Yglesias

Buffett Buys Goldman

CREDIT:

I’m not entirely sure what the implications are, but Warren Buffet plowing $5 billion into Goldman Sachs tends to make me even more skeptical that there’s an urgent need to hand $700 billion over to the financial industry with no strings attached. No doubt Warren Buffet would really like the federal government to follow up his $5 billion investment with some free money to ensure him a tidy profit, but that’s neither here nor there. There’s a difference between what the financial system really needs and what the key players in the financial markets happen to want.