Biggest MELTDOWN in American History
WASHINGTON (CNN) -- Billionaire Warren Buffett told congressional negotiators that if they can't agree on a proposed financial bailout, the nation will face "its biggest financial meltdown in American history," two sources familiar with the talks said.
Yes we know Mr. Buffett. Alstry and others have been warning about it for over six months on CAPS.
If the situation is soooo urgent..instead of buying the toxic crap from your buddies....do you think the American people can simply get the same deal you got with Goldman Sachs. If so, I will be willing to fly to Washington at my expense and lobby on the American Peoples' behalf at no charge.
If the Deal is good enough for Buffett...shouldn't America get similar terms????
Otherwise...can you please explain how loaning a few hundred billion to some banks to relieve them of some exotic residential mortgage debt will solve the trillions in toxic municipal debt, corpororate debt, commercial RE debt, consumer revolver debt and much much more????
Further, how will it assist Americans to qualify for taking out new credit???
Maybe a good honest to goodness controlled restructuring would be good for America in the long run.....look at what happend to Japan in the last sixties which set the foundation for decades of prosperity.