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On Tuesday, McCain had only one person to suggest as his Secretary of Treasury, a man who is your supporter and adviser, Warren Buffett.

Buffet has never been a part of what we consider the "Wall Street" high risk mentality, and yet he has amassed a personal fortune for himself and many of his investors.   While the current Secretary of Treasury, Henry Paulson as CEO of Goldman Sachs was dismantling the last vestiges of regulation among investment banks, as described here, Buffet was warning of the impending crisis, branding derivatives "Financial Weapons of Mass Destruction."

Warren Buffett understands as much as anyone what our country, and the world, is facing because of the risk taking mentality of people like Alan Greenspan, Phil Gramm, Henry Paulson, and John McCain.  

He is also a patriot, in the true sense of the word, rather than the flag waving jingoism that McCain and Palin are promoting.  If you were able to get a public commitment that he would take on this responsibility, this act alone could insert some confidence, now almost gone, in the investing public.  This announcement alone could stem the panic that is destroying trillions of dollars of equity each week.  

It could be that we are on the cusp of a collapse that will require a restructuring, a revolution actually, in the world's economic system.  Such a restructuring will be frightening, in different ways, for all segments of society, from the destitute to the wealthy.

Warren Buffett is that rare, perhaps unique in our time, individual who is both wealthy, yet values the verities of thrift and fairness.  Knowing his values will be guiding whatever may come will provide a sense of continuity, and security during such trying times.

And as a byproduct, where he to accept the position, it would mean clinching the presidency; and more importantly, having a fighting chance of surviving this economic disaster that you, and we, will inherit.

 

Originally posted to ARODB on Thu Oct 09, 2008 at 03:14 PM PDT.

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