Monday, May 19, 2008

Buffett Backs Obama

Warren Buffet defected from the Clinton camp citing economic reasons....

From the AFP:

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.

I'm surprised that he endorsed Obama for the reasons cited. Obama has a good idea or two regarding the economy I don't see anything truly amazing about it. While this has to be a blow to Clinton I don't see where its going to change many minds nationally save for a few fiscally conservative Dems and Independents that are Buffett fans. However if Buffet actually fund raises on Obama's behalf McCain may seriously feel the pain. The real question is since Buffet has reconsidered how many superdelegates are going to follow him just to stay close to his money?

H/T to Memeorandum