Commenter and forecaster extraordinaire “Cornhead” (aka attorney David Begley) writes about a question-and-answer session with Warren Buffett that he attended:
In response to another question Buffett said that while he spent his own money backing Hillary Clinton, it would have been completely wrong (and illegal) to spend corporate money backing one political candidate. I can say with complete confidence that Warren Buffett is not part of the Resistance and he has moved on from Hillary’s defeat.
I found it very interesting that Buffett seemed to back President Trump on some of his trade policies and particularly on steel. Warren rattled off some numbers about how much of our economy is dependent upon foreign trade and how it is generally good for America…
Many times Warren and Charlie [Munger] spoke favorably of the Trump tax cuts. Their point is that the corporate tax cuts will be channeled into more investment in America and higher wages for workers as confidence in the American economy grows. Buffett thinks that the full effect of the tax cuts is still not fully priced into the market.
From Buffett’s Wiki entry:
Buffett is a notable philanthropist, having pledged to give away 99 percent of his fortune to philanthropic causes, primarily via the Bill & Melinda Gates Foundation. He founded The Giving Pledge in 2009 with Bill Gates and Mark Zuckerberg, whereby billionaires pledge to give away at least half of their fortunes. He is also active contributing to political causes, having endorsed Democratic candidate Hillary Clinton in the 2016 U.S. presidential election; he has publicly opposed the policies, actions, and statements of the current U.S. president, Donald Trump
Here are more details of Buffett’s political point of view; he seems like a garden-variety liberal to me. I wonder whether his (perhaps grudging) support of the tax cuts, as reported by Cornhead, is representative of the reasons behind recent upticks for Trump in polls such as the one reported on here [emphasis mine]:
…But 52 percent of Americans approve of the president’s handling of the economy of the economy. And 57 percent say things are going well. That’s eight percentage points more than earlier this year, and it’s the highest mark since January 2007, before the last recession…
The improvement in the “how are things going” number is driven mostly by Democrats, though. 40 percent of the Dems in the survey say America is doing well. Only 25 percent said so in February. And 26 percent of Democrats approve of Mr. Trump’s handling of the economy, compared to 15 percent three months ago.
The pocketbook can be a heavy persuader.