Recommended reading from David Stockman in regards to Warren Buffet’s “gushing drivel” about the government’s financial bailout: Warren Buffet’s Humbug
As it turned out, the probability that a sharp contraction of GE Capital’s footings would not have had noticeable impact on the macro economy was never tested due to the Washington’s alphabet soup of bailouts. Instead, Warren Buffett ended up with a call on GE that was stapled to a put to Uncle Sam. No wonder he’s grateful.
David Stockman saying it like only David Stockman can say it.
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