Difficult times need wise men to tell difficult truths. And, for many years, Buffett has done just that. So it was deeply distressing to listen to him last week joining in the economic victory lap the Obama administration is taking.
Don't kid yourself, Buffett knows the score. That's why he favors a bailout! Believe me, without the distinct possibility of a taxpayer rescue, Buffett doesn't go anywhere near Goldman, GE or anything else.