Buffett and Bank of America

Warren Buttett's action in this case, buying up stock of Bank of America, is similar to what happened as the Great Depression started off after the Great Crash.  Rich men like Rockefeller and others stepped in and bought up huge swaths of stock and bad debt to 'buoy' the market.  The purchases were loudly declared as evidence that the rich in the country still had confidence in the market.  The resulting surge was small and was not sustained, just as this little boost will not have far reaching effects.  As for the profit that this move might make for Buffett please note that he purchased tens of millions of 'preferred' stock with the idea that the six percent interest will be paid each year.  'Preferred' stock receives dividends only at the discretion of the board and good companies don't pay on preferred issues during tough times and you don't make up for lost time in the future.  I am concerned as an investor, American and businessman about his purchase of options at little over seven dollars that he can excercise any time in the next ten years - I don't wish anything bad to Buffett but will he be around in ten years and how come they get to push their debt so far into the future?  It is a bad deal made by a soft hearted guy who really should have invested cash in real goods and services - but - if you look at the deal closely you will see it is not being made with cash purchases but is a leveraged deal that if falls through will harm many of the companies that Buffett has pillaged in the past and maintains under Berkshire-Hathaway as cash cows even as their production rates fall along with their profits.  He has built a paper empire whose capitol is in Omaha but whose capital is imaginary.