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2.7%  Q1 GDP    4.57%  avg. 30-year mortgage     9.5%  Unemployment

'Coach' Buffett?

Billionaire oilman/windman/waterman/wildman T. Boone Pickens just popped up on CNBC, talking about the current crisis.

He said he anticipates that the the House will pass a version of the $700 billion Wall Street rescue package by Thursday night and gave his endorsement to Treasury Secretary Hank Paulson. (He also predicted oil will hit $150 per barrel by this time next year.)

"We've got a good man running it," Pickens said of Paulson. "We ought to give him the ball, let him run with it as much as you can."

He noted that Paulson is talking to Berkshire Hathaway chairman Warren E. Buffett, the world's richest man, who lives in Omaha, Neb. (And is a director of The Washington Post Co.)

"Paulson is in communication with Buffett; that's good," Pickens said. "The coach is out there in Nebraska. It's a nice, quiet place to think. He's available."

Coach Buffett. Has a ring to it.

Last week, Buffett plowed $5 billion of Berkshire money into Goldman Sachs, helping prop up the Wall Street firm (which is Paulson's former employer) and buoying the market.

Even though the markets are exponentially bigger than they were a century ago, it's worth noting that one really rich guy (Forbes estimates Buffett's worth at $62 billion.) can still influence Wall Street much in the same way that another Buffett-like character, J.P. Morgan, did a century ago, when he almost single-handedly bailed out Wall Street twice. (Panic of 1893, Panic of 1907.)

Not than anyone ever referred to J.P. as "coach."

-- Frank Ahrens

By Frank Ahrens  |  September 30, 2008; 11:59 AM ET
Categories:  The Ticker  
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Next: Why Do You Think the Rescue Bill Failed?

Comments

Based on his phenomenal record of value investing, Warren Buffett is arguably the man most able to lay out a fair, workable plan for the country. He needs to be summoned to Washington. I think we could trust $700 billion in his hands.

Posted by: Ray | September 30, 1908 12:14 PM | Report abuse

So no conflict of interest, eh? Buffet invests in the stock market and GS stocks, and we are supposed to think his views not not reflect his desire to see his speculative holdings appreciate?

Posted by: BP | September 30, 1908 12:22 PM | Report abuse

This would be laughable, if there were not really people out there taking Pickens seriously. This is the Swift Boat guy. He cares nothing about truth. He cares about money. Has anyone noticed that the crushing of the bailout plan has brought down the price of oil. That is a good thing not the Pickens "me first" ideas.
There are noble motivations in life besides greed. We should be looking to people who have those motivations for leadership, not the Boone Pickens of the world.

Posted by: bucnews | September 30, 1908 12:50 PM | Report abuse

"So no conflict of interest, eh? Buffet invests in the stock market and GS stocks, and we are supposed to think his views not not reflect his desire to see his speculative holdings appreciate?"

is it any different with T Boone Pickens?

Posted by: jfc1 | September 30, 1908 12:55 PM | Report abuse

T. Boone Pickens is the biggest SNAKE out there - pretty much any businessman from Texas is as greasy as an oil rig. PAULSON sounds and acts like he got hit one two many times playing football at Dartmouth. And Buffet is the biggest self-aggrandizing blowhard west of the Missisippi. People need to understand the rudiments of this crisis, and trust their own judgement and instincts rather than listen to self- and media-proclaimed gurus.

Posted by: truthbomb | September 30, 1908 1:16 PM | Report abuse

John McCain Is NOT An Economic Reformer!

Three and a half years ago, John McCain belatedly cosponsored an apparently "dead" bill on mortgage regulation. He then did nothing else to revive it or bring it back up for consideration.

http://4thoffense.com/mc.html

S.190 - A bill to address the regulation of secondary mortgage market enterprises, and for other purposes.
Sponsor: Sen Hagel, Chuck [NE] (introduced 1/26/2005)
Latest Major Action: 7/28/2005 Senate committee/subcommittee actions. Status: Committee on Banking, Housing, and Urban Affairs. Ordered to be reported with an amendment in the nature of a substitute favorably.
--------------------------------------------------------------------------------
COSPONSORS(3)
Sen Dole, Elizabeth [NC] - 1/26/2005
Sen Sununu, John E. [NH] - 1/26/2005
...time passes...
7/28/2005 (the date of this bill's LAST activity)
Sen McCain, John [AZ] - 5/25/2006

10 MONTHS after anyone had looked at this bill, McCain blew the dust off it and cosponsored it. He didn't do anything to push it forward, and the bill never saw any more activity in the Senate.

That seems to demonstrate a serious lack of leadership. It also continues the pattern of McCain stretching the truth, distorting the facts and outright lying to get elected. "Journalists" need to do their jobs here. Explode this MYTH. McCain has stood for deregulation. His has not been a reformer on the economy. His tax cut for the rich is more of the same.

http://4thoffense.com/mc.html

--------

Posted by: underdog | October 1, 1908 1:54 AM | Report abuse

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