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.

[Ditto]

"...Warren Buffett will be the financial and economic adviser..."

Good financial advisor, but on economics, especially macro, Arnold would do as well hiring his butler or cook for advise. Buffett will even admit he knows nothing about economics and doesn't pretend to. Then again, how important it is for a state governor to have good economic advisors? He's not going to be messing with monitary or trade policy. He just has to figure out how to keep the bond markets from shutting him down. Buffett may be helpful there.

[deport]

Warren Buffett will be the financial and economic adviser to his political campaign,

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To his political campaign is one thing..... to his as governor if elected is entirely something different.... I'd suspect Buffett isn't going to get tied down in the day to day of CA politics to the point of being Arnolds advisor long term. To give him some advice during the campaign is all together different.

[Protagoras]

No picture?

[Pubbie]

Hold on to your wallets because the Whoreacle of Omaha is coming to visit your local bank! :(

[LS]

I agree. This is a disaster. The guy has made billions, but wants no one else to have any. He opposed the tax cuts. I liked Arnold, but this was a stupid move.

[Austin Willard Wright]

Arnold will do something Davis has recently been unable to do: raise taxes.

[DiamondDon1]

The only benefit of Arnold is that he will have an "R" after his name...unforutately the "R" is for RINO.

DD

[Protagoras]

but I admire his monetary genius!

Never confuse brains with a bull market.

[habs4ever]

A ploy to get Hollywood Democrat votes? Buffett doesn't dispense economic advice, does he?It's not his bag, nor does he have a track record of being a good economic prognosticator.

It's politics, if true.

[kellynla]

Buffett is window dressing. Let me know when Aunold presents a platform and/or solutions to the problems in Sacramento. Finally, we want DEBATES, Aunold. You can run for governor but you can't hide behind Pete Wilson, Warren Buffett and Maria! Aunold is "pro-gun control, pro-abortion, pro-homosexual adoption, pro-social programs" What's the difference in Aunold and Bubba besides party affiliation? Only 55 days 'til we DUMP DAVIS and we still don't know what Aunold's platform is! Vote 4 MCCLINTOCK or pay the consequences! http://www.tommcclintock.com

[Afronaut]

Published on Wednesday, May 7, 2003 by the Madison Capital Times
Capitalism & Conscience
Editorial

That's because, with his recent suggestions that capitalism should have a conscience, Buffett is "off message." Instead of letting his greed get the better of him and endorsing the president's proposal to cut another $550 billion in taxes for the super-rich, Buffett rejected the scheme as the madness that it is.

"I am not for the Bush (tax) plan," Buffett told the crowd in Omaha. "It screams of injustice."

Buffett objected to the inherent unfairness of President Bush's plan, which he said "will result in us (himself and Munger) giving a smaller percentage of our income to Washington than the people who work in our shoe factory."

Buffett and Munger rejected the suggestion that the tax cuts would strengthen the economy. "This is not going to stimulate the economy. It will stimulate us," Buffett said, referring to his wealthy partner and himself.

The U.S. economy, notes Buffett, has been in a recessionary cycle for the past two years - a period roughly parallel to the time since Bush's first round of tax cuts for the country club class were enacted.

Vote For a liberal, get a Liberal.

[LS]

This is most puzzling, as the last word I had was that Friedman and Kudlow WERE going to be the economic advisors.

[onyx]

Buffet has been retained as a financial and economic advisor "to his campaign."

[habs4ever]

The other consideration is that he will use Buffett's extensive knowledge of the electric ultility industry(and monolply in the West) to try to turn around California's energy mess.I sure hope this isn't going to lead to firesales whereby BH gets first dibs...

[Protagoras]

I liked Arnold, but this was a stupid move.

You must have liked his advocacy for government run babysitter programs. They have been quite popular with liberals and Democrats for several generations.

[EternalVigilance]

For the vast majority of voters, this will add weight to Arnold's candidacy, since if they know Buffet at all, they know him as a smart rich guy. Very few know of his political leanings or his stand on abortion.

Dang. When you voiced your disapproval of this at the top of the thread, I was going to pipe up and predict that before the thread got very long you would be defending it. But I was a good boy.

Ah, the missed opportunities in life...

[Registered]

[habs4ever]

This could be about energy...

[onyx]

Nice try. Buffet is not on the ballot and if you actually READ this announcement you will see that Buffet has been retained as a financial and ecomonics advisor to "his campaign."

[NativeNewYorker]

I don't recall Buffett playing in the electric utility market.