Deal reached to bail out economy

Congress has apparantly made a deal to bail out Wall Street. Warren Buffett thinks they had no choice.

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.

Word of Buffett’s omen came hours before Democrats posted a draft of the bailout bill online and House Speaker Nancy Pelosi said Sunday afternoon she hoped the chamber would vote Monday.

Buffett, whom Forbes magazine has placed at No. 2 on its 2008 list of richest Americans, was one of several business experts whose opinions were sought, Sen. Kent Conrad, D-North Dakota, told reporters Saturday.

Buffett is chairman and CEO of Berkshire Hathaway Inc. His wealth is estimated at $50 billion. Buffett was consulted by telephone, Conrad said.

The whole thing stinks, but they really didn’t have much of a choice.

Update: The House has rejected the bailout deal. It seems some are happy to play chicken with our financial system.


Joe Biden slams McCain after debate

Joe Biden is all over the networks spinning for Barack Obama. Sarah Palin was nowhere to be found – what a surprise!

Biden was great tonight. He’s at his best in these TV interviews, and he slams McCain for confusing tactics and strategy. This clip is priceless.


Strategy vs Tactics

John McCain doesn’t know the difference between the two. This was his biggest mistake during the debate.


Debate draw?

Both candidates did well tonight. McCain’s campaign was imploding, and he needed to get back in the game tonight. He accomplished that, despite a slow start. Obama needed to demonstrate a working knowledge of foreign policy, and he accomplished that.

I think Obama did a little better. Both had good points on Iraq, and each was able to make their respective arguments. Given that McCain has the edge on experience and foreign policy, this is a win for Obama. Along those lines, here’s the best moment of the debate for Obama.

McCain did a good job of emphasizing his experience and knowledge of the issues, and he repeated over and over his argument that Obama did not understand the issues. That said, Obama was able to deflect those by being able to speak intelligently about the issues.

We’ll see how this plays out. McCain did not hide his utter contempt for Obama. McCain always hates his opponents, and he was barely able to even look at Obama. The grouchy candidate rarely wins, so this might hurt him. Obama, on the other hand, was confident and tough without being arrogant or antagonistic.


An overview of the financial crisis and proposed bailout from The Economist

This article in The Economist helps explain the current crisis and arguments behind the proposed bailout.


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