Warren Buffett has concurred to invest $5 billion in Goldman Sachs, to show his support for the bailout and his confidence in Congress’s capability to come up with a bailout plan.Â
If you read this blog, you know how I admire Warren Buffett. I hope his confidence in Congress isn’t misplaced. Fed Chairman Ben Bernanke has told Congress that the U.S. economy is faltering; I’m sure he also wants this bailout to happen.Â
Instead, Congress is playing its usual games - pork-barrel, gimme-gimme, whine, whine. If they want to help people pay their mortgages, the way to do it is to get the bailout done and get back to business.   No one wants the U.S. taxpayers to bail out a bunch of overpaid, greedy jerks who managed to mess up one of the biggest insurance companies in the world. On the other hand, who do you think is going to pay if we end up with a depression?
Should Congress sign the bailout bill? Should they require oversight (taxgirl says it’s not in Paulsen’s proposal)?
Entries (RSS)