The locally-based CEO of an influential financial newsletter has launched a scathing attack on billionaire trader Warren Buffett for what she believes is his 'unethical behaviour' during the current economic meltdown.

Jill De Quincey, who resides in Warwick and whose widely-read NakedTrader newsletter, claims Buffet has been misleading investors by advising to "buy American" — a ploy she claims has been hatched to feather Buffet's already ample nest. Entitled, 'Playing politics with our future. Shame on you, Mr. Buffet', the newsletter read...

It seems like there are some very unscrupulous people out there, in these times of confusion, who think that if you say something often enough it becomes a truth. Or at least someone will believe it to be so. Why not? It's a well trodden path.

A moment's thought will serve as illustration as to the strength of this tactic. A whole host of dictators ranging from Caesar to Amin and beyond have had enormous success with this method of manipulation.

So, it's rather distressing not to mention disappointing, to find that a man much admired and respected such as Warren Buffett, should start playing politics with a sadly vulnerable public who look at him as a man to be admired and followed; a role model.

Buffett appeared in the press almost everyday last week with his passive/aggressive market recommendations dazzling us with such philosophical gems as: ''Be fearful when others are greedy, be greedy when others are fearful.'' And: "Bad news is an investors' friend."

And the one which gets right to the crux of the matter — "Buy American. I am." So what's wrong with that?

Well, let's review: From September 2008, the moment of the demise of Fannie & Freddie, Mr. Buffett has wasted no time in acquiring multibillion-dollar stakes in Goldman Sachs and General Electric Co. on behalf of Berkshire Hathaway, the "philanthropic" arm of the Buffett empire, and has recently closed a deal with Constellation Energy. Nice work if you can get it.

Having taken full advantage of some spectacular deals, no doubt at the expense of other shareholders, what better way to ensure their success than to publicly announce that now is the time to reinvest in the US markets? Although Mr. Buffett claims that these are fruits to be reaped at a later time, it can be guaranteed that any temporary market movement to the upside will be taken advantage of in full. A nice bit of nest feathering.

I think that's what used to be known as "talking your own book", back in the good old days. That's a pretty large book to talk up though. Enough, perhaps, to temporarily sway the markets in an upward direction.

But let's face it, although given enough time economic stability will eventually prevail, right now the fundamentals are rotten to the core and can't be undone with such irresponsible quips as. "if you wait for the robins, spring will be over".

Meanwhile, a hard cold winter is upon us. Putting a glossy coat on what is a fundamentally sick animal to give the impression that not only is it alive but healthy is merely a spin on the dead cat bounce. Somebody call the vet.

Taking the more generous tack, one might consider that all Mr. Buffett is trying to achieve is to instill a little confidence and direction for the overall good of the economy. Remember, never underestimate the power of the zeitgeist. Except in this case the crowd may not be so easily swayed.

May I suggest that what perhaps what Mr. Buffett has sought to achieve came straight from the script of the Wizard of Oz. After all, it worked for Dorothy.

Just close your eyes and repeat after me, "There's no place like home, there's no place like home, there's no place like home"...