Warren Buffett Endorses Obama by Pragmaticus [Subscribe]
Mon May 19, 2008 at 10:22:55 AM PDT
Warren Buffett, the "Oracle of Omaha" (or "Sage of Omaha", take your pick), has endorsed Barack Obama for President.
Link.
As this story is breaking, I'll be updating this diary with more information.
In Frankfurt, Germany, today, billionaire Warren Buffett announced his support for Senator Barack Obama for President of the United States. He said that he offered support to both Senator Clinton and Senator Obama, but ause it appeared that Obama would win the Democratic nomination, he is endorsing Senator Obama.
"I will be very happy if he is elected President. He is my choice."
Although many of the super-rich choose to align themselves with Republicans, Buffett, head of Berkshire Hathaway, has been a supporter of Democrats. He was one of Sen. John Kerry's economic advisors during his 2004 presidential run.
Buffett thinks the dollar will continue to weaken:
Commenting on the US economy, the 77-year-old investor who is known as the "Sage of Omaha," stressed that fiscal, monetary and trade policies were of great importance. "I think that the US has followed and is following policies which will cause the US dollar to weaken over a long period of time," he said.
After voicing support for Obama, Buffett nonetheless noted the US economy had managed to do "awfully well" despite a depression, two world wars and many financial crises.
"They say in the stock market ... buy stock in a business that's so good that an idiot can run it because sooner or later one will," he added.
"Well, the United States is a little like that. We can take a little mis-management from time to time," Buffett said.
(UPDATE) For those of you who don't know, and I doubt many people do, Warren Buffett has politics in his blood. His father, Howard Buffett, was a four-term Republican congressman from Nebraska, serving from 1943-1949 and 1951-1953. Howard Buffett, speaking presciently on the House floor, once said:
Even if it were desirable, America is not strong enough to police the world by military force. If that attempt is made, the blessings of liberty will be replaced by coercion and tyranny at home. Our Christian ideals cannot be exported to other lands by dollars and guns.
Someone should have looked that quote up 5 years ago. It still applies today.