Call for Warren Buffet

In this dire financial crises, the meltdown of our financial markets and all the other catastrophic descriptions of the current situation, is there nothing profoundly simple and sensible that can be done to calm the chaos and burgeoning sense of panic that is coming on us like Hurricane Jake? The president has called the presidential candidates back to Washington to participate in the crises discussions.

Although it's tough to get our minds around it, the question seems to be whether to turn over $700,000,000,000 (that is seven hundred billion dollars) of our taxpayers' money to an individual, or a group of individuals, and possibly a second group of individuals with "oversight," all of whom presided over the country's economy as we moved into this disaster zone in the first place. In a joint statement, the candidates, McCain and Obama, said that the bailout plan was "flawed" but the effort to protect the American economy must not fail.

If there is any comfort in that, I am a nectarine!

So what can be done to give the American people whose money is up for grabs and grabbers some comfort? Something profoundly simple and and sensible. To paraphrase Johnny, the immortal bellhop in radio commercials of an earlier age, "Call for Warren Buffet!."

Warren Buffett, granted by financial experts everywhere to be the number one investor in the world, a noble man among the world's wealthiest, having already donated his many billions to good causes following his demise -- and a man who has already invested five billion dollars to save Goldman Sachs.

It's a good bet that if Goldman Sachs makes it through, Mr. Buffett's involvement with them will prove to have been a good investment as well as a bailout. Why not call in Mr. Buffett as the people's representative? I would have more faith in him to protect my piece of that seven hundred billion than anyone else on the scene -- and to see to it that I was accounted to responsibly -- and even made a buck if things turned out well and a buck was to be made. If this idea isn't too simple and sensible, I say: Call for Warren Buffett.

Comments

[Rog49Thomas]

Given his $5bn investment in Goldman, it's hard to see Brother Warren as a disinterested party.

We need some good old fashioned regulation by people who believe that government regulation makes eminent sense.

Want a white knight?

Paging Paul Volcker.

[BadTymin]

Can someone explain to me what happens if this bailout dont pass and how will it effect me

[Rog49Thomas]

Could be a replay of the 1930's.

Know how to farm?

Could be quite a useful skill if there's a collapse of our economy.

[larry278]

You ought to see if Mr Buffet wants to be the peopes guardian of the bailout fund. He has to be willing to do it. Mr Bufffet may not want to do it for his 1st business is making money for himself. I doubt if he'd it if he'd thake the job if he saw that a conflict of interest would be allowed exist if he still wanted to make money on his own behalf. It could be simply a way to honor him. Let Mr Buffett decide if he even wants a job.

[bugutz]

Buffet just bought $5b of Goldman, is it any wonder he's pleading for the bail out and saying 'god help us' if the govt. doesn't cave to the bail out?

[NABNYC]

There is not one person involved in this $1.0 trillion giveaway of taxpayer's money who does not have a conflict of interest which should disqualify them from acting, and should allow the citizens to set aside this entire illegal and corrupt transaction. Certainly Paulson, who has a reported net worth of $700 million from his dealings at Goldman Sachs, is in a position of conflict and should step aside. Everyone in Congress has taken bribes from Wall Street. They are acting with a conflict of interest, their clearest loyalty is to the boys on Wall Street, and they are incapable and I would say unmotivated to do anything on behalf of the citizens. Buffett is a player in the game.

We need an independent tribunal with complete authority to order anyone and everyone to pay into a special fund all the money they have personally received from this 8-year con (including everyone in the Congress and all the insiders on wall street). Criminal charges should be brought, including claims for fraudulent transfers of assets, and all assets should be seized. We need public trials and people need to go to At-ti-ca. We'd send somebody there for stealing $500 from a liquor store, and we need an entire wing at At-ti-ca renamed the Bush/wallstreet/congress wing, where it should be populated by the denizens of those worlds. I want the money returned to the public -- every penny. Anything else is unacceptable.

[mouselion]

"Certainly Paulson, who has a reported net worth of $700 million from his dealings at Goldman Sachs, is in a position of conflict and should step aside."

You are probably right on that.

[Clem2]

I also find Buffett a brilliant investor and generally nice guy. Not sure he'd fit as the people's representative or would even want the job.

Michael Bloomberg.... there is a guy I think would try to help us plain folks. Looking back, I bet he wishes he'd stayed in the race! He is very talented, sure knows how to run a govt efficiently and is well-spoken.

[Lemeritus]

But... but... but...

I thought John McCain was looking after the Americam people. Gosh, didn't you see how viral he was at that meeting on Thursday?

[katok]

September 26th, 2008 at 15:10:07 From: katok
Solution

Stiff China and Europe on all our bad debt, and tell them to come and get it. The US has a long history of forgiving debt, and has long been the most charitable. Use 700 Billion to open People's Bank USA, place Warren Buffet in charge, he chooses his own team to run the operation, wise investments are made and we all move forward, peacibly and together. I put my money on Warren and anyman he deem's worthy

[katok]

Great minds think alike Norman, I posted almost the exact same thoughts myself yesterday on Raw Story(Chaos story). I am glad if I helped out, because somone needs to bring sanity once agin to this world. Any job openings at HP?

[Hopeandaplan]

I agree with Mr. Lear. What we have is a group of idealogues drumming the same drum that got us here to begin with. We need someone who actually understands the market. And while the argument that he stands to gain is a valid one, it is naive in this setting. Someone is always giong to benefit that is one of the basic tenets of capitalism. The question of oversight is one that needs more debate as does the accountability of who knowingly misled the people. I have been reading about this in the Economist and a book by Peter Schiff as well as independent candidate Ron Paul. The real issue is both parties are jockeying for who to credit with the genius and whom to blame. Spin spin spin. Mr. Buffet moved his base of operations to Portugal a couple of years ago becuase he knew the dollar was going to tank and the Euro was backed with more than spin from the Fed and the Administration. If it meant that Buffet was paid a percentage like someone brokering a deal to repair the world economy and stave off the political chaos and possible wars -- yes wars over territory and resources I think that's fair. Right now we need a genius outside of this. How ironic that its Dubya who had the MBA from Harvard? The Chinese are stopping their lending to us. We need a financial superhero! Where's the Batphone?

[CulturalEngineer]

A PERSPECTIVE ON FINANCIAL MARKET FEEDBACK LOOPS!
Put simply.... All profits are not equal and this has not been sufficiently attended to.
For instance, There is ZERO SUM Profit: If we each have $5 and we wager that on the flip of a coin. The result! One ends up with $10.... (a $5 profit) and the other has NOTHING.
And there is PRODUCTIVE Profit: One person has $5... She takes it, buys some clay and tools, makes a clay pot and sells it to someone for $10. The result! One ends up with $10 (a five dollar profit) and the other has a CLAY POT!
It is from the second type of profit that successful civilizations are built.
What has happened on a world scale, and encouraged by either stupid or corrupt financial and political systems, is a failure to recognize the difference and to construct incentives to favor Productive Profit! This is an oversimplification and there is legitimate functionality for zero sum transactions in financial markets but that's for a longer discussion.
I THINK Warren Buffet understands that... but I'd sure need to make sure... to his credit he's always looked at FUNDAMENTALS and HE DID WARN about the dangers of the unregulated, and soon to be found fraudulent DERIVATIVES MARKET.

[spartanmom]

Bless you CulturalEngineer.
My SO is a manufacturing engineer and has been doing a similar rant (not to say yours is a rant) for years. So nice to see it put so succinctly.

[mommadona]

Warren Buffet is a raw capitalist first.

I don't want him anywhere NEAR the "people's business".

Misplaced loyalties, there.

Benevolent Vulture.

[ObamaSheeple]

He is a progressive. He measures his success by how much money he can make for his company Berkshire-Hathaway. His frugality on himself on others is legend. He still lives in a $50K house he bought in the '50s. Can you say the same for the Democrats or the opposition party?

I would not normally trust any single person, but having just taken it in the _ _ _ from the Democrats and the Republicans that caused this mess to the tune of $700bn, I would gladly allow him to sort out this mess!

I suspect Goldman had little exposure to the derivatives that Warren Buffett has warned about since 2002. He can definitely see into the future. He pegged oil perfectly in 2001 too.

[CAPTAINSKIPPY]

Where did all the capitalists go? Nobody home now to take some risk and make a return on their investments? Is capitalism dead??

[JScott]

Actually here's the better idea, rebate the amount to taxpayers, I heard that it's somewhere from $2000 to $10000 per taxpayer, then each of them could buy a few shares in Berkshire Hathaway.

[JScott]

Yup he probably could do it but he would probably decline.