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Buffett On Bailout

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Whatever your thoughts on the matter of the this little mortgage rescue are, you cannot ignore the toll it's taking on Warren Buffett. CNBC had him on this morning in a phone interview with Becky Quick, who called in from her vacation down the shore, and not even the thought of the Quickster frolicking out on Beach Haven could cheer the old boy up. He sounded downright sad and was clearly not himself. The reason I know this is because while the Oracle of O praised Paulson for doing "exactly the right thing," he failed to pepper any of his prose with trademarked out of nowhere analogies that marry aberrant sex fetish with folksy business wisdom. The pro couldn't even get it up to say something along the lines of "I am 100 percent behind this plan," instead simply noting that he "wouldn't change anything," and sighing audibly. To Buffett's credit, at one point he did tell Quick, "The government was on the hook in this position many, many decades ago when they got in this half slave/half free position where they said we don't guarantee Fannie and Freddie obligations, wink wink," but it was obvious to all his heart wasn't in it.
Buffett: Treasury 'Did Exactly the Right Thing' [CNBC]



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