Remember the run on the Bailey Brother Building and Loan in It’s a Wonderful Life? Just as the panicky depositors were demanding their money back from George Bailey, Mr. Potter the evil banker called George in for a chat. You don’t really want that broken-down old Building and Loan, do you, George, he said, and all the bother involved?
Mr. Potter would buy it, he said, and George could have a nice job at Potter’s bank.
Don’t you realize! George yelled at the panicky depositors. Don’t you realize that while you are selling, Potter is buying?
Today, as John McCain suspended his campaign to get back to Washington DC to work on the bank bailout plan, Warren Buffett signed up for $5 billion of stock in Goldman Sachs.
Mr. Potter is buying.
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