CNBC Loves Warren Buffett-style Populism

Want to know how to be the second richest man in the world and not be villainized by the media? Support Hillary Clinton and Barack Obama for president of the United States.

Warren Buffett appeared on CNBC’s “Squawk on the Street” December 11. CNBC “Squawk Box” co-anchor Becky Quick threw the billionaire softball questions regarding the economy and his presidential picks.

Buffett was interviewed in San Francisco prior to a fundraiser for Clinton. Quick referred to this appearance as a “special cause.”

“Today he is in San Francisco and he’s here for a very special cause – campaigning, or actually trying to raise money for Hillary Clinton, who’s running for president,” Quick said.

Buffett told Quick: “[I] told her [Clinton] before she ran, I told her I would support her if she ran for president. I told Barack Obama the same thing.” When pressed to pick one candidate over the other, Buffett chose not to.

But why is Buffett, who stands to lose a lot of money from a higher tax rate if Clinton or Obama is elected, supporting these two Democratic candidates?

“They know we got a wonderful country and we got a wonderful economic machine,” Buffett said. “So, they will build on that, but they will look to an America, in my view, that makes more people share in that prosperity and without in anyway dampening it.”

Buffett touted their views on health care and education as the reason he is supporting them.

“They have a view that 300 million Americans in a country with $45,000 of GDP per person – ought to have decent health care, there ought to be progress made on education and a number of things,” Buffett said. “And I think they both share that the view we need to, more deserved respect around the world. I think this country has really lost its moral leadership around the world and I think both – either of them could restore it.”

In September, Clinton unveiled her health care plan that would cost taxpayers $110 billion annually. And, Obama’s has publicly stated he supports a universal health care plan.

Buffett was not challenged by Quick on the costs of their plans, nor the tax burden it would create.

Buffett has curiously become the darling of the media, in a time when businessmen are often attacked by the media. In October, he was interviewed by former “NBC Nightly News” anchor Tom Brokaw and made the outrageous claim the rich don’t pay enough in taxes. The much-adored Buffett was scheduled to make three appearances on CNBC on December 11.