If you listen to Rush Limbaugh's full harangue from this week, the one that produced the controversial “jackass” comments, you'll hear that what set the AM hate host off was Obama's alleged ignorance of economics. (He's an “economic illiterate” and “ignoramus.”) Specifically, Limbaugh was lecturing the president about the value of tax cuts.

And yes this is from Limbaugh, that financial sage who so clearly saw the 2008 stock market crash coming. (Oh wait, he didn't?)

But Limbaugh went on and on, getting more and more flummoxed, because Obama didn't know anything about tax cuts and the world of finance, and that he didn't know the government has to extend the Bush tax cuts on a small percentage of very wealthy people in America because they're the ones who spend and invest, and basically drive the entire U.S. economy. (So says Rush.)

Obama's an “idiot” and a dangerous “neophyte” for not seeing the big picture, said Limbaugh; for not understanding that if the very rich in this country don't receive continued tax cuts this economy is doomed!!!!

Well, it turns out investor Warren Buffet, the second wealthiest man in America, is also an “idiot” and “neophyte.” From an interview he gave CNN this week [emphasis added]:

"I think we should raise taxes on the very rich, and I think maybe we should cut taxes for the middle class, upper middle class," Mr Buffett, chairman and chief executive of Berkshire Hathaway said in CNN interview aired today.

Asked if the tax cuts should go beyond those signed into law by former US President George W. Bush, Mr Buffet said: “It could well be.”

“We're going to have to get more money from somebody,” Mr Buffett said. “We aren't taking in enough money at the federal government level.

”I see no problem in taxing people at the very high levels significantly more that they're being taxed right now, and I might very well cut taxes even further for the people at lower levels."