Warren Buffett to the rescue!

So the Oracle from Omaha has struck again:


Blue chips rally on Buffett

"NEW YORK (CNNMoney.com) -- Blue chips rallied Tuesday as investors welcomed news that Warren Buffett has reached out to ailing bond insurers and major lenders have announced a plan that they say will help homeowners avoid foreclosure.

...Buffett reaches out to bond insurers. Berkshire Hathaway chairman and CEO Warren Buffett has offered to insure about $800 billion in tax-exempt bonds, according to reports Tuesday. The offer was made to the three big bond insurers, MBIA (MBI), Ambac Financial (ABK) and FGIC."

Apparently the markets took Mr. Buffett's offer for bonds as a good sign. If only the rally can go on until at least Valentine's Day - the economy might not look so bearish.