US election: Buffett joins Obama to solve economic crisis

[LongTomH]

Source: The Guardian UK

Barack Obama was joined by the world's wealthiest person, Warren Buffett, and a number of entrepreneurs, economists and union leaders for a summit in Washington yesterday to find ways out of America's economic crisis.

Obama, who returned to the US from a 10-day overseas visit on Saturday, sought to switch yesterday from foreign affairs to the economy, the issue that Americans tell pollsters will determine their choice of the next president. "People are worried about gas prices, they're worried about job security, they're worried about their retirement fund as the stockmarket goes down," Obama said before the summit.

"People are understandably concerned about the immediate effects of the economy, and that's what we will be talking about for the duration."

Read more: http://www.guardian.co.uk/world/2008/jul/29/barackobama.uselections2008

---

And who's Sen. McCain got? Oh Yeah, Phil Gramm of "Enron Loophole" fame.

[liberal N proud]

1. Since everything Buffet touches turns to gold this can't be bad

Buffet is interested in getting this country back on it's feet again.

[mucifer]

2. Robert Reich is on his economic team, too.

[Tandalayo_Scheisskopf]

3. I say...

Make Buffett either head of the Fed or SECTREASURY. Get Reich in the mix as well. Get some fucking smarts back in DC, after this 8 years of dumbass pigwallowing.

[Posteritatis]

4. If they did that, we'd lose a quarter of the American population due to aneurysms alone! (nt)

[babylonsister]

5. Don't forget Paul O'Neill, the brilliant guy * fired. He was there, too.

Such a(n) economic party!

http://www.cbsnews.com/stories/2002/12/07/politics/main532180.shtml

[whistle]

6. Oh shit, that's really going to help the 85% who are hurting it this country

...a money changer, small business people who want to have tax breaks, do away with FICA and minimum wage and health care insurance, econometric mathematicians who see wealth creation in quadratic multivariate equations and Monte Carlo simulations and top labor leaders who barely represent 10% of the workforce.

How about a plan that stops the Bush economic looting dead in its tracks.

[babylonsister]

7. That's what Obama is trying to do, crystalize a plan from all

these knowledgeable people that will help the most people. I think that's a good thing.

[whistle]

18. Okay, if that is what you believe, but so far he is turning back to the same old crowd

...Insanity is doing the same things over and overand over again all the while expecting different results.

[The Stranger]

8. Roosevelt's Brain Trust.

[whistle]

20. Warren Buffet was never part of Roosevelt's brain trust, he represents all

...that FDR loathed. I am reminded of the DU post back in May 2004:

<snip>
PROGRESSIVE1 (1000+ posts) Tue Mar-02-04 09:34 AM
Original message
Warren Buffet just compared Arnold to FDR! (CNBC)


He said that Arnold "brought hope to California like Roosevelt did
70 years ago"!

Damn that man!

How the h--- can you compare this womanizing dingdong to
one of the greatest Presidents ever???

....again:

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=108x111850

I am hoping that what Barrack Obama is really doing is keeping his friends close but his enemies even closer.

[Ian David]

9. Think Warren Buffet might want to be Vice President? n/t

[nolabels]

11. Nah, he is too entrenched in trying to make more money before he kicks over

Guessing for a amoral investor person to feel a need for a helping correction there must be something missing, or at least something most are not seeing

[sentelle]

16. i think you assume all fatcats are the same

Warren buffett may be a fat cat, but some of the things he beleives in are:

The rich don't pay their fair share, including him.

Buy companies with good fundamentals, and make them better. He has a reputation of selling a company in better shape than when he bought it.

He gave nothing to his children for inheritance: true, he gave them the best education money could buy, but his belief is that they should determine their own futures. Let them choose what they do, and have the only leg up, be their education.

He is currently divesting billions into the Bill and Melinda Gates foundation, as part of his way of giving back.

[nolabels]

19. I don't have a problem with AMORAL behavior

Buffet uses good business models and likes what he does. I would more assume, more or less, his ethics in business go as far as helping long term growth and sustained profit (which also seems to make sense). But please don't try to B.S. the rest of us that his money does not help in greasing the wheels to get things rolling his way. That's just how things work.

As for your highlighting that fact the Buffet is going to be offing his wealth through Bill and Milinda Gates as some kind of redeeming quality, please try and understand what you are looking at


(snip)
Foundations face two dangers: cronyism and vanity. Administrators come to like the perks and power of deciding who is deserving. Mr. Buffett has offered an answer to this when giving the bulk of his fortune to Mr. Gates rather than to the foundations of his children and his late wife, which will receive smaller amounts. Mr. Buffett told the rich that, instead of giving their wealth to “a bunch of old cronies,” they should shop around for the best foundations.

Vanity, probably the devil’s favorite sin, lies in the notion that foundations will live on after the philanthropist is gone, carrying their name down from generation to generation. The sad fact is that, after the founder has died, most foundations tend to become sclerotic and directionless.

So if you really aim to do good, to become a stellar philanthropist, spend your money fast: Do as much good as you can while you’re alive.
(snip)
http://www.keybiscaynefoundation.org/KBCFnews/RichPerson.html

You can tell the time of day by the way some money ensconced people think, but not much else. The disconnect between ALL of the consequences of that pooling of wealth and what to do with it later has mostly escaped them.

[WriteDown]

10. Another fatcat...

Ah geez. I'd rather him get some input from small business and union leaders.

[melody]

12. He's taking input not marching orders

Obviously, he's listening to a lot of people about a lot of things.

[WriteDown]

13. You can't get input from union leaders?

You only get marching orders??? And we wonder why our unions are dying a slow painful death in the U.S.

[melody]

15. Why the hell do you think he's NOT talking to union leaders?

I'm the granddaughter of a man who went up against thugs to help get unions into his shop. There's no need to lecture about unions to me. But Obama isn't doing everything in one day. Give the man time.

[WriteDown]

17. Where has it been reported that he has?

His team should be LED by union leaders and he should not just be talking to them. I'm sorry, the average U.S. citizen can't relate to an unbelievably rich stock broker who was son of another stock broker.

[melody]

22. You're looking for reasons to dlslike him

This isn't about this issue at all.

Obviously, he has just started talking about matters with people. You'll have to find another reason.

[WriteDown]

23. No, I'm just tired of fatcats...

having undue influence on our political processes. I am looking for a sign that he really is going to fight to bring AMERICAN business back and not just line people like Buffet's pockets.

[sofa king]

14. Free cheeseburgers?

Oh, that's a different Buffett.

[whistle]

21. The FDR brain trust was much different...

<snip>
Part III: FDR's Brain Trust

On November 10 th 1932, two days after FDR won his first presidential election, Adolf Berle, one of the members of the outfit known as the FDR "Brain Trust," sat down to outline his view of what FDR’s legislative agenda should be. Berle was best able to demonstrate the depth of the crisis in which the country found itself by drawing up a series of stark ‘either/or’ alternatives for the president-elect and his cabinet.

"At the end of another century (the 20th) we shall have ALL American industry controlled by a dozen corporations and run by perhaps a hundred men. Put plainly, we are steering a steady course toward economic oligarcy." -- FDR, September 23, 1932 <MORE>

<link> http://www.epluribusmedia.org/features/2006/200609_FDR_pt3.html