Warren Buffet, Obama supporter, makes me feel better about the bailout (link)

[scheming daemons]

Billionaire Warren Buffett, calling turmoil in the markets an "economic Pearl Harbor," said his $5 billion investment in Goldman Sachs Group is an endorsement of the Treasury's $700 billion bank rescue plan.

"I am betting on the Congress doing the right thing for the American public and passing this bill," Buffett said on cable channel CNBC Wednesday. "I certainly have a vote of confidence in Goldman and vote of confidence in Congress."

Treasury Secretary Henry Paulson and Federal Reserve Chairman Ben Bernanke are pushing Congress to quickly approve the proposal to remove illiquid assets from the banking system. Buffett is buying a stake in New York-based Goldman after three of the investment bank's biggest competitors collapsed or were forced into emergency sales.

"I think the Treasury will pay back the $700 billion and make a considerable amount of money," Buffett said, adding that if he had $700 billion on the government's terms to buy distressed assets, he would. "Unfortunately, I'm tapped out."
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http://www.chron.com/disp/story.mpl/business/6021508.html

[depakid]

1. The fact that most of these assets are hard to value doesn't make them worthless

I don't know whether or how much the treasury might make- but they're not going to simply be throwing away 700 billion, especially if there are provisions for preventing forclosures in the bill.

[billyoc]

2. This should put the lie to the "emergency".

:eyes:

[truthisfreedom]

3. 5B is the new 5M.

5 gigabucks is crap in this economy.

[eridani]

4. Excuse me, but if we have to buy it, we get to own it

No equity, no bailout.