Economic Class Quotes
Buffet was the 2nd richest man in America and had been the beneficiary of the George W. Bush tax cuts for the wealthy and had profited from a strong economy but one which found middle class workers actually earning less each year.
He was one of the early writers to observe that the rich of most areas and nations had more in common that they did with their poor fellow citizens in their own country.
The crisis of inequality of income and wealth has occurred seven times in American history.
This was his most famous speech.
Most people owned a little land as most of America were still farmers. They had small amounts of money at different times but spent it for necessities. A relatively few people (mostly in the East) had money—gold and paper currency backed by gold. If the price of property was high, only rich could afford to buy it. The home mortgage system did not then exist, so there was no way that the average land owner could get enough money to buy land to expand farms or buy for children unless the price was low. Today, most land owners want the price of land to be high. The financial system in use at the time makes the difference.