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Long article, but it is nice to see some in depth investigative journalism coming out of the Times. IWarren Buffett bought Clayton Homes in 2003 and has turned it into the largest manufacturer and financer of mobile homes in the nation. They use high pressure and deceptive sales tactics to get deals, and then equally high pressure collection tactics after the sale.
Quote:
More than a dozen Clayton customers described a consistent array of deceptive practices that locked them into ruinous deals: loan terms that changed abruptly after they paid deposits or prepared land for their new homes; surprise fees tacked on to loans; and pressure to take on excessive payments based on false promises that they could later refinance.
Quote:
The industry, however, has protected its interests vigorously. Clayton Homes is represented in Washington, D.C., by the Manufactured Housing Institute (MHI)...
MHI spent $4.5 million since 2003 lobbying the federal government. Those efforts have helped the company escape much scrutiny, as has Buffett’s persona as a man of the people, analysts say.
“There is a Teflon aspect to Warren Buffett,” said James McRitchie, who runs a widely read blog, Corporate Governance.
Buffett is a guy who supports Democrats, who lobbies for more government, and more taxes, always with a view to how he can extract a profit from the resulting mess. He uses his army of lawyers and lobbyists to get DC to rig the game in his favor, and rakes in the cash. Stop coddling Warren Buffett | WashingtonExaminer.com
So now Republican lawmakers in Eastern Washington and rural Texas are going to demand reforms to the manufactured home industry. A company owned by a Democrat sells mobile homes to low information Republican voters in rural America and someone expects Republicans who are in control in almost all of rural America to do something...too funny. Wouldn't that be too much regulation??
I do not know if there is a real problem here or not but this post shows why nothing gets done if it is. There is a problem suggested but then it has to be blamed on one of the political parties.
Buffett supports whoever supports Buffett. By trying to make everything partisan it turns the partisans off of the problem. Unfortunately there are too many partisans to exclude so many from the problem.
Long article, but it is nice to see some in depth investigative journalism coming out of the Times. IWarren Buffett bought Clayton Homes in 2003 and has turned it into the largest manufacturer and financer of mobile homes in the nation. They use high pressure and deceptive sales tactics to get deals, and then equally high pressure collection tactics after the sale.
Buffett is a guy who supports Democrats, who lobbies for more government, and more taxes, always with a view to how he can extract a profit from the resulting mess. He uses his army of lawyers and lobbyists to get DC to rig the game in his favor, and rakes in the cash. Stop coddling Warren Buffett | WashingtonExaminer.com
Honestly...with all the Buffett admirers on these boards--
its very refreshing to see somebody post something to contrast how perfect he's portrayed.
The guy's got his own little schemes going I'm sure.....
Thanks for a dose of reality-
Some people who think he's flawless really should be more discerning
I do not know if there is a real problem here or not but this post shows why nothing gets done if it is. There is a problem suggested but then it has to be blamed on one of the political parties.
Buffett supports whoever supports Buffett. By trying to make everything partisan it turns the partisans off of the problem. Unfortunately there are too many partisans to exclude so many from the problem.
But I would admit that the real problem here is corporatism, i.e. big business and big government in bed together to ream the little guy, and it is certainly on both sides of the aisle. In fact I suspect that a politico today almost has to play ball in order to raise enough money to compete in campaigns.
But I disagree that the reason nothing gets done is due to partisan finger pointing. The reason is that this is our system, and no one has an answer as to how to stop it. My answer is a return to limited government. Democrats will never do that, but at least some Republicans will. That was proven last year in the fight over Ex-Im bank reauthorization.
Can wingnuts please stop projecting their love of authority figures onto those of us on the left? We don't worship our billionaires like you worship yours. Good grief
Let the free market decide, if the consumers think this is a bad deal, they will just take their money elsewhere.
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