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Warren Buffett Is Wrong on Fed Intervention in Bear Stearns

First off, I have to learn not read any comments by MetroInvestment early in the morning as I eat my morning bowl of raisen bran.

Second, Warren Buffett and Charlie Munger are both - "Overrated." Mr. Buffett appears to be taking his victory lap after a long and successful career. He appears quite enamored by Becky Quick of CNBC and has learned well that everyone is looking for quick soundbites, not constuctive thoughts that lead him to believe the worst is over.

Mr. Kim has several other excellent thoughts as well. The derivatives market has been out of control for quite some time and the refusal of Mr. Cox to take on this challenge, or any other for that matter, show just how impotent both our government and regulators have become. To think that our financial industry can be fixed by putting it under the control of one super regulator such as Mr. Bernanke at the Fed is almost as laughable as the Democrats concoction of the super delegate, and would likely produce similar results.

I believe Mr. Bernanke overstepped his authority in the Bear Stearns deal, but since there is no accountability in Washington, he'll simply continue to watch us skip on down the yellow brick road, as he continues to manipulate the levers behind the curtain. Our country is quickly falling apart at the seams and neither Obama, Hillary, McCain, Bernanke or anyone else in Washington possess the cahoons to do anything about it. Investing in U.S. stocks or bonds is nothing more than a crapshoot going forward, regardless of what Mr. Buffett whispers in Becky Quick's ear.