October 2, 2008
RE: bailout:
Warren Buffett tonight on the Charlie Rose show said he felt it is very important to price these assets at market price. He said, "You get into a lot of trouble when you start putting fictitious prices on these."
There are provisions in the Senate bill which allow re-pricing above market. This would be allowing failed companies to game the system. An important goal is to recoup the people's money not to give handouts to Wall Street. If the people feel you are in cahoots with Wall St, the confidence goal of the bailout will not be achieved. Believe me people know when we are being bamboozled. Insist on the "mark-to-market" principle. Otherwise I cannot support the bill.
Nancy Younger