married this weekend. how hurricane irene might well be changing those plans. and now to wall street where we re following new developments involving two of the most iconic ceos. the oracle of omaha is investing $5 billion in beleaguered bank of america, and investors are still trying to get used to the idea of a new man at the helm. mandy drury has what s moving with your money? why is this such a big deal? it is a really big deal. warren buffett is coming to the rescue again. apparently he approached bank of america about a potential deal, and berkshire hathaway is investing $5 billion in a bank, a bank whose shares have been driven to the ground recently over concerns it doesn t have enough capital. this is a huge vote of
i agree with that. smart politics. it doesn t mean that the majority of the country is close. coming up, billionaire, eric no, warren buffett. wants to lose money and he is calling on congress to take it away. next, on the five. give me some warren warren buff. rérésékérékékéréúékékéré@z@nvnn
in america that pays 35%. they all pay 29% or less. number one. number two, i give warren buffett a lot of credit. he is a patriot for doing. this i notice all the people referring to the iraq war, rich people weren t willing to pay a dime to offset the cost of the war. they re fighting for their bush tax cut. dana said something right. there will be and should be a tax rewrite. i m for the flat tax. a good idea. but that is probably going to be a tough thing to sell. however, the committee that everybody is sort of dumped on, i d use another word but i was told to clean it up a little bit. ones that were peeed on. greg: thank you for that. bob: the select committee of 12 members of the congress, i been listening carefully to what they say. even some of the most conservative, like pat too manyey of pennsylvania open pat toomey of pennsylvania opened the door. there is not a reasonable economist, conservative or liberal that believes you can get a balanced budget without
basically what he is saying is that if you make over $1 million you should pay higher rate of tax, and if you make over $10 million, higher rate of tax. but mr. buffett doesn t point out his company berkshire hathaway only pays 35% on hir money. not the corporate rate. he pays 17% of his income. he wants to pay more money, there are ways to do that. dana: there are ways but the treasury department have a website to go and donate what is it called? eric: gifts to the united states. dana: gifts to the united states government. if you want to give more to the federal government and have it spent, you can. now let me back up. who am i to criticize warren buffett s investments? he has done better than i in that area. i am for wholesale tax reform. it could be that billionaires and millionaires should pay some more but it has to be the wholesale tax reform as well as entitlement reform.
the problem that people hear when they say billionaire should pay more, it starts off that way. when president obama talks about billionaires, is it people that make $1 million or have a million in the bank? there is no definition. greg: not enough. the mess of people he was talking about were 400 people. that article that editorial daps that s how many people read the paper. greg: exactly. the combined for the super rich that make taxable income of $16.9 billion. if you took all of their money it wouldn t amount to enough. eric: right. it s around $90 billion last year. if you bought their number up you d make $15 billion back. the point is this is all written because we have $17 trillion national debt. and growing by $1.5 trillion. why not address spending? why is it always on the left, bob? address taxing. tax more and spend less. bob: if i could correct you. first, it s not a corporation