Buffett Enjoying Role As Kingmaker

Presidential Candidates Await Endorsement From Billionaire Political Activist

(AP)  Someday soon, Warren Buffett may have to apply his legendary stock-picking skills to the candidates clamoring for his endorsement in the 2008 U.S. presidential race.

For now, the plainspoken Nebraska billionaire appears to be enjoying his role as an unaffiliated kingmaker, raising money for Democrat Hillary Rodham Clinton while promising to do the same for her chief rival, Barack Obama. He has even heaped praise on New York Mayor Michael Bloomberg, who recently left the Republican Party and might join the race as an independent.

"As the markets often would follow Buffett's investments, I think that same mentality would follow his political activities, too," said Joseph Marbach, a Seton Hall University political science professor.

An outspoken critic of economic inequality in the United States, Buffett is using his newfound political prominence as a platform to speak out on the obligation of the privileged to help the poor.

The 76-year-old Buffett is one of the world's wealthiest men, ranked third by Forbes Magazine behind Microsoft founder Bill Gates and Mexican telecom magnate Carlos Slim.

In 1956, armed with $105,000 raised from a handful of friends and relatives, Buffett founded the investment company now known as Berkshire Hathaway. Today, the company has assets of nearly $262 billion and owns more than 60 subsidiary businesses including insurance, clothing, candy and furniture.

In 2003, Buffett served as a top economic adviser to Republican Arnold Schwarzenegger's first campaign for California governor, but he advised Democrat John Kerry's presidential campaign a year later. He has also been active in several Nebraska contests.

When it comes to investing dollars in candidates, Buffett clearly favors Democrats. He has donated $65,600 to federal candidates since 1992, almost all of it to Democrats with a handful of contributions to moderate Republicans like Connecticut Rep. Chris Shays, according to Federal Election Commission records available through the nonpartisan Web site opensecrets.org. He gave $4,000 to Clinton's Senate campaign in 2000, and $5,000 to Obama's political action committee, Hope Fund, in 2005.

[SIDNEYWILLIAMSMD]

You are right. American tradition is to bend the knee to no soveriegn. She goofed. She was such a nice lady I really have never said anything about it and have forgotten it till now.

[sjc_1]

Warren Buffet is a man of principle and we could use more like him. His criticism of California's Proposition 13, which passed in 1978 is well founded, in my view. It limited property taxes and hurt the school system. They passed the lottery to make up for lost funds but the budget was cut by the same amount that they took in from the lottery, so no gain for school funding.

California schools used to rank in the top 10 before Prop 13 and now rank in the bottom 10 after Prop 13. The continuous slide downhill was and is directly attributable to the lower school funding brought about by the passage of Prop 13.

The selfishness of the individual won out over the sense that everyone has a duty to society and to help others help themselves. It was and is a real shame. I look at it as symbolic of what has happened to America in general over the last 30 years or so.

[opfor311]

Prinzowhales,

'Bush, while on his American odessey on 9-11, stopped off to visit with Buffet in Nebraska.'

No, Bush did not visit Buffet in Omaha on 9-11. He was busy in a teleconference in a place in Bellevue Nebraska, called USSTRATCOM. USSTARTCOM is located at Offutt Air Force Base.

Considering that there may have been only one or two places more secure that USSTRATCOM in the country, it made perfect sense for Bush to come here.

[bobgee_1999]

"I guess Buffet will be supporting Ralph Nader again this time round."

Unless, of course, he knows better than to throw money at a candidate that stands absolutely no remote chance of winning.

[drummer94]

"Wasted away in Margaritaville. Searchin' for my...Um, what? Oh the other Buffet? sosorry.

[prinzowhales]

Sure, Buffets an 'enemy of economic inequality'...that's why he associated with and backed Arnold Schwartzeneger who was photographed with Herr Bloomberg recently while wearing his SS belt buckle prominently displayed. Bush, while on his American odessey on 9-11, stopped off to visit with Buffet in Nebraska. Bush, who calls the super wealthy "my base", is one heck of an economic egalitarian... look at his stand on the minimum wage, the amnesty bill lowering the minimum wage of agricultural workers. I guess Buffet will be supporting Ralph Nader again this time round.

[hypnotoad72]

Thank you both, Nancy_Naive and USADVISOR101. I learned something new today.

[usadvisor101]

what a great humanitarian.

a shinning example of truth

when asked about tax breaks for the rich........

he said, the rich are only going to put the extra cash in investments, just like i do. i dont believe in tax breaks for the wealthy.

thanks for donating your entire wealth sir. to various humanitarian and educational causes.

there are a few beacons of light and hope out there !!!