Now comes Mr Sarkozy, President of France, at the U.N., saying in no uncertain terms that something must be done to stabilize the credit markets - meaning that the U.S. must act. He must have been speaking for a lot of other countries. I told you so. The pressure is coming from Europe and China. Then there was a call to expand the U. N.'s Security Council, meaning that the power of the U.S. in that body - if the suggestion is taken seriously - will be diluted. The new Council will probably include Germany, Spain, Japan, and Italy as permanent members. They saw an opening and they took it. They fear that a mismanaged U.S. economy will bring down the entire world financial system. In other developments, Warren Buffett bought a few shares ($5 billion) of Goldman Sachs stock. I was going to buy some myself but I ran out of money last week. Wall Street is not doing well, but it's not doing as badly as they would have us believe. Also, the FBI is investigating several banks over possible criminal activity.
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