Can y'all hear yourselves?
Very well, and I'll say it again. Buffett is not an economist, doesn’t pretend to be and has publicly admitted that he knows nothing about it and doesn’t care to. That's why he takes those silly socialist stances on things like tax rates etc. He doesn't comprehend how high taxes on "the rich" in reality hurt the middle-class and the poor much more than the rich. He doesn't feel the pain so he assumes there is none. When he has used the super-rich tax loopholes to setup irrevocable trusts and foundations to take care of his children and grandchildren for several generations, he doesn’t understand how the estate tax rapes the families of small entrepreneurs who don’t have the liquid assets necessary to protect an estate from the tax man.
His path to wealth was taking over undervalued low-tech companies and strengthening their financial and management picture. He is a smart financial guy who knows how to raise billions from the capital markets but he is a zero in terms of economics.
And I say again, a state governor does little or nothing in terms of macro-economics. There is nothing they can do to impact monetary policy, the value of the dollar, balance of trade, bond or equity markets (short of total default), and even that $60 B that the State of California is in the hole doesn’t amount to a pimple on the butt of the market.
Financial advise, i.e. how to cut the cost of state government is what CA needs now. Some of Buffet's bean counters could probably give some good ideas to streamline the state bureaucracy as long as the Governor has the guts to fight the unions and the horde of various political parasites that are sucking the lifeblood out of California.