Buffett Recruited as Schwarzenegger's Economic Adviser

Bloomberg no url | 8/13/3

[NativeNewYorker]

Aug. 13 (Bloomberg) --Arnold Schwarzenegger, the actor who is running for governor of California, said billionaire investor Warren Buffett will be the financial and economic adviser to his political campaign, the campaign said in a statement.

Buffett, the world's second-richest man, has built a fortune buy buying companies through his company, Berkshire Hathaway Inc. Debbie Bosanek, Buffett's assistant, didn't immediately return a phone call seeking comment.

[EternalVigilance]

I would compare Buffett to the industrialists of WWII Germany...getting rich by means of capitalism, but utterly owned by the socialists and their ideology.

[Moonman62]

Interestingly, Buffett's father, Howard Buffett, was a very conservative congressman from Nebraska, sort of the Ron Paul of the 1950s. Warren, however, tends to depict his father as a poor fool who was mislead by the rightwingers.

I always wondered how Warren was so connected to the rich and powerful at such an early age. Most of his wealth came from favors from those connections. Not all of it, and he certainly made the most of it. People should know that most of his wealth doesn't come from shrewd investing, but cleverly avoiding taxes and as I said, those insider connections into government and business.

[McGavin999]

LOL, I never liked Bloomberg either. I think Buffet is a joke but he is savy. He's not going to be in the administration, he's going to be forming economic policy for the campaign.

The BIGGEST problem facing California is their sinking bond ratings, and face it, they're going to have to get that straightened out so they don't have to raise taxes. Raising taxes in California would spell disaster and even Buffet has to know that. However, his experience in the bond market will prove invaluable for California.

Now, if he moves into the statehouse after the election, I might just have a problem with it, but I don't expect Buffet would be willing to waste the time.

[PeoplesRep_of_LA]

Notice he waited until the end of Rush's show to announce this. :-)

This is the worst news I could possibly imagine. Subtle, easy to forget, alot of people don't know who this elitist marxist is, but more telling than any detailed speech this Bloomberg-with-muscles could possibly make.

So long economic recovery. I was totally second guessing my criticism of Arnuld, but this changes everything.

[HamiltonJay]

Who am I going to put more weight behind on public tax Policy? Warren Buffet whos actually created wealth, or Steve Forbes who inherited it?

I don't agree with higher taxes, but I also don't agree that every tax cut ever invented is always the best course of public policy at the time they are proposed. I know that spits in the face of Republican dogma, but the belief that tax cuts ALWAYS improve the situation is not reality, but ideology.

Sorry, who would you trust the economy of California to? Warren Buffet or Steve Forbes? I don't know about you, but I'll take buffet hands down on that one.

[Austin Willard Wright]

Actually, I don't think his father was unusually wealthy or had particularly good connections. His father was a principled Ron Paul type unlike his son who is the ultimate "pragmatic" insider.

[Yaelle]

Oh....... Warren, not Jimmy.

Yeah, I was afraid we'd get our surplus back again and spend it all on tequila.

[Diddle E. Squat]

You seem to be pursuing a completely different topic than my posts that you keep responding to. A wierd way to have a conversation.

[Austin Willard Wright]

Huh? What do you mean? I merely pointed out that so called "financial geniuses" (Bloomberg was used as an example) are often thorough statists when they get power.

[mpreston]

I tend to agree. Time is short and the state needs to be shaken up. California either sinks or swims with someone outside the political mainstream. While Arnold isn't everything to everyone, I'm hoping he's hard nosed enough to kick some ass. Just because he has this media image doesn't mean he can deliver the same once he is Governer.

- Mark

[Protagoras]

I would compare Buffett to the industrialists of WWII Germany...getting rich by means of capitalism, but utterly owned by the socialists and their ideology.

A good definition of fascism. The didn't call it national socialism for no reason.

[jocko12]

AT LEST ARNIE HAS A PLAN,DOOFUS HAS NOTHING!!!!

[BunnySlippers]

Several. Buffett, Bill Gates, Soros...just to name a few.

Beg to differ. They are capitalists with all that money.

[mpreston]

First off, does Arnie have a plan? Plus don't underestimate Doofus.

[Dane]

But Buffett is a democrat, and I do not trust him.

I don't either, but it could be Arnold cosmetically padding his resume. Who knows. Buffet is a darling of Wall Street and does bring some cache within the Wall Street circles.

Does anybody know if Steve Forbes has politically condemned Warren Buffet?

[PeoplesRep_of_LA]

but I admire his monetary genius!

Never confuse brains with a bull market.

Ouch. Quote of the day by Protagoras. This appointment is the worst thing Arnuld "dont caw me me-ayor Bloomberg" could have possibly conceived of.

McClintock in 03.

[B Knotts]

Although I favor Tom McClintock, all signs were pointing to the imminent election of Schwarzenegger, and I was truly, honestly holding out some hope that his viewings of "Free to Choose" would kick it, and he would take on the state budget with a cleaver.

Sadly, I have pretty much lost any hope of that today.

Buffett is indeed a DemocRAT, and a rather nasty one at that.

[Beck_isright]

And in other news, Governor Greyout Davis has named Alan Greenspan as his new economic advisor.

[wardaddy]

Very bad choice....if he recruits Buffett's evil twin Soros next, I'm going to barf.

How to snatch defeat from the jaws of victory. Buffett loathes Republicans.

[Pubbie]

Actually CNBC is on at my Office right now, and this getting A LOT of coverage and attention!

I think (And hope) this will be widely noticed by the media.