Warren Buffett supports the bailout plan. Which shouldn't be surprising, since he stands to make a lot of money from the plan. He said he's being selfless, though:
Buffett and his company will certainly benefit if Congress passes the $700 billion bailout plan. But he told Charlie Rose that the main beneficiary of the bailout will be the U.S. economy, not Wall Street or investors like him.
And Buffett said taxpayers will eventually turn a profit on the $700 billion plan if the bailout passes and the U.S. government buys mortgage debt at market prices.
"We are not spending the money. If we buy these assets intelligently, the United States Treasury will make money," Buffett said.
If this is true, why doesn't Buffett put his money into the toxic waste/mortgage securities?
Or, if Buffett cares so much about Main Street, why doesn't he quit his job and become Secretary of the Treasury. He could also become part of a valuation committee. If the government is going to buy these mortagage-based securites, they need to value them. Why won't Buffett offer to do the job?