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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.

Top ETF Story This Week: Bear's New Active Bond Fund

Jim Wiandt - Excellent post and of course now I'm wondering what's truly going on? As much as I'm a huge believer in ETFs and am open to learning about anything new, I will not use YYY. I started looking for YYY after you first mentioned that it was on the drawing boards, probably over a year ago. But as it dragged on and iShares introduced SHV, it came off my radar screen.

I had to do a doubletake after CNBC made a big joke on YYY's supposed introduction date as the first "active" ETF and announced it had obviously been shelved due to Bear's problems. Next thing I learn is that YYY actually came to market, more quietly than any ETF introduction I have ever seen. Especially in light of the race for the first "active" ETF.

These are certainly interesting times in our financial markets around the world. For the moment, cash seems to be king. But not in YYY.

Bear Stearns Launches First Ever Active ETF

Isn't this similar to giving Eliot Spitzer money for an IPO that's involved in dating services?

Wall Street Breakfast: Must-Know News

"Bear Stearns Current Yield Fund (YYY), which will aim to beat money-market funds by investing in a range of fixed-income products..." Somehow this doesn't give me a sense of security for any of my client's capital. It would be similar to giving money to Eliot Spitzer for an IPO based on dating services.

Bear Stearns: All Systems Go for Launch of First Active ETF

Murray, you'd feel comfortable putting a client's (safe) short-term money with Bear Stearns??? You might as well give it to Idiot, er...Eliot Spitzer. Have a look at the iShares Short-Term Treasury Bond (SHV) at 0.15 basis points vs. Bear Stearns' 0.35.