[BigTex]

$this->bbcode_second_pass_quote('nobodypanic', 'h')ow about them cowboys?

[Kristen]

Well bigtex, I suppose Buffet can live, but there has to be some accountability for those breaking the rules.

[Ferretlover]

Wonder what tar and feathers are going for these days??
Cartoon

[hironegro]

bigtex is a buffet booster

[BigTex]

$this->bbcode_second_pass_quote('hironegro', 'b')igtex is a buffet booster

[hironegro]

$this->bbcode_second_pass_quote('BigTex', '')$this->bbcode_second_pass_quote('hironegro', 'b')igtex is a buffet booster

[BigTex]

$this->bbcode_second_pass_quote('hironegro', 'H')e pays his secretary 60,000 dollars year!!!

[VMarcHart]

I feel I need to take one for the Buffett team, BTW, spelled with 2 T's.

Buffett is not Mr Perfect by miles, but all-in-all, I know very few 78-yo guys who don't live off a Gov't pension, drives himself (in a Chevy), has his house paid for, has no debt, still active and sound.

Like BigTex said, Buffett is not for everybody, but of all self-proclaimed financial gurus out there, he's definitely one of the few not sucking on tax payers money. I even like Buffett more than Greenspan.

I can't remember any of his investments/companies going down in flames. Does anyone?

[VMarcHart]

$this->bbcode_second_pass_quote('BigTex', '')$this->bbcode_second_pass_quote('hironegro', '')$this->bbcode_second_pass_quote('BigTex', '')$this->bbcode_second_pass_quote('hironegro', 'b')igtex is a buffet booster

[madpaddler]

Well guys if Buffett is saying this, we are in for way more than can be imagined...this thing really has me scared shiatless now. Let the string of banks and business closures begin. Mine being one.

Buffett: Bailout may not be big enough
Investment guru says $700 billion bailout is crucial, but that it may not be large enough to solve the credit crisis.
By Chris Isidore, CNNMoney.com senior writer
Last Updated: October 2, 2008: 1:00 PM ET

(Fortune) -- Warren Buffett said Thursday that it is crucial to the global economy that the controversial $700 billion Wall Street bailout passes, but warned that the pricetag may have to rise.

Buffett also proposed that the U.S. Treasury Department and private investors team up to buy the troubled mortgage assets behind the crisis gripping markets worldwide.

"If we don't get [this] solved next week, I may go back to delivering papers," said Buffett during an appearance at Fortune's Most Powerful Women Summit in Aviara, Calif.

Buffett, the chairman and CEO of Berkshire Hathaway (BRK.A), likened the recent turmoil in the markets to an "economic Pearl Harbor" and said that a quick response is needed.

"We've never seen anything like this where perfectly credit-worthy companies can't get funds," he said.

He didn't estimate how much more money would be needed to buy enough toxic mortgage investments in order to create a more stable market and get credit flowing. On Wednesday, the Senate passed a $700 billion bailout package. The House is expected to vote on the revised bill on Friday, four days after rejecting an earlier version.

Buffett suggested that a partnership between Treasury and private investors to buy the assets.

"One easy way to do part of the program is to say to anybody - hedge fund operators, Wall Street firms, or anybody else - that the Treasury will lend you 80% of the purchase cost of a bunch of distressed assets," he said, explaining the concept of his proposal. The investors benefit from borrowing at lower rates, but Treasury gets first claims any returns from the sale of those assets before investors would get a penny.

"Now you have someone with 20% skin in the game," he explained. "Believe me I won't be overpaying if I'm buying with that kind of leverage. And you have someone [the investors] to manage the assets to the extent they need to be managed."

Buffett said that the bill that passed the Senate Wednesday evening isn't perfect, but that it's crucial to prevent the global economy from grinding to a halt. He then warned it will take a while to work and that the economy is going to struggle even with its passage.

"Anyone who thinks this bill is a panacea is [making] a mistake," he said. "Without it, it's a disaster."

[dinopello]

He's not acting so gloomy though with his 5 billion pledge to GS and his 3 billion pledge to GE. When you look at how much skin he, as an individual, has in the game it does make 700 billion look less daunting.

[EnergyUnlimited]

$this->bbcode_second_pass_quote('', 'B')uffett on the fact 700B is not enough

[Eli]

$this->bbcode_second_pass_quote('dinopello', 'H')e's not acting so gloomy though with his 5 billion pledge to GS and his 3 billion pledge to GE. When you look at how much skin he, as an individual, has in the game it does make 700 billion look less daunting.

[dinopello]

$this->bbcode_second_pass_quote('Eli', '')$this->bbcode_second_pass_quote('dinopello', 'H')e's not acting so gloomy though with his 5 billion pledge to GS and his 3 billion pledge to GE. When you look at how much skin he, as an individual, has in the game it does make 700 billion look less daunting.

[joeltrout]

$this->bbcode_second_pass_quote('dinopello', 'H')e's not acting so gloomy though with his 5 billion pledge to GS and his 3 billion pledge to GE. When you look at how much skin he, as an individual, has in the game it does make 700 billion look less daunting.

[joeltrout]

$this->bbcode_second_pass_quote('joeltrout', '')$this->bbcode_second_pass_quote('dinopello', 'H')e's not acting so gloomy though with his 5 billion pledge to GS and his 3 billion pledge to GE. When you look at how much skin he, as an individual, has in the game it does make 700 billion look less daunting.

[dinopello]

$this->bbcode_second_pass_quote('joeltrout', '[')b]He says if the bill does not pass then he made a very big mistake.

[Eli]

Buffet actually was talking about a plan on CNN that is much better than this current pork orgy we have now.

Still he should still stand up as an American and denounce this current plan because of what it does to US taxpayers.

[mefistofeles]

Buffet should have kept his silver. Buying financial assets while the markets and banks crash.

I think Buffet has a great track record but it also indicates something else, he is overdue for a major mistake.

Its hard to see why he would deal with this toxic waste and all these accounting catastrophes. A few million ounces of silver looks like a spectacular investment now.

[oilluber]

I would think 1 trillion/year for 5 yrs would be the most reasonable
amount needed to bailout the financial sector.
Even that won't solve the loss of their business model.
They will have to invent some other financial instrument bubble.