Fox Business just reported that supposed financial genius Warren Buffet was giving shares worth somewhere around $100,000,000 to charity. Buffet’s business plan, I have argued for some time, relied heavily on a market overrun with credit derivatives (which are a literal time bomb in our economy), illusionary wealth and being on the “in” in highly manipulated markets.

Dumping this amount of stock (which equals something like 1000 shares, talk about overvalued) is a clear signal that at this point it’s worth more to Buffet to get the tax write-off for the “gift” than to hold it. In other words, he isn’t expecting it to pick up the value it’s been shedding anytime soon.

The Warren Buffets of the world are given much to much credit. In the rarefied ivy-covered towers of high finance market fundamentals and common sense are just fly-specks on Main Street. Look at the surprise which met news that sales of previously owned houses had increased slightly as housing prices plummet and you’ll see that most academically trained business and financial journalists have read to much Marx and not enough Paul Heyne. Of course there will be an uptick in home sales as desperate sellers lower their prices to get out from under a mortgage they can’t afford. It’s called a buyer’s market.

These same people who weren’t able to predict that when prices were cheap enough, some people would buy property have spent years telling us Warren Buffet is a genius, based on his business model which will not survive The Great De-leveraging without billions of dollars of government intervention.  I guess in a way that is genius, because Buffet’s about to benefit from a newly Socialized United States cronyism as soon to be taxed to the hilt Americans bail him and Berkshire Hathaway out of the whole they helped dig in our economy.