Warren Buffett voiced support for Henry Paulson's $700 billion proposal to buttress the buckling US financial system, calling it "absolutely necessary." I found that surprising. The move certainly saves our asses for the next couple of weeks, but we're facing deeper, potentially fatal problems with our system if its checks and balances (the market, essentially) can no longer support it.
Regular injections may sustain a diabetic, but it's hardly appropriate for the powerhouse of global consumption.
Now for some comic relief.
"It's nice to have a lot of money, but you know, you don't want to keep it around forever," Buffett said. "I prefer buying things. Otherwise, it's a little like saving sex for your old age."
He said sex!
Buffett recently announced intentions to infuse Goldman Sachs with $5 billion. The latter must be relieved beyond measure. If Berkshire Hathaway were a blanket, I'd be trying to crawl into it too.
(Thanks, Benj, for the Bloomberg link.)