Interesting news on multiple fronts:
1. Warren Buffett is not as sanguine as I thought, and calls the bailout necessary:
Billionaire Warren Buffett, calling turmoil in the markets an "economic Pearl Harbor," said his $5 billion investment in Goldman Sachs Group Inc. is an endorsement of the Treasury's $700 billion bank rescue plan.
"I am betting on the Congress doing the right thing for the American public and passing this bill," Buffett said on cable channel CNBC today. "I certainly have a vote of confidence in Goldman and vote of confidence in Congress."
So I guess I drop my skepticism again.
2. According to CBS, McCain's campaign suspension is a response to Paulson's call for help to pass the bailout.
3. Hooray! I was right! I'm about to have an ownership stake in GM, Ford and Chrysler
4. Finally, Zach Frey reminds us of the limits of purchasing power.