Well, the much anticipated $700 billion bailout was signed into law last week and so far, I'm not impressed. It obviously has done nothing to improve market confidence (quite the opposite in fact) but it does ensure that you can still deduct your solar panels.

I was reading up on the new law over at cnn.com and one of my fave analysts, Meredith Whitney, was interviewed.  In the video she was explaining that she didn't think the bail out made any sense and that it did nothing to restore confidence which, in her opinion, is the real issue.

Meredith is pretty cool and I've followed her for quite a while as she always seems to be right. And I really like that in an analyst.

She's also married to a professional wrestler and you just don't find many Brown educated Wall Street analysts married to professional wrestlers so it's interesting in a National Enquirer sort of way.

In addition to Meredith's interview, there's a new article up at cnn.com reporting some comments by Warren Buffett that outlines HIS bailout plan.

One of the biggest issues that I've been railing against over the last couple of months is that the Feds seem to be doing everything they can to shut investors out of this recovery when in my opinion (and now in Warren's too) they should be inviting us to participate. AND giving us incentives to participate.

Here's an excerpt:

He described a plan he thought of Thursday morning on the way to the Summit that would allow Treasury and private investors to buy assets together. He said his proposal would kickstart demand for mortgage-backed securities, help find a market price for these troubled assets and make it more likely that taxpayers would be made whole or even come out ahead in the bailout.

Under Buffett's plan, Treasury would lend hedge funds, Wall Street firms or any other investors 80% of the price for distressed assets. Investors would benefit from borrowing at lower rates available to the Treasury. But the government would get first claim on the sale of those assets, which means it would get its loan back plus interest and possibly turn a profit. Only then would investors see a penny.

“Now you have someone with 20% skin in the game,” explained Buffett. “Believe me, I won't be overpaying if I'm buying with that kind of leverage. And you have someone [the investors] to manage the assets to the extent they need to be managed.”

There you go!

Imagine if we could all get 80% money on the cheap from the Feds to buy up real estate at deep discounts without having all these ridiculous rules such as “no more than 4 financed properties” and “no refinancing out of an LLC.”  We might actually get some economic recovery.

And if I could get my money that cheap, I wouldn't even mind splitting some of my profits with the government.