In a stunning announcement this morning, Billionaires Warren Buffett and Bill Gates announced that a consortium of ultra-wealthy U.S. citizens will begin buying 3- and 10-year bonds as a show of "belief in the American system" and "to do their part" in stabilizing the U.S. economy.
First reported in the A.F.G. newsfeed, the joint news conference gave notice that the consortium will be named the "Billionaire Bailout Club (BBC)" and each member has pledged to invest all of their assets over the next 6 months into U.S. Treasury Bonds.
Quoted by reporter Loof Lirpa, Gates reasoned, "Even if I lose a huge sum, I don't care. It isn't like I'll be eating ramen noodles every meal. My house is paid for, my kids will go to college and my company will still make money."
Buffett added, "sure it sounds crazy, but if we sit around waiting for Washington to do something constructive, I'll be an old man before we see something positive happen in the market." Reminded that he already is an old man, the Omaha billionaire remarked, "Thanks for pointing out the obvious - get a grip, you twit."