Warren Buffett Has An Austrian Economics Moment

Saturday, October 27, 2007
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Remember that Citigroup, Bank of America Corp. and JPMorgan Chase & Co. have formed a superfund to bail out troubled structured investment vehicles (SIV). The US Treasury Department and Henry Paulson “back” this plan. What it amounts to is another move on the part of the Wall Street-government partnership to garner market “confidence,” salvage credit markets, and bail out the banks. Heck, even Greenspan has conveniently warned against “propping up” the market.

Here’s a good Financial Times piece on Warren Buffett opposing the bailout.

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