The correct analogy as to why Buffett supports the bailout is the poker one. He's the seasoned veteran, playing cards against the toughest in the world for decades. All of a sudden this inexperienced newbie walks up to the table with $700 billion in chips. Of course Buffett wants him at the table!
Friday, October 3, 2008
Heard Around the Department, I
I hope this will be a continuing series. I'm not sure if this was said by a graduate student or Prof. Landsburg, but one of them deserves the credit and this may well have been said elsewhere. Excuse any slight paraphrasing: