Wednesday, November 04, 2009

Buffett’s Wager on Economy May Give Boost for Obama Policies

For years famed investor Warren Buffet has been in the financial spotlight for his high-risk, and often rewarding financial decisions. Therefore, his recent move take over of Burlington Northern Santa Fe Corp., a railroad near his home, has gotten people talking. Buffet even called the decision “an all-in wager on the economic future of the United States.” wrote an article on how Buffet’s very noticed move could give a boost to Obama’s economic policy. You can find a section of their story below, or read the full text here.

Warren Buffett’s takeover of Burlington Northern Santa Fe Corp. today is a $26 billion bet on President Barack Obama’s economic policies at a time when the administration may need the help.

Buffett called the purchase of the railroad by his Berkshire Hathaway Inc. “an all-in wager on the economic future of the United States.” He’s making it at a time when discontent has grown in the U.S. about jobs and growth.

Public approval of Obama’s handling of the economy has slipped to 46 percent in an Oct. 30-Nov. 1 CNN poll from 59 percent in March.

Buffett’s comment “does seem like an endorsement of the president’s policies,” Zelizer said. Still, “most voters who would be paying attention to this statement probably already have made their minds up so it is hard to see this having a major impact today.”

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