Warren Buffet seems comfortable with the government bailouts of the investment banks. That puts him out of touch democratically. His argument is that it is not Wall Street is getting bailed out, but that the American Economy is basically destroyed unless the US Treasury provides credit. He made on argument that T-bills were 0.25% (doing this from memory so am probably wrong) which is barely better than putting money in under your mattress, consequently, the American economy is to the point of paralysis and capital collapse.
Buffet uses a lot of doomsday language like Pearl Harbor. He is open about his preference for government intervention and his confidence in Paulson.
I don't know, I do well for myself and I am concerned about the cost of living, the rising cost of health care, and having a mortgage liability in a house I am no longer living in (courtesy of divorce). I also did things the right way; I saved up 20% to put down before I bought property. I worked hard and was frugal with my money. I don't see why I should be punished just because I was personally responsible economically.
I am seeing increasing volatility in my life, and am increasingly concerned about it, yet I see people like Buffet saying give us 700 Billion. He is leveraging off my productive ability as a US taxpayer to give the US Treasury the ability to borrow at a cheap interest rate.
Democratically, and politically, Buffet is at odds with the average American experience and concerns. There is so much that is putrid about this whole thing. I am disgusted.
