Warren Buffett Backs Bailout Plan

The Bush administration's controversial financial bailout proposal may be getting a heavy dose of criticism today from angry lawmakers on Capitol Hill, but Warren Buffett tells us he wholeheartedly supports the plan.

He told CNBC's Becky Quick over the weekend, "It's what I would do if I were there."

Read the full story here

-OR-

Read about the Paulson, Bernanke and Cox testimony in front of the Senate Banking Committee

Comments

[RichardThomas]

We have a fiat currency bubble burst.

Financial Crisis Fundamental Foundation Flaws and Solution

Congress is tapping into this info today.

On http://coinage.me/

The flaws are articulated in detail as well as the solution which involves a New Global Value Exchange Accounting System they have a list of power questions that media and journalists can ask.

One interesting ironic insight is a small fortune can be made off pennies as a result of the amazing paradox resulting from current market conditions. 1 lb of pennies is worth $6.00 tangible and only $3.00 intangible.

They make an interesting point why shouldn't the bail out (citizens going into debt) go to pay off the mortgages and then trickle down to those firms needing to be bailed out?

Read the power questions. http://coinage.me/power_questions.htm

[sophistwatch]

The great and powerful OZ screwed up and now we see how.

To be fair, this is not Buffet's fault alone. He is getting hosed. Of course he supports his share holders and the bail out. That, after all, is his business. That also means he should have damn well known better.

While he and his investors are not to blame per say, it is the Wall Street gang that lied through their teeth and said that it was all OK. They endorsed this pig of a concept because it made them money in the short run and no one went to jail.

Not so fast. This was a clear case of fraud in the inducement, it was criminal, and every CEO, CFO, attorney/ firm and executive that was involved in the dissemination and profit of this crap should go to jail and assume some of the responsibility for paying this debt back to the investor.

The bail out should be coming from Wall Street - NOT going to Wall Street!!!

[SDSL]

Then let Buffett, Gates and all the other corporate fat cats pay for this mess. It's their club and they've profited mightily from it.

[princessofnowt]

I'm going in to a bank tomorrow and tell them I back them giving me a loan. And then a bailout on not paying it.

Plus the profit.

NO BAILOUT!!

GIVE IT BACK!

IMPEACH!

PROSECUTE!

This country used to be something. Mean something.

It will again.

[navy62802]

I have a feeling a lot of people are going to jail over this whole thing. We'll have to wait and see, but I still have faith in America. I have to...

[NTO08]

Jail? You mean like so many in the Bush Admin. who have?

[Deeniwhoo]

Of course Buffet is supporting the bailout, he and all the other Wall Street moguls stand to profit, suffer no consequences, and maintain the status quo. The wealthy are currently playing Chicken Little, saying a bailout is necessary to avoid an economic cataclysm, when really they're trying to maintain the status quo - they have the wealth and power, and we don't. Worst case senario - Wall Street collapses, people lose their wealth, their savings, jobs and property; then a redistribution of wealth. American citizens have the knowledge and skills to start over and make this country work. We also have the capacity to learn from our mistakes, like all the mistakes that put us in this position. Hoppefully we can see the mistakes of this bailout in advance...

[jake1492]

Berkshire Hathaway just bought $5B of Goldman Sachs. How does this deal make sense for the taxpayer Mr. Buffet? Only with equity for cash, assistance to mortgage holders, effective oversight, and limits on compensation of executives.

[MNmommy]

Maybe he should head to Washington and help with the negotiations then?

As it stands now, it seems there is an impasse, for a good reason.

[themodernleader]

The derivatives swaps will bring down this bank. Mr. Berkshire, like arch-capitalists during the 1929 crash bet on fundamentals that lost them everything. Now our economic system is a shell of what it was in 1929. Mr. Berkshire may be letting his patriotic sense intervene between the actual calumny of our financial syatem. 30 to one leverage and 1000 to one leveraged bets will sink this financial flagship.

[JungleRoses]

Wall Street, "Heavyweight" wants the bailout???? Maybe he can explain the vague issues and help the administration articulate our future.

[Phil Waste]

No bailout.

Rise up in mass and get yourself heard.

Demand that your Senator and Congresspersons vote against this carzy plan.

[princessofnowt]

Take names, let them hear us repeating who is for the people and who is against the people that they 'represent'

I heard Chris Dodd speak for us. I heard Bunning from KY speak for us.

I heard Mel Martinez of Florida speak up for the bailout. Acting like it was the only option. I hope his constituents take note.

There should not be one lackey left in Washington that does not represent his or her constituents.

Anyone else hear who spoke for and who gave in?

The MSM buries stories unless they see them here, so speak up here.

And if you are in the district of someone who speaks for you, let them know.

Against you? Let them know, and your papers, your neighbors, everyone.

[genseric]

The bitter irony for the far left liberals is after all of this colossal effort to get Obama elected, he said today he won't be able to go forward with his freebie giveaways due to the bailout. Just when you had it in your hands, ole Bush comes along and snatches it away one last time.

[Egghead]

Maybe we support Obama because he DOESN'T believe in "freebie giveaways" to fat corporate bigwigs.

And as far as "ol' Bush snatching it away": I think you have "snatching it away" mixed up with picking the public's pocket. Yet again.

[Zingaro Zorro]

Grand Old Poop always impresses you.

[S1m0n]

He IS there. He owns an insurance company, and likely stands to benefit immensely.

[itsmyview2]

IF A BAILOUT IS GIVEN, IT SHOULD BE DROOLED OUT IN DRIPS AND REVIEW AND ACCOUNTABILITY MUST BE IN PLACE. DO NOT GIVE BUSH ANOTHER BLANK CHECK BEFORE HE CHECKS OUT. IMPEACH HIM NOW.

[WFV]

Then let's let Mr. Buffett put up his own money for the bailout.

[Zingaro Zorro]

Let the "Buffett Bailout" gambit begin.

[Danny Boy]

Warren Buffet backs the bailout plan? Interesting. In other news, Stevie Wonder backs the plan to cure blindness.

[Zingaro Zorro]

At least Stevie has soul.

[NTO08]

Stevie Wonder backs the plan to cure blindness.­..


Insult to Stevie and blind people...