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Round One: No Knockouts   House Fails to Pass Bailout Plan
Sep 28 2008 11:27AM EDT

Warren Buffett: Bailout Savior?

J. Jennings Moss writes: Did some sobering remarks from the Oracle of Omaha lead to the tenative bailout agreement reached early Sunday by congressional leaders and the White House? Quite possibly. If there's one man who can reach between the political partieis and get lawmakers to see the bigger picture, it's Warren Buffett.

Buffett warned that the United States would face "its biggest financial meltown in American history" if congressional negotiators couldn't find common ground on a $700 billion plan to rescue Wall Street, according to a report on CNN.com.

Lawmakers reached out to Buffett and to other business leaders to get their take on a plan that on late Thursday was on life support.

The plan on Capitol HIll is to finish up work on the plan this afternoon, so that House Republicans who have raised the loudest objections to the bailout get the chance to decide if they want to join in. Expect to see votes on Monday on the plan in the House and possibly the Senate.

J. Jennings Moss


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