David Stockman on Buffett and Bailouts

http://www.futureofcapitalism.com/2010/11/david-stockman-on-buffett-and-bailouts

David Stockman has a piece up at MarketWatch describing Warren Buffett's thank-you note to Uncle Sam as "gushing drivel" that is factually inaccurate:

Warren Buffett ended up with a call on GE that was stapled to a put to Uncle Sam. No wonder he's grateful. But no taxpayer can be grateful....

Thanks to the Geithner/ Paulson/ Bernanke claque, the needed financial cleansing and purge never happened. Instead, we've just drifted deeper into a statist regime in which Uncle Sam backstops, stimulates, underwrites, and meddles with every aspect of our broken capitalist machine.

Uncle Sam wasn't our savior in September 2008. By the panicked actions of a few desperate men occupying high offices, he was empowered to become our destroyer.

by Ira Stoll  |  Nov 24, 2010 at 7:31 am Related Topics:  General Electric, Henry Paulson, Timothy Geithner, Warren Buffett receive the latest by email: subscribe to the free futureofcapitalism.com mailing list