Pro-bailout, anti-geek, greedy, not fearful

Warren Buffet (interview with Charlie Rose). Please watch the whole thing; Mr. Buffet is a character.

Speaking of transparent updating, how should I update my views of the likelihood of success of the bailout based on this endorsement by Buffet? He has a good track record and he’s obviously more knowledgeable than me on these subjects, but he will also gain personally from a bailout. He’s not making a completely objective assessment of the bailout, so to what extent do I ignore what he’s saying? Should people update their beliefs at all based on non-objective opinions (which is, like, all opinions)?

PS – Mr. Buffet also touches on his views of taxes that were such an issue a couple months ago (starting at about 45 minutes).

PPS – Mr. Buffet says eve he is not big enough to make some of the deals that need to be done. So the government isn’t addressing market failure… its just the only player that’s big enough.