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One of the few things that Barack Obama and John McCain agreed on during last night's televised debate was that billionaire Warren Buffett would make a good Secretary of the Treasury.Odds are that the universally respected Buffett won't take the job. Why does he need the headache at this point in his life? Besides, he may not be the type of government official investors would like. Much to the horror of political conservatives, the Oracle of Omaha is backing Obama. He has come out against such bedrock Republican principles as abolishing the so-called death tax on inherited wealth. The financial disclosure requirements alone probably are enough to scare Buffett away from government service.
To counter Obama's Buffett card, McCain said that former eBay Inc. (NASDAQ: EBAY) CEO Meg Whitman might be the right person for the job. I guess no one mentioned to the Arizona senator the massive layoffs planned by the online auctioneer. Interesting how another McCain supporter, ex-Hewlett Packard Co. (NASDAQ: HPQ) Chief Executive Carly Fiorina, did not merit consideration. Given her disastrous tenure, it's no wonder.
Another good potential Treasury Secretary neither brought up is Michael Bloomberg. The founder of Bloomberg LP (where I worked for seven years) clearly knows the markets. He's rich and has shown savvy in navigating New York City's political landmines that Washington should be a walk in the park. Too bad he's got his heart set on a third time as mayor.
Given the enormous powers that the secretary now yields, there will be no shortage of applicants for the job. Success in business, though, does not always translate to government.
Banker Andrew W. Mellon was the Buffett of his day and was named Treasury Secretary in 1921. Under his leadership, the government cut taxes and reduced the public debt. Mellon's policies, which lasted through three administrations, are also blamed by scholars, including Fed Chairman Ben Bernanke, for helping cause the Great Depression.
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Reader Comments (Page 1 of 1)
10-08-2008 @ 1:19PM
william lindblad said...
If you want a Democrat John Corzine would be a good nominee - that is, if you have a Dem majority in Congress to approve him.
I don't like his politics, but I give him credit for being aggressive and very knowledgeable in finance. He also does not much give a damn as to who is angry with him.
You could also try Ross Perot - VERY aggressive and does things HIS way. No Congress would go for him.
He also does not care who gets offended.
Need a Republican - Easy - Greenspan. He is probably the best suited of all and Congress would confirm him.
10-08-2008 @ 2:41PM
Marty Lee King said...
I have a stock watch list that Anilizes product gross National,word commidities and been on cnbc as a stock portifolio,401 K retirement accounts adviser ,Went to Henry George School of Social Ecomics and studied polical Economy went to a nationally ranked Techinical School,and gradeduated and am currently C
10-08-2008 @ 2:30PM
brad said...
Romney would be excellent choice. Can he work with McCain ?
10-08-2008 @ 2:54PM
FRANK said...
Someone should call Ross Perot
10-08-2008 @ 1:48PM
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10-09-2008 @ 3:04PM
sloane said...
I think Buffett would do a great job in this position, but I also really doubt he would take it if it were offered to him. He's not used to being employed/working for someone else..and I don't think he's masochistic enough to go from being completely independent and self-directing to being one part of a huge bureaucracy, where even ideas that don't meet with opposition are very, very slow to be adopted and implemented.
Dr. Tantillo, who has ( http://blog.marketingdoctor.tv ) did a post a little over a week ago on Buffett (in a winner/loser post that contrasted him with WaMu).
Dr. Tantillo blogs from a branding perspective, and posits that any company must stay true to its brand's 'core features' to succeed.
Full post: http://blog.marketingdoctor.tv/2008/09/26/brand-advisory-buffett-and-wamu.aspx
I think that working for someone else is not part of Buffett's brand....
10-09-2008 @ 6:48PM
Peter Creager said...
Meg Wittman could not hold the toilet paper for Buffet to take his daily. Your talking about a powerful train, versus a two person rail cart here. She ran Ebay into the ground and would do the same as any cabinet member or head of the Fed Reserve. What a joke, and now so is McCain for even suggesting. If Ebay has a million workers, here is one that hates their employer. They got us working for slave wages.
10-10-2008 @ 10:59AM
Jeff Loves Dogs said...
As I recall, it was Obama who suggested that WB would make be a good choice. McCain didn't commit - I don't think he remembered the question!
McCain is an old man! He has NO vision for America - he just wants to be President!...thanks but no thanks to McCain / Palin..I'm voting for "THAT ONE"
10-10-2008 @ 11:28AM
Jeff Loves Dogs said...
McCain work with Romney? I don't think so! If he could he would have picked him for VP.
I think most would agree that this race would be alot closer without the dimwit from Alaska!