Like you, I have been alarmed by what is happening in Washington and on Wall Street.
I have spent many hours over the past few weeks trying to understand the causes of the financial crisis that the world is facing today.
I've purchased 4 books on the subject, researched extensively in the Congression Record from 1994 on, studied what Warren Buffett and Charlie Munger his partner have been saying about derivatives for years, and more. I am trying to understand root causes and possible solutions. And I have come to the firm conclusion that the proposed bailout will cause even more problems than it is trying to solve, and that it would be the biggest step towards socialism this country has ever taken (and we have taken lots and lots of little steps.)
Please share this with others.....
Munger in Poor Charlie’s Almanack,
Expanded Second Edition, 2005-6, pp. 125-128
Warnings About Financial Institutions and Derivatives