The Oracle of Omaha is shining a light on the presidential campaign of Barack Obama.According to media reports, Warren Buffett is participating with Obama in a meeting about the economy along with Google Inc. (NASDAQ: GOOG) Chairman Eric Schmidt, former Treasury Secretaries Robert Rubin and Larry Summers and former Labor Secretary Bob Reich, according to CNBC. New Jersey Gov. Jon Corzine, a former Goldman Sachs Group Inc. (NYSE: GS) co-chairman, and former Federal Reserve Chairman Paul Volcker also will be at the meeting of the wisemen tomorrow. Buffett will be participating via telephone hook-up.
There is plenty to talk about given the current state of the economy and the housing market which the International Monetary Fund says shows no signs of recovery. Obama, the junior senator from Illinois, is clearly signaling not to expect much from the meeting.
``I expect some further fine-tuning of short-term policies based on what's happened over the last several months,'' Obama said in an interview with Bloomberg News.
What that means is not clear. It should surprise no one that Buffett is backing Obama. The investor has been critical of President Bush's economic policies including the repeal of the estate tax which he said would be a "terrible mistake." But that doesn't mean he agrees with all of Obama's policies either.
As CNBC notes, Buffett supported Hillary Clinton while she was running for president and disagrees with Obama's call to tax the windfall profits of oil companies and his decision to forgo public financing of his campaign. I guess the Omaha investor considers Obama to be a significant improvement over Republican John McCain.
Interesting how the greatest investor in history who Republicans tout as a champion of capitalism is as big of a Democrat as Barbra Streisand.











Reader Comments (Page 1 of 1)
7-28-2008 @ 4:35PM
Jeff said...
More great republican ridicule from junior blogger Jonathan Bear. Don't be jealous Johnny!
P.S., I spelled your name wrong, only because I'm as accurate in my recollections as Larry Craig.
7-28-2008 @ 4:58PM
william lindblad said...
When you find yourself up to your ass in alligators ----you have forgotten that the initial objective was to drain the swamp.
That analogy sums up all current politics - both incumbent and those seeking.
Truth is - we drained the swamp back in 1934 and it stayed that way until the late 1980's. That was when the first signs (and smells) of water and smell appeared in the RTC fiasco. Now we have water,
gators and mosquito's. We are here because everything that kept the water and critters out was
forgotten.
This is going to be the economic Katrina with the same approach of fix it after it breaks. The storm was in the Gulf and big enough to be seen by Republicans and Democrats alike, so there is no excuse.
Mr. Buffet is a great investor, but he is not GOD and trying to come up with a fix for this problem is going to require divine assistance.
Don't hold your breath.
7-28-2008 @ 5:01PM
John Allen said...
If you had adequately researched your subject matter you would know that Buffett has recently stated that either candidate would do a fine job and that, over the years, he has voted for both Democrats and Republicans.
7-28-2008 @ 5:33PM
mauriciolopezsr said...
Obama is just trying desperately to bring people with good names to shore him up as he's got nothing on the ball; so far all he talks about is change; but does even has change for a $5.00 dollar bill!!
One thing is being a good investor and another thing is being in charge of making the economy grow in the right direction!!
Obama doesn't know where he is coming from or where he is going!!
One thing I know for sure: He listened to GOD DAMM AMERICA SERMONS for over twenty years!!! How could anyone even consider such a person for President???
7-28-2008 @ 5:37PM
Aris said...
The Oracle of Omaha... as of now,
The Oracle of Ohama... in progress,
The Oracle of Obama... coming soon?
BRK.A lost one third (1/3) of its value as of now.
Does any stockholder think that WB has a stock "death wish" by supporting Hussain Bar Obama?
Or, maybe, WB thinks his stock is another bubble...
7-28-2008 @ 5:43PM
Lisa Wagner said...
They are all in the same "clubs." Bilderberg, The Council on Foreign Relations, and what's that other one? Something about a Trilateral Commission? Fed Reserve Dudes? One world order stuff? Well anyway, I guess it's a public show of bringing Mr. Buffet on board, although you can see what he thinks of it, as he won't even be there. They are becoming very brazen, methinks, showing themselves so publicly. Arrogance knows no bounds.
7-28-2008 @ 6:50PM
Aiken Blue said...
For Buffet to support Obama says a lot about economics and McCain's issues. Please support Obama, visit WHYOBAMA08.ORG
7-28-2008 @ 10:35PM
jim said...
That last paragraph is all one needs to know not to vote for the democratic party.
7-29-2008 @ 8:00AM
KAMAL KHAN said...
THE ALARMING HEALTH OF THE US ECONOMY
The health of U.S. has been on the rocks ever since the Gramm-Rudmann-Hollings Law was amended/scrapped by President Bush. The Repercussions on the Consumer/Common man on the street will be felt when the Debt Servicing gets to above 3 Percent of GDP. which it already is. That means that a period of recession which we have started. This should last for another 2 possibly 3 years till 2011 followed inflation will follow for the next 5-7 years finally followed by a Period of Stagflation possibly 3 years (reason I say Possibly, is because all these depend on favourable / unfavourable changes of policy
of / from The US Government) i.e. I see Interest rates back above double digits in 7-10 years. With the economy performing poorly. Proper Recession should show its indication from 2009. Therefore Outflow of investments should pick up speed 2009 onwards. Strikes / Bankruptcies to double in the next 5 years. Unemployment to double in next 5 years. The USD to FALL , the Stock market to Fall to 7,000 levels . The banking sector to lead the way as FDIC doesn’t have enough money to bail out a Top 20 US Bank. The Blame (I Feel) goes ALL to US Congress-Senate especially PRESIDENT BUSH for his policies to gain Votes and popularity NOW at the cost of the Future of the US People as the Consumer/Common people in USA will feel the HIT 5-7 years down the road in a Big way. First Recession followed by Stagflation after 3-5 years will and should be hitting the economy in 2009 onwards as the Sub-Prime Mortgage crises is ONLY the forewarning of worse gloom and doom to follow. Financial Sector (Fannie Mae and Freddie Mac will cost the Government over 100 Billion Dollars and this will add to the doom naturally this will be taken from the Consumers/Common Taxpayer).
UNLESS AND UNTIL THE TWIN DEFICITS ARE CONTROLLED NAMELY BUDGET AND TRADE DEFICITS THEN IF DEVALUATION OF THE DOLLAR ON A MASSIVE SCALE PLUS SPENDING CUTS ARE CARRIED OUT THE BALOON WILL BURST SOONER RATHER THAN LATER SPELLING GLOOM AND DOOM ON A FAR MASSIVE SCALE THAN 1929 (GREAT DEPRESSION).
So who is going to Bail out the USA ? EU ? World Bank ? IMF ? Japan ? China ? Who ???
Note what I have written down now as Time will tell you IF I am right or wrong. Today 08 July 2008.
(This is my Personal Analysis and my own working)
Regards
Kamal Ahmad Khan
Analyst/Consultant
0092-300-2209309
7-29-2008 @ 8:13AM
kboog2346 said...
Obama might be better advised to add James Carville to his staff and or advisory committee. When the republican dirty trick machine hits the road in september his smooth talkin, arrogant. and over confident style may be in for a rude awakening. Not to mention, he will be tarnished a liberal trader if he cries foul when the U.S. military begins its involvement in Iran which will take place sometime between labor day and election day.Welcome to the big leagues Barack.
8-19-2008 @ 11:38PM
bullryder4167 said...
It doesn't matter who will get the next president seat. It doesn't matter what the out come of the problem's we are faceing now. All the obama's and warren buffet's and john mccain's in this world isn't going to fix the bad things we are now faceing. What we all need to do is fall on our knee's, and start doing some heavy praying. The word of God is just being fulfilled. We all better take heed to the word of God, and start trusting in our Lord and Saviour more. Because in the end it has to do with what God says in the end. In that alone we all better get ready to go on God's side.
9-13-2008 @ 9:59AM
DKC said...
This just goes to show you that Hussein Obama doesn't know much about the economy if he has to go Warren. Or maybe he wants some insider tips for himself. I bet he's kin to Martha Stewart too...Lol
And if he likes it or not he has WHITEY'S blood in him. His books tell it all. There' s a lot of interesting thing he said in there I bet he regrets. Like, he'd have to side with Muslims if things went in that direction. Well, who are we dealing with in this war?
Radical Muslims.
9-16-2008 @ 7:24PM
Ben said...
Obama keeps crying about how bad the economy is,
but if Americans are hurting so bad, how come they were able to send Obama a record breaking 66 million dollars last month?
... And, tonight Obama is asking Americans to give him
$28,500.00 each for the Obama/Streisand fund raiser dinner. Two faced Obama has no credibility. No Wright, no Farrakhan, no Pfleger, no Rezko,
no Ayers, no mean Michelle, and, NOBAMA !!!