Warren Buffett urged congressional negotiators to come up with a bailout yesterday to avoid "financial meltdown." But flooding the system with liquidity is not without consequences either, he says in Snowball, the surprisingly up-to-date authorized biography of the Oracle of Omaha, which comes out today: “It could all end on a dime if they flooded the system with enough liquidity. But there are consequences to doing that. If dramatic enough, the consequences would be the immediate expectation of huge inflation. A lot of things would happen that you might not like. The economy is definitely tanking. It’s not my game, but if I had to bet one way or another — everyone else says a recession will be short and shallow, but I would say long and deep.” [FT]