Buffett buys into Goldman...

Makes sense to me. I was having conversations with friends a couple weeks ago after reading an interview with Warren Buffett where he said the worst was yet to come. We agreed that the turn around will begin when Buffett starts investing.

Well, he was right, the worst was right around the corner. Is this the end? Will we begin to see the market turn around? Probably, but at what cost? I would have much rather seen the investment banks go under, cut the cord and move on. Sure there would be pain, but in the end we would not me mortgaging our future on a high interest credit card held by the Bank of China.

This bailout, were being told, is necessary. Why? Do these investment banks and insurance companies we are saving produce anything? It's all paper transactions. They only produce paper transactions, and those can be replaced.

Sure, people will get hurt. Rich people, middle class, and the poor. But, and I am no economist, I feel that letting them fail is the better long term solution. It would show consequence to poor judgement and investment.

What then are we bailing them out? Simply put, I believe this is a less painful solution for the politicians who let this happen on their watch, so that is why they are heading down this dangerous path.

Does Congress want you to know how badly they messed this thing up? Of course not. Does the White House want you to know they knew this was going to happen, yet did nothing to avoid it? Of course not.

I find it laughable that the Democrat led Congress is blaming the Bush Administration completely for this failure. Did they have something to do with it? Yes, however, since the average tenure of a member of the House, at the beginning of the 110th Congress, was over 10 years and just short of 13 years for Senators, I think they have had more to do with the creation of the issues at hand. (Plus, Bush is out in January, where will they be?)

Please, I beg you, join me in voting out and and all incumbents in November. It may not solve our issues, but it will be a good first step.

God Bless America,
EG
erik@exchangeyourgovernment.com