August 6, 2009/2

Speaking of Buffett, this is interesting. I had lunch with an old friend, our friendship dating back almost 50 years now, to Lehman Brothers. We discussed the possibility of a truly punitive populist/regulatory backlash against the Street. My guess is that this will only happen if someone appears on the scene who can put across to the electorate exactly how much economic unfairness has been subsidized with the taxpayers' money. Who might that be? Not the President; he's in the tank.