Warren Buffet adds muscle to Schwarzenegger's campaign

DinoDoc · August 14, 2003, 16:59

Quote:

SAN FRANCISCO: Seeking to add muscle to his team, Arnold Schwarzenegger named financial heavyweight Warren Buffett his senior economic adviser on Wednesday as the actor prepared a high-profile run for California governor.

Late in the day, state election officials certified a final list of 135 candidates after rejecting more than 100 applications as incomplete. The roster is the longest list of candidates to run for governor in state history.

Schwarzenegger was assured a place in the crowded field that ranged from serious politicians to pornographers. Schwarzenegger received a boost with Buffett on board, pairing a movie star completely untested in politics with a Wall Street sage who is the world's second richest man.

"Warren is helping me bring together a world-class team to assist me in addressing the problems and challenges facing businesses, investors and job creators in California," Schwarzenegger said in a statement. "Warren has a commonsense approach to business issues and an integrity that is unmatched. That's the same way I want to approach governing."

Democrat Gray Davis, unpopular because of the state's fiscal crisis, on October 7. faces the first recall vote against a California governor in the state's history. Should voters recall Davis, Schwarzenegger, who is ahead in polls among alternate candidates, could take over the richest US state.

After a blast of publicity since first joining the race a week ago, the former bodybuilder and top box office draw has in recent days concentrated on putting together his campaign team. He also reported on Wednesday that he had contributed $1 million of his own money to his campaign.

Naming Berkshire Hathaway chairman Buffett, whose father served in Congress, could add gravitas to a campaign that has shown more Hollywood glitter than policy heft so far.

...

http://economictimes.indiatimes.com/cms.dll/html/uncomp/articleshow?msid=130249

How much do you think this will help Arnie's campaign if at all? Does Buffet have the background to competently advise Arnie anyway?

SlowwHand · August 14, 2003, 17:02

When I first Saw Buffet To Join..., I thought of Jimmy.

yavoon · August 14, 2003, 17:03

wow.

Oerdin · August 14, 2003, 17:06

That has to give the Gov-inator a big boost to his credability. Buffet deals with economic matters every day so he probably has a good handle on what needs to be changed.

DanS · August 14, 2003, 17:20

Well, at least he deals with bonds every day. That can't be bad for CA, given its generally pathetic rating.

notyoueither · August 14, 2003, 17:21

Wow is right.

JohnT · August 14, 2003, 17:27

I like this move for a lot of reasons... most of all because it's totally unexpected.

The diplomat · August 14, 2003, 17:30

Someone should remind Schwarzenegger that he is running as a republican not a democrat.

MichaeltheGreat · August 14, 2003, 17:32

Buffett won't add that much, not because of Buffett himself or Schwarzenegger, but simply because the state doesn't do that much in terms of direct incentives. The biggest single impact the state has on large employers (number of bodies, not necessarily dollars) is the insane worker's comp system and the tortfest that's the official state trial lawyer's playground.

What will "fix" things is mostly arcane structural **** that's unsexy and most of the public knows nothing and cares less about. Buffett adds a good appearance of credibility, and his presence might help the state in the bond market (the market is so jaded with Cali though that it might not make much difference)

Most people do business in California for two basic reasons: they serve a California market in a way that can't be more easily served elsewhere, or else they already live here or want to. Even if the state magically got it's **** together and fixed it's own contributions to the problem, California has high inherent costs of everything, so it's still not that attractive to business that doesn't have some hard attachment to the state anyway.

Oerdin · August 14, 2003, 17:34

He's running as a moderate which is as far right as a politician can get in California without getting lynched by the electorite.

Given a choice between reelecting an incompetent weed (who does say, but doesn't do, all the right things) like Davis or a right wing extremist like Bill Simon then they will reelect Davis. It's to bad the Republicans always demand ideological purity tests instead of sending up candidates like the Gov-inator who actually stand a chance to be elected.

Urban Ranger · August 15, 2003, 00:52

Buffett is an investor, not an operations man. Another thing is, of course, public finances should not be run the same way as private companies.

Asher · August 15, 2003, 00:55

God forbid we be responsible with money, eh UR?

DinoDoc · August 15, 2003, 00:57

Quote:

Originally posted by Asher
God forbid we be responsible with money, eh UR?

DanS · August 15, 2003, 01:56

I hate much of Warren Buffett's politics, but the man is the best investor in the world. If Arnold can attract such high caliber people to his governorship, then it would be worth it for California to dump Davis for Arnold.

Dis · August 15, 2003, 02:00

a lot of conservatives are complaining about him too.

I don't see why. If he's a billionaire, he must know a thing or two about money.

DanS · August 15, 2003, 02:11

A lot of conservatives probably don't like the fact that he was against repealing of the inheritance tax, doesn't think that high marginal tax rates are too much to worry about, and that he's all for abortion on demand.

I agree with his inheritance tax stance, but my blood starts to boil when reading about his Zero Population Growth views.

TheStinger · August 15, 2003, 06:32

IThis is probbaly for another thread but are all republicans anti abortion, and whats Arnies stance.

Drogue · August 15, 2003, 06:52

Arnie's moderately pro-choice. IIRC, he's socially liberal (for a Republican) but economically conservative. I think itll be pretty much as it is now but with lower taxes, much lower spending and a new style economic policy, if Arnie gets into power. Has Arnie actually released his economic plans in full yet, and how he'll reduce the deficit?

Ned · August 15, 2003, 08:42

I agree with MtG. There are very high costs to doing business in California. Unless these are addressed in some fundamental way, a new governor can only rearrange the deck chairs on the Titanic.

I do not know whether Buffet - or George Schultz, for that matter, can help without the will to take on significant vested interests such as the unions and the trial lawyers.

DarthVeda · August 15, 2003, 08:55

I'M THE GUVNAH, YOU EEDIOOTTT!

http://www.jibjab.com/default.asp?flash4=true

JohnT · August 15, 2003, 08:58

Quote:

Originally posted by TheStinger
IThis is probbaly for another thread but are all republicans anti abortion, and whats Arnies stance.

No and Yes.

JohnT · August 15, 2003, 09:01

Buffet and Schwarz. can take on the unions etc because they, unlike career politicians, have nothing to lose by taking on the establishment - their careers, their livelihood doesn't depend upon them getting elected/appointed in increasingly higher-status positions for the next 30 years. People like that can be extremely vexing to the establishment.