Re:Warren Buffett explains the credit crisis to Charlie Rose
by run4yourlives on Thursday October 02, 2008 @03:58PM
(#322080)
If one were to see buffet taking a completely selfish stance on this, we'd expect to see him supporting the market crash. After all, he's got more money than anyone to buy up all these penny stocks and make even more money during the recovery.
I'm worried that he does support the bailout, because clearly we're all missing how bad this actually is.
Ron Paul supporters claiming Warrent Buffet has a vested interest in the bailout
First, Buffet does have a vested interest in the bailout. I'm not sure why you would contest that. I'm not even going to bother citing it, as his massive investment in Goldman is well-known to everyone actually paying attention.
Second, the "all banks should be liquidated" bullshit is a pathetic straw man argument.
Third, the Pearl Harbor analogy is wrong on two counts. A) The similarities between one country attacking another and businesses failing are...tenuous, if existent at all. B) Even if the analogy was sound, the United States lollygagged for many months after Pearl Harbor, and then sprung into action by...invading Africa. Okay, we still won the war, even though something like 80 percent of our resources went to Europe. Had we busted the budget going full force to Tokyo, Germany would extend to the Urals.
Blame, putting culprits in prison, figuring out how to stop this from happening again, all this will come.
I'm sure your prophecy skills are as good as Paulson's (who a few weeks ago claimed the system was "sound". That's a 700 billion dollar miscalculation. The greatest error in the history of the world?) But, I'm inclined to believe that the bankers' next instruction to our leaders isn't, "Now put us all in jail." Just a hunch.