Thursday, September 25, 2008

Who Will the Bailout Save?

Not the average American but people like T. Boone Pickens, you know, the folks who create jobs and then trickle down the wealth. I can see only one advantage of the bailout: Those people who are close to retiring may be able to recover some of their IRA and 401K wealth. Maybe that's reason enough to consider the bailout. I still think we're going to screwed on this one.

(CNN) -- Billionaire hedge fund manager T. Boone Pickens spoke about the beleaguered U.S. economy, a prospective bailout and natural gas Thursday, a day after reports that his energy-related hedge funds lost $1 billion this year.

Billionaire T. Boone Pickens has reportedly lost about $270 million this year.

Speaking to CNN's John Roberts, Pickens said he concurred with President Bush's Wednesday assessment that a "distressing scenario would unfold" in the U.S. economy without immediate intervention.

The U.S. economy needs a quick solution, and the U.S. Treasury -- while capable in its own right -- could use help from someone like Warren Buffett, whose Berkshire Hathaway Inc. reportedly invested $5 billion this week in Goldman Sachs, the Wall Street investment bank.