Who do you trust more: self absorbed lefty bloggers or Warren Buffett?
I am sorry trusted members of the golden blogosphere, but I will follow the billionaire.
And you see, Warren just spent $4.7 billion to acquire Constellation Energy, one of the companies that have plummeted in value in the last few weeks.
That my friends tells me that a lot of what is going now is pure panic and not just a reaction to devaluated assets. This is why I am not so outraged at all these bail outs going on right now… Ideologically it hurts but in the end the actual cost might not be that huge since these assets are now way undervalued.
Another proof of how crazy things have become is that now even sensationalist sites like CNN Money are seeing it. I don’t even think we need to show people how to love this bear market but I wish people would at least understand that it is normal and not the end of the world. After all, that is a really big part of the problem.