Buffett Weighs In

I love Warren Buffett. His very simple explanation for how he got rich – which is to do the opposite of what everyone else is doing in the market – has comforted me during every mini-crisis seen in the economy since I started earning my own money. He also totally changed my view of our tax system by saying that on a percent of income basis, he pays less in taxes than his receptionist. He did the math. You know, scribbled on a pad at her desk one day.

And just today I read this article at CNNMoney.com and felt a bit better than yesterday. Now, I would say we should do that bailout just because Warren Buffett says so, but the article also talks about his idea for bringing private investors in to help the federal government do it. I don’t know if it would work or not, but I am happy that he is thinking, he is talking and he is offering up something positive while the whole world is freaking out. He has good things to say about the Treasury Secretary and the Chair of the FDIC.

And. And. Here is my favorite part:

“In a subsequent interview with CNNMoney.com, Buffett said he wasn't interested in placing blame for the crisis.

"I don't worry too much about pointing fingers at the past," he said. "I operate on the theory that every saint has a past, every sinner has a future."

He said the problem boils down to widely-held assumption during the housing boom that prices could only go up. And while the theory's flaws are all too apparent now, the misconception is understandable, said Buffett, pointing to previous asset bubbles going back centuries.

"There are not bad guys in that situation," said Buffett. "It's a condition of human nature."”

I don’t say that no one is to blame; I say that everyone is to blame. Even we holier-than-thou “I pay my bills every month” people contribute. Yeah. We pay our bills every month. But one car accident, one lost job and …well. If I may throw one more platitude out..There but for the Grace of God go I. Suze Orman would smack me for my spending habits.

Buffett noted that the longer we wait to do something, the more expensive it will be. I suggest that we, the voting public, have made Congress afraid to take action. That our rage against the “fat cats” is paralyzing them. I move that we all shut up, go home, and spend the weekend watching the 500 channels on our great big HDTVs. Unless you have playoff tickets.

Either way, I am going to let the House do what it has to do and suspend judgment until it is time to judge.