I will give Kerry credit when it's due

[Dionysos]

He does solicit economic advice from a very reputable source.

http://uk.news.yahoo.com/040503/325/esluc.html

Buffett joins Kerry's team as economic advisor

By Philip Klein

OMAHA, Nebraska (Reuters) - Warren Buffett, the world's second wealthiest person, says he has joined Democratic presidential candidate John Kerry's economic advisory team.

Buffett has long been a critic of the tax policies of the Bush administration, which he believes favour the wealthy and big corporations over the middle class.

"I'm available if anyone wants to ask my view of anything," Buffett said of his involvement with Kerry at a news conference in Omaha, Nebraska, a day after the annual meeting of his Berkshire Hathaway.

Buffett said Kerry had asked him three weeks ago if he would be part of an economic advisory council that includes Robert Rubin, who was Treasury Secretary in the Clinton administration. Buffett said he had accepted.

Buffett, whose net worth is estimated by Forbes at $42.9 billion (24.2 billion pounds), said he was not likely to have much contact with Kerry and expected to play a limited role.

He said that he believed the election would be more about Bush than about Kerry.

"I personally think our election will be a referendum on George W. Bush," Buffett said. "The Kerry campaign is much less important than how people feel about Bush."

Buffett's support of Kerry is the second time in the past year he has entered the political fray. Though a Democrat, Buffett was an economic advisor to Arnold Schwarzenegger, a Republican, in his successful bid to become governor of California.

You give Kerry credit for asking Buffet to be an advisor. Do you think being a wealthy man (and very successful investor) is synonymous with being a good governmental economic policy advisor?

[Ryan]

There are already Republicans accusing Buffet of being clueless about macro-economics. Uhm, yeah...

[Dionysos]

Originally posted by xiannaix
You give Kerry credit for asking Buffet to be an advisor. Do you think being a wealthy man (and very successful investor) is synonymous with being a good governmental economic policy advisor?

I like that Buffett's main point he keeps hammering the gov't with is the need to reduce our deficit spending. If for no other reason, I hope Buffett has some influence on the gov't policy.

[Ryan]

Originally posted by xiannaix
You give Kerry credit for asking Buffet to be an advisor. Do you think being a wealthy man (and very successful investor) is synonymous with being a good governmental economic policy advisor?

Warren Buffet, in his long career, has displayed an enormous talent for predicting economic trends and you'd be hard-stretched to find another person with a greater understanding of free markets and capitalism. I can't imagine anyone I'd rather have as an economic advisor than the brilliant and insightful Buffet.

[Dionysos]

Originally posted by Ryan
Warren Buffet, in his long career, has displayed an enormous talent for predicting economic trends and you'd be hard-stretched to find another person with a greater understanding of free markets and capitalism. I can't imagine anyone I'd rather have as an economic advisor than the brilliant and insightful Buffet.

I would like to see Greenspan in that role if/when he steps down as chairman of the Fed, but Buffett has the chops to do it as well.

[Hey Bubu]

Originally posted by xiannaix
Actually, I know of a situation where Warren was ther stalking horse bidder on a company in bankruptcy. The consensus of all the attorneys (liberal or conservative - his, the debtors and the creditors) was that Buffet was a looney.

I want to be a looney with alot of money too

[Ryan]

Originally posted by xiannaix
Actually, I know of a situation where Warren was ther stalking horse bidder on a company in bankruptcy. The consensus of all the attorneys (liberal or conservative - his, the debtors and the creditors) was that Buffet was a looney.

I wonder how many of those who called him a "looney" have as much money as he does. Unless one of them was Bill Gates, my guess would be zero. My God, what I wouldn't give to be as "looney" as Warren Buffet.

Originally posted by Ryan
Warren Buffet, in his long career, has displayed an enormous talent for predicting economic trends and you'd be hard-stretched to find another person with a greater understanding of free markets and capitalism. I can't imagine anyone I'd rather have as an economic advisor than the brilliant and insightful Buffet.

Michael Milken, Alan Greenspan, Ivan Boesky? I'd billing to give them a shot

Originally posted by Ryan
I wonder how many of those who called him a "looney" have as much money as he does. Unless one of them was Bill Gates, my guess would be zero. My God, what I wouldn't give to be as "looney" as Warren Buffet.

hehe - true WB has much much more money than they do....combined. But they are all quite well educated people (both generally and as to the specifics of the case at hand) so I accept their criticism as valid.

[Hey Bubu]

I wonder if they will call him a genius once he is dead and if some of his ideas are adopted by the masses....

Originally posted by TypeH
I wonder if they will call him a genius once he is dead and if some of his ideas are adopted by the masses....

or be validated - hard to say isn't it

was merely pointing out a specific example -

perhaps it would simlpy be clearer to say - he's not infallible - that's all I meant

[Hey Bubu]

Originally posted by xiannaix


perhaps it would simlpy be clearer to say - he's not infallible - that's all I meant

Very true


I haven't looked into what he is proposing though. Any worth while links to go read about this?

Originally posted by TypeH
Very true


I haven't looked into what he is proposing though. Any worth while links to go read about this?

indeed - more info please

[Dionysos]

Originally posted by xiannaix
indeed - more info please

Right now all he's been saying is the same stuff he's said over the past couple years; cut deficit spending, fiscal restraint, etc. As he said in the article, he thinks this election (economically speaking) will be less about Kerry and more a referendum on Bush.

As far as his role with Kerry's team, it's basically an outside adviser rather than a dedicated member of the staff.