the septenary (diapholom) wrote,
the septenary
diapholom

draft

\

BUFFETT: No, no. No, I--you know, we'll be--we'll be fine. I mean, the factories don't go away, the people and their talents don't go away, the houses don't go away, the population grows. No, over time, you know, my children are going to live better than I do, although they don't seem to think so. They'd like to hasten it a little bit. My--and my grandchildren will live better than they do. And the same with you. This--in the--in the 20th century, the real standard of living in the United States went up seven for one, and a great many of the--of the factors that went into producing that really unprecedented gain in how people--improvement in how people live, those factors are still present. I mean, we have a market system, we have a meritocracy, we have the rule of law. None of them perfect, but they have combined in the past to move one generation after another ahead of the one that preceded them. That will continue to be the case. But it will also be the case that markets will do very wild, unpredictable things and you will see things you haven't seen before in markets. That's the way--people make markets, and they're not rational much of the time. 

\
http://www.conservapedia.com/Rule_of_law

http://en.wikipedia.org/wiki/Rule_of_law

Buffett wrote: "Even if we are successful, however, our assets and earnings will always be concentrated in the U.S. Despite our country's many imperfections and unrelenting problems of one sort or another, America's rule of law, market-responsive economic system, and belief in meritocracy are almost certain to produce ever growing prosperity for its citizens."

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