A War On Wealth?

The Obama administration is often accused of waging class warfare. But an early look at their new TARP plan - massive government loans to investors willing to wager a comparatively small amount of money sifting through bad assets in search of good - suggests that the plan will probably end by creating more billionaires than any other single action of the US government.

On the other hand, maybe the accusations of class warfare have some validity after all. They just fail to appreciate which class it is that this administration is targeting: not investors so much as the high-salaried affluent. If you have a couple of billion to invest, this administration is your hospitable friend! If you earn $750,000 at a law firm - whammo. It's your taxes that are rising, and your deductions that are being stripped away.

As for Warren Buffett, well, did he get to be Warren Buffett by backing the wrong horse?