I'm trying to stay above the fray in the financial markets, because (1) this is where I make my living; and (2) this site is supposed to be about Durham, and I've already commented on some of my other sites. But this article is worth reading.

I'm not going to join the chorus of analysts blaming mark-to-market for the current problems, because like Mark and Erin of CNBC's "SquawkBox" I believe that we wouldn't be in this mess if only we had adopted MMM earlier (as in, way before the fed opened the discount window, or for that matter before the runup in real estate, or before my employer even invented the securitization of mortgage backed securities).

But that doesn't mean I don't agree with Blodget & Co. Buffet IS right on the money, and this is part of why I went long on GS Monday afternoon. I was burned on the Lehman failure, when I thought Paulson had finally grown a pair.

In related news, I encourage everyone to support the unionworkers in their protest to Stop the Bailout!

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