By Bill O'Reilly
He is trying. Old Warren is really trying to get Barack Obama re-elected.
Next month, Buffett will headline a fundraiser for the president in New York City. If you have a spare $35,000 bucks you can get a VIP ticket. But why is Mr. Buffett so emotionally invested in Mr. Obama? Warren Buffet was once a Republican but switched parties, saying he believes the Democrats do a better job in leveling the field for those who draw an unlucky ticket in life. The "The Washington Post" reported that quote.
Buffett endorsed Barack Obama in 2008 but also raised money for Hillary Clinton during the primary campaign, hedging his bets. In 2003, Buffett agreed to advise California Governor Arnold Schwarzenegger about economic issues, and we all know how that turned out. California is on the verge of bankruptcy.
On Thursday, Warren Buffett announced he will invest $5 billion in the Bank of America, which is having a very hard time. On paper, Buffett's investment looks to be shrewd for his company Berkshire Hathaway. Full disclosure: I have stock in that company.
So it's obvious that the billionaire Buffet is emerging as a stalwart for the Democratic Party and supports the income redistribution policies that President Obama and the left champion.
However, unlike many liberals Buffett walks the walk. He's pledge to donate most of his fortune to charity and has already given almost $12 billion away. There is no question that Buffett is a brilliant businessman. And this is what makes the situation so confusing.
Simply put, President Obama's economic policies have failed. His big government spending spree racked up record debt and employment actually got worse. Mr. Obama's vision going forward is to level more taxation on the affluent and business owners while his enthusiasm for spending cuts is muted to say the least.
Warren Buffett has to know that. Raising taxes on business people and big spending consumers during tough economic times is very risky. Buffett has to know it. Buffett also has to know that the majority of Americans are losing faith. According to a new Rasmussen poll, just 14 percent of likely voters say the country is heading in the right direction. An astounding 79 percent believe the USA is on the wrong path, and that number has to include many Democrats.
Yet, even before knowing who Barack Obama's challenger will be, Buffett is putting his prestige and money behind the president. So, it must be an ideological play because it makes no business sense at all. Ideology is why this country is in trouble. You may remember that I supported the TARP payments and took major heat from the far-right for doing so.
But those payments stabilized financial and auto industries and much of the money has been paid back. So in hindsight, I was correct and I made my assessment based on problem-solving, not ideology. As far as Mr. Obama's massive stimulus spending, I was skeptical but I gave it a chance. It failed.
And now Warren Buffett is telling me the feds should spend even more money and raise taxes to boot? You're wrong, Warren. You are simply wrong.
And that's "The Memo."
PINHEADS & PATRIOTS
A very touching scene in Iowa, where Petty Officer John Tumilson, a Navy SEAL, was buried after being killed in action in Afghanistan. Alongside the coffin, his Labrador retriever, Hawkeye, keeping vigil. The dog standing by his master to the very end.
Very moving situation. A fitting tribute to John Tumilson, a patriot.