Date registered: Sep 2004
Vehicle: 83 Astral Silver 280 SL
Location: Planet Houston
Mentioned: 0 Post(s)
Quoted: 7 Post(s)
Warren Buffet endores Obama
US billionaire Buffett backs Obama for president
2 hours, 46 minutes ago
Warren Buffett, the world's richest man, is backing Barak Obama for US president and thinks current US economic policy will push the dollar lower against other global currencies
Buffett told a press conference here Monday he had offered support to both Obama and Democratic rival Hillary Clinton but that since it appeared Obama would win the party's nomination, "I will be very happy if he is elected president.
"He is my choice," Buffett said.
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.
The chief executive of Berkshire Hathaway, a holding company with 76 businesses, also said he was ready to add one or two more, on condition they were well-run and had annual pre-tax earnings on the order of 50 million euros (78 million dollars), he added.
"The bigger the better," Buffett said.
Almost all of his companies are in the United States but after investing in the Israeli industrial group Iscar, he was visiting Germany, Switzerland, Spain and Italy to spread the word that European groups were also welcome to give him a call.
"I kind of go the the office everyday and wait for the phone to ring and hope it isn't a wrong number," he quipped to describe his strategy of letting companies come to him rather than searching them out.
Recall that earlier generations faced down fascism and communism not just with missiles and tanks, but with sturdy alliances and enduring convictions. They understood that our power alone cannot protect us, nor does it entitle us to do as we please. Instead, they knew that our power grows through its prudent use; our security emanates from the justness of our cause, the force of our example, the tempering qualities of humility and restraint.
-President Barack Obama, 1st Inaugural address