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.”

Bloomberg.com 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.”

McCain, Obama economic policies appear to be politics as usual

From LA Times.com:

As Americans head to the polls, they carry their deep fears about the economy coupled with the weight of dire warnings about the potential economic fallout of an Obama or McCain presidency.

Democrat Sen. Barack Obama is accused of having a "socialist agenda," and Republican Sen. John McCain allegedly wants to further enrich "millionaires and billionaires." To listen to the campaigns, the risks for ordinary Americans are extraordinary.

The heated rhetoric is tapping into more than politics as usual. The election is occurring at a time of serious long- and short-term problems in the U.S. economy.

Ever since the late 1960s, incomes have been growing more unequal, leaving middle-class wage earners with a smaller share of the American pie while vast fortunes have been accumulated by a tiny few at the top.

The nation has just ended a long era of economic growth that left the median incomes of Americans lower in 2007 than in 1999, according to Census Bureau data. The impact was particularly hard at the lower end of the income scale.