Warren Buffet on the Crisis, Bailout and Related Issues
He makes quite a few analogies. I loved the one on using resuscitation. Basically what he says is that, this isn't the time to blame the patient for not exercising or not coming to regular checkups or being greedy. This isn't the time to argue on where to place the resuscitation device, whether it should be more to the left or to the right. We just need to resuscitate the patient and try to save his life.
He also talks about accounting standards and practices towards the end too. A lot to learn from the "Oracle of Omaha" . The best 55 minutes of this week so far.
But what if this encourages others to not exercise, eat properly in the future? What if, everyone thinks that the big gvt will always step in? Those who eat sensibly, painfully exercise everyday will have to look after a few who unncessorilly don't look after themselves...
Valid concern. However, this particular situation isn't just one or two going into Cardiac Arrest. An entire sector is at risk with ripple effects potentially spreading to many others.
Mr. Buffet addresses these concerns nicely in this interview. I also wrote a post a few days back trying to draw parallels with the present crisis and the Asian collapse in the late '90s.
Once the resuscitation is successful the sector(s) must remain under close observation no doubt :)
As long as traders make a profit, they will find ways of getting through the guards.
Shoot, still didn't watch the video which is there on your blog. Looks like I will have to wait until the weekend...