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

[SCG]

They took the risk, they own the assets which they inflated the price of.

The monopolists needs to figure a way to solve this, America needs jobs that pay a living wage to service this load.

As for the cost of borrowing to increase?

That's blackmail

They have the capital, they need to put it to work somewhere, paper is useless.

All roads lead to Rome, call their bluff!

[Sparty1]

Of course Buffett would champion this bailout. He's like that Chris Rock joke, if he woke up one day with Oprah's money he'd jump out a window! He can't let that happen.

[gcallaghan]

I couldn't get the video to run and the article doesn't go into much real detail. I'd like to know ALL of what he said about ALL the bailout provisions and whether he's speaking as a citizen or as a billionaire businessman. Our perspectives are quite different which partly explains why he has all thise billions and I don't have any.

[ajax2]

As a beneficiary he should. As a U.S. citizen he should not.

[SCG]

Dearest Ownership Society,

Call a meeting in Switzerland, and work together to solve this problem. We peons didn't make the rules which led to this massive clog. sorry if your golf date or alpine vacation is disturbed.

If you have a clog, grab a plunger and clear it yourself.

Yours most truly,

Peon and my fellow Uncle Sam.

[ExpatDane]

My partner and I have a household income of about 150.000 a year. In Denmark, of course, we pay about 50% of that in taxes, but we have no health insurance premiums or health care costs (universal health care). We have no kids and one small car that we rarely use (we bicycle to work, to movies etc.). We have n o credit cards and live in a small apartment that we own. We have no credit cards. Our only debt is our mortgage. We own a small house in the country on about five acres of land. That is our only investment.

Our Americans friends making as much or less own large, fabulously furnished houses with all the latest electronic equipment and appliances. They have two or three automobiles - usually including an SUV. Visa, American Express and Mastercard. They travel extensively, eat out, have groceries delivered, etc.

For years I've been asking myself, jealously, how they can afford it all. Now I know. The whole country is mired in debt. A bailout of Wall street or main street will be treating the symptoms not the disease. I love ya, but you're a greedy people. If that bailout isn't accompanied by a fiscal restraint - depression is inevitable.

[Sparty1]

I agree with you on every point. We here in America truly don't get it. I'm one of those that you speak of. As are many of my friends and neighbors. We continuously say that we'll budget and we don't. We make a really good living and can afford to do quite a bit, but my husband on the other hand is very frugal. Americans should think like you, but we've always been told to think BIG. We NEED this, even though we only WANT that. The car situation is a little different though. We're all so spread out here that it's inevitable that most of us are 2 car families.

Now if my people don't elect Barack Obama in November, I'll be forwarding your our resumes so that you can find us employment. : )

[justsomeguywhocameby]

Madison Ave.'s relentless buy, buy, buy finally lodges in your head and a credit card shows up in the mail.

[DualCitizenExPat]

I am an expat Dual citizen in Hollland (where I was born). I am retired after working overseas for 20 years and banking what I ordinarily would have paid in withholding if I had stayed in the states. Overseas is tax free. I opened a Swiss account back in 1990. I am now almost at 7 figures in savings (having put 20k a year in). The last 3 years I had a job paying taxes here in Holland. Now I am retired. 200K house paid and getting US Social Security PLUS Dutch social security and interest off my savings. (quite good considering compound interest on 7 figures).

Best thing I EVER did was escape the USA.................thank my lucky stars daily.

I also have just about every modern gadget and hi tech thing known to man and CARS, HOUSE PAID.

[nomoredead]

He owns 96.6 million shares of US Bank and 290.7 million shares of Wells Fargo, need I go on ?

[Fabini]

$700B / Forbes 400 = $1.75B. Let them fight over it.

[Jetling]

Let them pay for it.

[schatsie]

exactly..

[Sparty1]

You don't say. Hell I'd be for it too, if this would help to keep my billions in my pocket!

[CaptainHowdy]

Where are all those m o r o n s that were going on and on about what a great American and patriot Buffet is?

LOL!!!

Americans are such i d i o t s!

It's no wonder that the got themselves into such a mess.

[pavroviandog]

I'm disappointed, Warren. I have great admiration for you being a sensible, value-based investor.
But I wholly disagree with bailing out enterprises that deal in derivatives and have no notion of what true value is.

[joebaggadonuts]

He approved the Fannie and Freddie bailout plan too. http://www.cnbc.com/id/26605258 But on this one, I can't get the video to run. Maybe the story is just recycling the old news and he's talking about the earlier bailout?

[darthdarcy]

Yeah of course Buffett is for it, he's been buying these bundles up and will turn a nice profit..

[joebaggadonuts]

I can't see the video, just a single line in the reporting. Without more I would not bank on this.

[Chavez08]

Gee! Really? A guy who stands to lose billions if Wallstreet was held to accountability for their crimes wants the bailout?

I'll bet ole Warren had to dig really deep into his soul for THAT one.

[Jetling]

The key words in his statement were "If I were there."

But he's not there. Hank Paulson is.

Welcome to our October Surprise.

[Chavez08]

No way! (way?)