Warren Buffett, the world's richest man, officially endorsed Sen. Barack Obama for president on Monday.
Buffett said in a press conference in Frankfurt, Germany Monday that he had offered support to both Obama and Democratic rival Sen. Hillary Clinton but that since it appeared Obama would win the party's nomination, he offered his endorsement.
"I will be very happy if he is elected president," Buffett said. "He is my choice."
Buffett said current US economic policy will push the dollar lower against other global currencies.
"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," Buffett added.
Buffett noted that the U.S. economy is doing "awfully" well despite two wars and several financial crises.
"They say in the stock market ... buy stock in a business that's so good that an idiot can run it because sooner or later one will," he added.
"Well, the United States is a little like that. We can take a little mis-management from time to time," said Buffett, the CEO of Berkshire Hathaway.
Buffett said that Berkshire Hathaway, a holding company with 76 businesses, was ready to add one or two more, on the condition that they were well-run and had annual pre-tax earnings of at least 78 million dollars.
The majority of his companies are in the United States but after investing in the Israel-based industrial group Iscar, Buffett was visiting Germany, Switzerland, Spain and Italy to spread the word to European groups.
For more Political News, please go to http://www.transworldnews.com/NewsList.aspx?cat=5&wcat=2
