Spinning from Omaha

Other people's thoughts they ain't your hand me downs
Would it be so bad to simply turn around
--Spin Doctors

Warren Buffett could have made this op-ed much more straightforward. He could have just said this:

"Thanks, US Government, for bailing out my firm and others who took too much risk. Since it was you that offered the ultra cheap credit upon which the leveraged house of cards was built, I figured that you'd step in and make us whole.

Indeed, you have made me $ billions at the expense of those who were prudent.

I look forward to the next round of bailouts.

Your partner in moral hazard, WB."

It is easy to regard this piece as an effort to elevate public sentiment in favor of government intrusion--to offset the hawkish tone carried by many incoming members of Congress.

We get it, Warren. You're in the pocket of bureaucrats, and you're returning the favor by spewing spin.

position in XLF