Jen has some thoughts on Warren Buffet’s recent op-ed piece. Â My big problem with it is that Warren Buffet has a huge financial interest in bailouts and market recoveries. Â Do it because you think you should, not because he thinks you should.
Ever been to a youth soccer match and watched the cute little 5 year olds running around randomly kicking the ball towards an unattended goal? Â Did you think it was great that they weren’t keeping score in the game, letting everyone come out feeling like a winner and basking in the experience of the thrill of competition exhibition?
Unfortunately these kids grow up to work on Wall Street, where apparently no one loses anymore. Â Wall Street is loaded with winners this week, well at least in the last two days. Â Meanwhile, taxpayers are gobbling up businesses as if we’re a collective Warren Buffet. Â Well, except for the fact that Warren Buffet buys businesses that make money and have strong management. Â All the businesses we’re buying suck.
When you and I make bad decisions, we’re forced to deal with the consequences. Â The only exception is if that bad decision somehow affects Wall Street.