Thursday 25 September 2008

Warren Buffett has opened his wallet


and thrown a chunk of cash at Goldman in the hope that the US Congress will pass the financial system bailout package quickly and that the situation in the markets will start to improve. I'm sure that this will be seen as a sign by lots of other investors both large and small but I still have my doubts about the whole rescue package. Ben Bernanke made comments yesterday that the biggest problems were psychological and although getting these distressed assets off the books should help, I don't believe that it will do a great deal in the short term. Since the start of the whole liquidity crisis over a year ago, the banks have stopped wanting to lend to one another- this won't solve that problem overnight.
We had a little visit to the Chief last night for sushi- the first time for a couple of weeks. As usual, the food was fantastic and the good news is that afterwards I was able to collect my camera from the shop after a little maintenance. That means that I should be ready to take part in the Oktoberfest Photo Challenge next month!

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