say the growth economy, but this, like -- for instance, the financial sector became -- i don't know the exact term, but something like 20% of our economy over the last ten or 20 years. that seems like an awful volatile sector to be relied upon to drive that much of the g.d.p. is that incorrect or correct? >> well, more and more the "forbes" 400 come from the financial arena. we've got a huge economy and people that catch the crumbs falling off the table can make a lot of money. >> jon: that's an incredibly honorable way to describe them. (laughter) crumb catchers! (laughter) do you think we have a satisfactory domestic economic policy? >> well, i think what made america great is going to continue to work. but i think that, you know, the last y

my guest tonight, warren buffett and financial journalist carol loomis. they are on the show tonight and -- tonight meeting for the first time on this show. (laughter) they wrote a book together, actually. as you know, if there's one thing all americans can agree on, we love black friday. whether you're a fan of shopping or trampling. (laughter) which is why i was just -- i was so upset to see on this holiest of days a news story about people protesting in front of their local wal-mart. >> thousands of wal-mart employees are staging walkouts and protests over this holiday weekend. the workers are upset about having to work on thanksgiving day and they're also speaking out for better pay and benefits. >> jon: what? (laughter) you get to work at wal-mart on thanksgiving day! (laughter) a ring side seat to the greatest show on earth. >> i it's a black friday tradition. >> (bleep). i'll stab one of you mother (bleep) (audience reacts). >> jon: do you know how much people pay to go to fights like that? (laughter) you get paid -- some -- to see it. (laughter) i

was becoming warren buffett. and it was a remarkable thing that we were allowed to do and i loved it. >> rose: buffett and loomis for the hour. next. >> rose: warren buffett and carol loomis are here. one of the world's most successful investors and a long time friend of this program. she is the legendary "fortune" magazine writer who followed his career since he was a 35-year-old hedge fund manager from omaha. in 1966 she couldn't even get his name right. she spelled his name with only one "t." it was an unlikely start to a beautiful friendship and to "fortune"'s coverage of the man who we've come to know as a chairman of berkshire hathaway, tap dancing to work is carol loomis' new book, it's a collection of articles telling the remarkable story of warren buffett. it's also a story about friendship. i'm pleased to have them together at this table. welcome. >> thank you. >> rose: so good to have you together. >> terrific. >> i want to talk about the book and about the career and about "fortune" magazine and the re

where the dollar collapse people like peter schiff have called for we asked them and who does warren buffett think would make a great treasury secretary charlie rose asked. the point to jamie dimon service charges well i mean. i think you'd be terrific because i think he i think he. if we did run into problems with markets i think he would be the best person you could have in you know. what are we in an alternative alternate universe the london whale commander in chief would be a great person to graduate to the treasury oh my let's get to today's capital account. this is after you that the us has been on printing money expanding the fed's balance sheet making money free since the financial crisis how some pundits predicting paper inflation but a funny thing happened on the way to hyper inflation the u.s. dollar index instead of collapsing has gained value since two thousand and eleven instead of seeing interest rates spike we've seen u.s. treasury yields collapse by over sixty percent since the two thousand and eight crisis to new record lows and we've seen these trends in the face of a publ

warren buffett is at it again. >> when is he the of the rich in this country?e economy, won't reduce the deficit but will make us all middle class feel better. >> we went through warren buffett. >> it has been a fun show. >> thank you very much indeed. it is yours. connell: good morning, everyone. dagen:

he is calling on rich americans to pay up. >> is warren buffett and out liar in this respect, or will he be able to drag with him -- is warren buffett on the outside in this respect, or will he be able to drive with him others? >> we have seen republican lawmakers start to soften. the key is whether republican donors start to soften, too. we have seen how the rich have a particular ability to lobby for their best interests, and that has been the story in america for the past three decades. this election with a bit of a referendum on that balance of power. we will see if the president has that muscle to push that through. interesting that you mentioned mark carney. he is a hero, in my book. as one of the governors of the bank of canada, he thought -- fought the powers there. >> sure the discussion that america is having now focus on this issue of inequality that you have written about in your book? and will the election results give president obama a mandate to do just that? >> i think it should be part of the discussion. the argument sometimes from conservatives, and also from not jus

want to invest like warren buffett?f omaha" is betting big on real estate these days, perfect timing of course as home prices shot up 7% year-over-year, according to the national association of realtors. that is the largest year-over-year growth since 2006. could this be a sign that the housing market is finally bottomed out? the billionaire buffett sure thinks so. his firm just purchased the prudential and real living real estate franchise as well as made some huge moves in mortgages. so should you follow his lead? joining me is real estate attorney steven meister. we were talking about opportunities when you joined us there. steven, welcome back to our show. why do you think he is pouncing on real estate right now? >> well i think it has boomed, melissa. he did pounce in a big way. that big billion dollar mortgage portfolio he picked up on the cheap. 47,000 loans at a billion and a half. 32,000 per mortgage loan. i don't know, i don't have the information but there must have have been a very substantial discount there

we'll hear more from warren buffett later in the show. congressman, did your decision to break from the pachl pair protection pledge damage your campaign for re-election in terms of fund-raising and support from big money doaners? >> no, it did not. the second district sent a businessman to washington. i go where the numbers lead me. and a careful analysis of our budget and trying to reconcile that with the americans for tax reform pledge led me to the clear decision that the pledge itself is an impetment to meaningful tax reform and also our tax code now presently yields just under 17%. we haven't run our country on that yield since 1959. and that's a long time ago before medicare and medicaid were even on the table. so revenues have to come up. expenses have to come down. and i'm asking our friends on the other side of the aisle to help us on the expense side. >> congressman, you decided not to seek another term in the house specifically because of that polarizing climate around the fiscal crisis. i want to read our viewers what you wro

dagen: we will stay on the topic of warren buffett and taxes. should the cut off the $500,000 not $250,000 as the president wants. would that ease some of the burden and pain of higher taxes? >> on one level it would, of course. raising that threshold from $250,000 to $500,000. the buffet idea maybe release a little bit of pain, but does nothing to address the extortions that he is talking about. huge distortions. 160,000 pages of distortions in the tax code. you were talking about a tiny, tiny improvement. i will take it, sure. we are getting distracted on this one. dagen: connell was talking about a minimum tax on the wealthy. he starts out $1 billion a year. 30%. a good idea in the abstract? then he starts talking about his brother in. those are multi billionaires, dude. >> i mean, i think these are all legitimate questions. we have this great opportunity to do tax reform. to clean up the tax code. get rid of some of the provisions. should we give tax rates for second homes, for vacation homes? probably not. the reality is a lot of things lik

fa famed investor and famed supporter to raise taxes, warren buffett.nly made one political donation this season and it was to you. >> even though he had signed that grover norquist taxes, he decided it was more important to pledge the constitution than the norquist. >> and you admired him. >> i did admire him and i sent him a check. >> did your decision to violate the pledge damage your support for fundraising and support from big money donors? >> it did not. i go where the numbers lead me, and a careful analysis of our budget and trying to reconcile that with the americans for tax reform pledge led me to the clear decision that the pledge itself is an impediment to meaningful tax reform and also our tax code now presently yields just under 17%, and we haven't run our country on that yield since 1959, and that's a long time ago before medicare and medicaid were even on the table. so revenues have to come up, expenses have to come down, and i'm asking our friends on the other side of the aisle to help us on the expense side. >> uh-huh. congressman norto

peter schiff we'll hear more from him after the break also still ahead should we really trust warren buffett suggestion to make jamie diamond the head of the he was treasury someplace that's like a suggestion from the twilight zone but we'll discuss that in tonight's least change first your closing market numbers. the e.u. the little. lead. lead. little. little any legs. if. i. was sure was the same i should have been a huge musician i think my remark was revolutionary for a dictator in the making of president mohamed morsi is presidential decree spending him wide powers has reopened the debate about. parents versus social workers document being the last stop any mean that many children have become prizes to fight full why does the law threaten families of the social order to see in the form of they have a right of willful minimal faith in what they have any kind of for suspicion about . world war three of your children are often a just better at bringing up kids than their own mom and dad. and from what we have an industry that is so. concentrated on. the footrace the child. can use a secre

was peter schiff we'll hear more from him after the break also still ahead so we really trust warren buffett suggestion to make jamie diamond the head of the he was treasury someplace that's like a suggestion from the twilight zone but we'll discuss that in tonight's loose change first your closing market numbers. are sure is that so much of him and there's a huge music issue on the market revolutionary rate dictator in the making president mohamed morsi the presidential decree spending employed powers has reopened the debate about. parents versus social workers docu net being the last stop get clammy me now and stop kidnapping children to become prizes to fight why does the last threaten families of a social thought if you see me in the form of they have a right of will call minimal me faith but they have any kind of suspicion about the well being or food off your children are also just better at bringing up kids than their own mom and dad in some other we have an industry that is so. concentrated on the other for trade with children. i. please please please. please. please please. little.

peter schiff we'll hear more from him after the break also still ahead should we really trust warren buffett suggestion to make jamie diamond the head of the he was treasury someplace that's like a suggestion from the twilight zone but we'll discuss that in tonight's loose change first your closing market numbers. are sure is the same or different and there's a huge music issue on the market revolutionary dictator in the making of president mohamed morsi the presidential decrees granting him wide powers has reopened the debate about. parents versus social workers documented being the last stop get any mean that many children have become prizes to fight for why does the law or threaten families of the social for reducing the infamous they have a right of local minimum they feel that they have any kind of suspicion about the more food off your children are often just better at bringing up kids than their own mom and dad. and from what we have an industry that is so. concentrated on the other for trade to. such. welcome back yesterday was cyber monday and online shoppers while they turned out t

warren buffett when it comes to investing. got to know your strength and you got to know your weaknesses. that said, i wouldn't take ping-pong lessons from mr. buffett. take a look here. here is another thing i wouldn't do. i wouldn't listen to the oracle of omaha on this. >> ♪ i've been working on the railroad all the live long day ♪ ♪ i've been working on the railroad just to pass the time away ♪ ♪ dinah won't you blow ♪ dinah won't you blow your horn ♪ [ laughter ] >> eric: so now warren buffett wants to weigh in on taxes. politics and americans need to hand over more of our dough. mr. buffett, oh, sage one. put down the ping-pong paddle and the ukulele and the tax plan. the gift is with profit margins, ebidah. the man, fantastic investor, but he is suggesting a minimum tax, to raise etch's wealth. wealthy people's taxes to trickle down to everywhere else. i can't imagine the economy can handle that. >> dana: i have very little patience for the extremely rich who want to make it harder for other people to get where they are

you have warren buffett on later today. i think his op-ed in the "new york times" is one of three live options for how you get there. a flat minimum tax for rich people or some cap on deductions, which i think is going to becoming increasingly appealing to lawmakers as they try to solve this or flat out increasing the rates, which is a non-starter for a lot of republicans. i think you're going to see a slightly higher rate with some kind of cap on deductions or alternative minimum tax for rich people. >> a combination of those two. we've got a lot more to talk about with you. monday night football highlights the eagles showing they don't need michael vick to lose a football game. will coach andy reid survive another week? looking for a better place to put your cash? here's one you may not have thought of -- fidelity. now you don't have to go to a bank to get the things you want from a bank, like no-fee atms, all over the world. free checkwriting and mobile deposits. now depositing a check is as easy as taking a picture. fre

dinallo the former new york state insurance superintendent. >>> also at the top of the next hour, warren buffett, and much more. a special interview with mr. buffett. "squawk" will be back after a quick break. >>> time now for today's aflac trivia question. what song is the best-selling christmas single of all time? the answer when cnbc's "squawk box" continues. hope i don't miss work this christmas. yeah, how will you pay for things like food... electricity? dental bills... gazooks. you need a back-up plan. [ santa ] ho, ho, ho. that's why we have aflac! so i'll have cash to help pay bills! great...but what if you're still not better by christmas? hmm... afllaaccccccccc!!!!!!! [ male announcer ] aflac. we've got you under our wing. rudolph's better... but now blitzen's sick! or that printing in color had to cost a fortune. nobody said an all-in-one had to be bulky. or that you had to print from your desk. at least, nobody said it to us. introducing the business smart inkjet all-in-one series from brother. easy to use. it's the ultimate combination of speed, small size, and low-cost printing. i

says warren buffett. >> oh, come on. first of all, warren buffett has other issues at hand. reality is he's not holding the government to the same standards he would hold his investments. to cast that aside for a second, the problem is, piers, is the amount that we're talking about. when we look at for example the payroll tax cut and the obama care tax, if you put those two things together, that's over 1% of the gdp. if you throw in then the top 1% or 2% earners, that's going to put is at 1.5% or 2% of the gdp which is not a sustainable amount of tax hikes given the fact that we're in a sluggish growth period. i think that warren buffett certainly understands that. you know what mr. buffet, 01: if you want to add in more why not make this something of choice. if you feel like you can help, go ahead. put some extra money in. >> that's completely -- look, nobody has any guns to anybody's head. we have a common problem. it's called a budget deficit, particularly in out years. we have some common responsibilities and when you do consider that the wealthy in this country are taki

billionaire warren buffett may not agree with that.harlow for an exclusive interview. >> we sat down with warren buffett for wide-ranging interview and top of mind is the fiscal cliff. we talked in depth about the fiscal cliff and he certainly things lawmakers in washington should work together and, as he puts it, put country over party. that being said, he wants to see president obama take a very hard line in these negotiations with republican lawmakers. here's his take. what is the likelihood of the united states falling into a recession if we go over the cliff? >> i don't think that's going to happen. i think if we go past january 31st, but we're not going to permanently cripple ourselves because 535 people can't get along. >> even if we go over for two months, does that dip this economy back into recession? >> i don't think so. >> you don't think so. that's interesting because the cbo believes that. >> well, i mean, you know, we had hurricane sandy which disrupted the economy for a period. we had katrina many years ago. things will

warren buffett's plans tax hike critics claiming that higher rates would not put a freeze on investing. is the oracle of omaha having of false prophecy? 220 men join us with the reaction. egyptian president makes a power grab that could make a feral blush. violent protests break out. will they bring mideast turmoil to new heights? one of the reasons top experts. getting a pink slip for not getting a flu shot. one employer fires all workers refusing to get the flu vaccine. is it legal? could more businesses follow suit? if even when they say it's not, it's always about "money." ♪ melissa: first, let's take a look at the day's market headlines. fiscal cliff years made a comeback and strong retail sales are not enough to offset the concern. the dow closed down 42 points. facebook shares some otherbest in four months. two formerly bearish analysts upgrade their outlook citing increasing revenue from mobile ads. and as our own charlie gasparino first reported, mary schapiro stepping down as chairman of the sec. officially leave office on december 14th. she ran the securities regulator for n

toxic waste well like warren buffett i'm afeard a friend charlie monger but it you just gotta suck it up. all right stacy ever thanks so much for being on the kaiser report thank you stay tuned for the second. talking strike debt with andrew ross. brighton. from feinstein pressure. who screams don't totty don't. kid was not the military as army announced today you have signed a new contract with a unit of the huge contracting however it was not the operation to secure and rebuild the devastated country caliber company field taxpayers for its contract work in iraq. it was the campaign for making billions of dollars polymer was reasonable and ordered bills to exceed one billion dollars iraq's first sales. were profiteers. well looks serious technology innovations all the list of melons from around russia we've got the future covered. we speak your language might be rolling out of their. news programs and documentaries and spanish matters to you breaking news a little tentative angle of stories. that the spanish find out more visit. he. welcome back to the kaiser report imax keyser time

toxic waste well like warren buffett i'm afeard a friend charlie monger but it just got to suck it up. all right stacy ever thanks so much for being on the kaiser report thank you stay tuned for the second ad talking strike debt andrew ross. you know sometimes you see a story and it seems so you think you understand it and then you glimpse something else you hear or see some other part of it and realize everything you thought you knew you don't know i'm tom harpur welcome to the big picture. download the official publication. choose your language stream quality and enjoy your favorite. t.v. is not required to watch on t.v. all you need is your mobile device watch our t.v. any time. live . live. live . live. if. welcome back to the kaiser report imax keyser time now to go to new york and speak with andrew ross of strike the debt rolling jubilee campaign andrew is a professor of social and cultural and alice's at n.y.u. he's a contributor to the new york times the nation newsweek and the village voice and the author of many books including nice work if you can get it in life and labor i

toxic waste well like warren buffett and the effort a friend charlie monger but it just got to suck it up. all right stacy ever thanks so much for being on the kaiser report thank you stay tuned for the second and talking strike debt with andrew ross. you know how sometimes you see a story and it seems so you think you understand it and then you glimpse something else and you hear or see some other part of it and realize everything you thought you knew you don't know i'm tom harpur welcome to the big picture. speak your language. programs in documentaries in arabic in school here. reporting from the we'll talk sports p.r.p. interviews intriguing story for you. in troy. to find out more visit our big. leg . length. the. critic three. three. three. three. three. video for your media project c.e.o. don carty dot com. welcome back to the kaiser report imax keyser time now to go to new york and speak with andrew ross of strike the debt rolling jubilee campaign andrew is a professor of social and cultural and alice's n.y.u. is a contributor to the new york times the nation newsweek and the v

toxic waste well like warren buffett i laugh when i friend charlie monger but you just gotta suck it up. all right stacy ever thanks so much for being on the kaiser report i thank you stay tuned for the second ad talking strike debt with andrew ross. mr. could you take three. three. three. three. three. three blows video for your media project a free. download the. publication so choose your language stream quality and enjoy your favorite. t.v. is not required to watch on t.v. all you need is your mobile device watch on t.v. any time. welcome back to the kaiser report imax kaiser time now to go to new york and speak with andrew ross of strike debt rolling jubilee campaign andrew is a professor of social and cultural analysts at n.y.u. he's a contributor to the new york times the nation newsweek and the village voice and the author of many books including nice work if you can get it and life and labor in precarious times andrew welcome to the kaiser report thanks for having me on max all right andrew ross first tell us about the rolling jubilee added star what is the motive and who's

[ male announcer ] humana. ♪ >>> in on op-ed today, warren buffett insisted that slightly higher taxill in fact not deter the rich from becoming much richer. forget about the rich and ultra rich going on strike and stuffing their ample funds under their mattresses, if gas cap pal gains rates and ordinary income rates are increased, the ultra rich including me will forever pursue investment opportunities. none will say well, it all depends on what my tax rate will be. only in grover norquist's imagination does such a response exist. it's true. for ultra rich warren buffett and as pointed out previously, it is true for bill o'reilly and rush limbaugh. buffett supports a minimum 30% federal tax on incomes over 1 million and a minimum 35% tax rates on incomes over 10 million. at the white house today, jay carney issued this challenge. >> the reality is closing loopholes and ending deductions as an alternative to raising rates on the top earners, those making over $250,000 sounds good, but you have to look at the proposal. math tells us that you can't get the balance you need without havi

>>neil: warren buffett said he never knew of a savvy investor that skipped out. >>guest: i was going do bring this up, he is a great speculator. that doesn't noon he knows a damn thing about economic policy. i can't believe people turn to him as the sage about the economy. i talk to investors all day, they worry about taxes. particularly long-term investors, average people. >>neil: who does he talk to? >>guest: face it, warren buffett is lately a mouthpiece of this administration. he is their corporate mouthpiece. one of them. particularly the most vocal. he writes op-eds and goes on the stump and shows up with the president, shows up at the state of the union so take it for what it is worth through the political prism of warren buffett who has been a liberal and he has become more so. you talk to average investors not speculators, he is a speculator, he goes in and says, this company is great, this isn't, i will invest if this company, he is a long term speculators and --. >>neil: play that out. say the dividend rates, all the investment-related rates go up, wha

if warren buffett wants to pay more taxes, warren buffett can do that.the meantime, we needto get this country back on a growth track in which a vibrant economy creates tax revenues, jobs, and a better future for everybody. coming up, more and mo compies are rushing to get out their dividends before we fall of the fiscal cliff. advice for you and your money coming up next. ♪ ♪ gerri:ome companies offering special dividends to shareholders to avoid being hit by ♪ rri: it is being called a dividend rush. lots of companies offering special dividends to shareholders who are moving up their dividend pay off date to avoid next year's tax ncrease. for moren what it means for investors, i'm joined by managing director of black rock. great to have you here. we were just talking about the fiscal cliff and how it miht be resolved. you have an interesting point of view. >> i largely think that this is the part of that the leveraging process, moving to a point where the u.s. government is, to get more fiscally sound. and so obviously last year was a much more heated

if warren buffett wants to pay more taxes, warren buffett can do that.e meantime, we need to get this country back on a growth track in which a vibrant economy creates tax revenues, jobs, and a better future for everybody. coming up, more and more companies are rushing to get out their dividends before we fall of the fiscal cliff. advice for you and your money coming up next. ♪ it's a new day. if you're a man with low testosterone, you should know that axiron is here. the only underarm treatment for low t. that's right, the one you apply to the underarm. axiron is not for use in women or anyone younger than 18. axiron can transfer to others through direct contact. women, especially those who are or who may become pregnant, and children should avoid contact where axiron is applied as unexpected signs of puberty in children or changes in body hair or increased acnen women may occur. report these signs and symptoms to your doctor if they occur. tell your doctor about all medical conditions and medications. do not use if you have prostate or breast cancer. s

he says, warren buffett ought to not pay a lesser percentage than his secretary.proposes will increase taxes on those who are paying a different way for warren buffett. it won't affect him. let's go to a 15% capital gain, where we are right now. 15% flat tax on everything. 15%. let's get rid of the deductions, except mortgage interest and charitable deductions and everybody pays their fair share. you make more, you pay more. this is the time to hold the president to what he has been saying he wants. >> sean: the president -- he's almost back in campaign mode. republicans are holding the middle class hostage. so woo are going to get the talking points. but here'ss the the thing. governor christie who, i was mad at for embracing the president as much as he did during hurricane sandy -- >> a lot of good it did new jersey. >> sean: but he has it right on this one. he said, i don't want to address rate increases until i see what the president is willing to do on spending. government spebs too much. if the republicans give the president what he wants, up front, there wi

warren buffett changed the debate about u.s. tax reform for his call for the reach to pay more. calling for minimum tax rates for millionaires. are you kidding me? this will not make a dent in the deficit. here to disagree with me is christian dorsey from the economic policy institute. christian, thank you so much for coming back to the show. you are always a spirited debate partner. tell me why you like this. >> i'll tell you, melissa, to me this is not so much about the revenue that it would raise but about the message and principle it stand for, that we can't in this country have a situation where people are making millions of dollars effectively paying lower tax rates than america's middle class families. the principle of this, of this rule is actually what's most important. the revenue that it raises, it is important because it is not chump change but it is not in of itself going to change our deficit conversation but the principle is one that is extremely important. liz: but you're talking about wealthier people. well thinker people pay a higher average tax rate. everybody

warren buffett telling us who he is indorsing for president in 2016. saying it should be hillary clinton, saying there's no better candidate for the job. >> thank you for that report. >> stores are getting ready for black friday next week, but are you ready for the madness that black friday is. we'll shear must-have smartphone apps to avoid the crowds and score the best deals this holiday season. uh, i'm in a timeout because apparently riding the dog like it's a small horse is frowned upon in this establishment! luckily though, ya know, i conceal this bad boy underneath my blanket just so i can get on e-trade. check my investment portfolio, research stocks... wait, why are you taking... oh, i see...solitary. just a man and his thoughts. and a smartphone... with an e-trade app. ♪ nobody knows... [ male announcer ] e-trade. investing unleashed. that was me... the day i learned i had to start insulin for my type 2 diabetes. me... thinking my only option was the vial and syringe dad used. and me... discovering once-daily levemir® flexpen. flexpen® is prefi

. >> let me ask you about warren buffett. warren buffett saying that there's no tax pledge doesn't work. today, and i would like to play this to you over and over, he responded. take a listen to this. >> i agree with part of it. warren buffett really believe what he said, he could do it any other american who thinks that they are not paying enough xes, he could stop fighting the irs and just start paying for the irs says that he should be paying today. that is one thing. cheryl: that's true. >> if he believes that the federal government is the way we should be spending his money, then he should not have set up that chervil foundation and he should've written a check to the epa and to the federal government. you must inherently believe that it's better that you spend money through charitable trust and have washington spent his money. >> some of your collgues are turning against him. in fact, saxby chambliss is one of them. bob corporal, lindsey graham, i have been in office for a number of years and i never see the need for ra