With the state of the US economy so prevalent on the public’s mind, Senator and presidential candidate Barack Obama is picking the brains of some of the most successful business leaders in the United States. Media reports indicate that Senator Obama will participate in an economic roundtable discussion with stock mogul billionaire Warren Buffet, and other powerful movers and shakers from the business world.
Along with Buffett, the meeting is scheduled to include Google Chairman Eric Schmidt, former Secretary of labor Bob Reich, New Jersey Governor Jon Corzine and Paul Volcker, the former chairman of the Federal Reserve.
The discussion will center around the current state of the US economy, specifically the US housing market and the tenuous position of mortgage lenders. Senator Obama has downplayed the meeting in so many words, signaling that the media should not expect any drastic changes in policy from the discussions.
For Buffett, meeting with Obama seems an obvious choice. The billionaire stock magnate has publicly expressed his support for Obama, and has been an outspoken critic of the economic policies of current president George W. Bush, including repealing the estate tax. Buffet called the repeal of the tax “a terrible mistake,” and has publicly challenged the Bush administration to justify the action, in light of the current dire economic situation facing many middle-class Americans.
But Buffett has also expressed criticism for some policies held by Senator Obama, showing that even though he supports Obama as a candidate, he is not prepared to rubberstamp any initiative taken by the senator unless he agrees with it.
Originally, Buffett supported Senator Hillary Clinton during the Democratic primary. But after Obama defeated Clinton, Buffett quickly shifted his support over to the junior senator from Illinois, making it clear that he found Obama far preferable to Republican candidate John McCain.
Buffet, with an estimated net worth somewhere between 50 and $100 billion, is the most successful stock investor in the history of United States. It is interesting to note that even though he is a tireless champion of the American free market, Buffet refuses to vote Republican, and staunchly supports the expanded government regulation of business and the markets proposed by many Democrats.
He has pointed out many times that he personally pays a lower percentage of tax on his income than does his secretary, and continues to rail against obvious injustices in the US tax code and the “squeezing out” of the middle-class.
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Warren Buffet is a man to be reckoned with. He is an amazing gentleman. I think I most respect him for his lifestyle. Money to him is not to impress anyone. I think he likes the activity of the adventure of investing. Obviously a genius..I like his philosophy a lot… and admire him as one of the notables of our time…carol stanley author of “FOr Kids 59.99 and Over”
Comment by carol stanley — July 30, 2008 @ 1:48 pm