FOAMER LEVIN ATTACKS THE WIZARD OF OMAHA

Yesterday, Mark "Foamer" Levin was so upset with Warren Buffett's remarks to CNBC that he ended up callin Buffett a "jackass."   I can't recall the exact statements that infuriated Levin but I do recall that they didn't provide any support for Levin's version of the Free Market Fairy.

Here's a selection from the interview...

BECKY: So-- how are small businesses faring right now, if you had to-- look overall? Obviously, everyone's in a different position. But overall, how do you think they're doing?

BUFFETT: I think they're doing about like the economy is. That they-- they've been through-- a terrible period. And I know some in Omaha, and Omaha hasn't been as hard hit as many others, but all businesses went through a terrible period. And-- and basically, the government did the right thing in-- in terms of-- of getting the economy going again. It can't do it overnight or anything of the sort. I think most small businesses have come back somewhat. But they've-- they-- they're nowhere near their peaks.

For Levin, NOTHING the government did about the Great Recession was correct.

In the following remarks, Buffett criticizes the tax cuts for the richest and I'm certain that this also enraged Levin...

BECKY: ... if they're not renewed. The President has put forth his-- his position. Which is that-- they should be extended only for the middle class and not for the upper three percent. Peter Orszag, his outgoing budget director, said that he'd like to see that, too. But if it's not politically feasible, he'd rather see tax cuts passed for everyone-- than for no one. What do you think?

BUFFETT: Well, I don't think they'll end up being passed for no one. So, I-- I think that-- but Peter did put the argument that way. He-- he didn't say this is the most desirable policy, he just said this is the most politically feasible policy. But-- the-- way the tax system has gotten tilted toward guys like me over the last 20 years is-- as opposed to the middle class, you know, in my view, is a little obscene. So, I-- I think-- I'm not saying $250,000 necessarily. But-- but-- at the-- at the high end-- and-- and the people who are getting their huge incomes through capital gains and-- I just-- I just think that-- when a country needs more income and we do, we're only taking in 15 percent of GDP, I mean, that-- that-- when a country needs more income, they should get it from the people that have it.

BECKY: You think it's okay to raise taxes at a time when the economy's uncertain?

BUFFETT: I think-- sure. On some people. Yeah. I-- I don't want to raise 'em on 90-- you know, 98 percent of the people, but-- but-- no, I think the inequities that have gone into the tax code in the last 20 or 30 years compared to the situation that existed when this country was very prosperous in 1960, 1970, 1980 and so on, I-- I think it's-- I just think it's been tilted toward the rich.