America must rescue the bonuses at Goldman Sachs.

But I don't want to dwell on the government's failure. As I say, so far they've done a pretty good job making sure no one at Goldman Sachs suffers so much as a scratch on his person. I want to look to the future.

Poker Game: The Treasury has proposed using $700 billion of taxpayers' money to buy the shaky investments created by the likes of Goldman Sachs and sold to customers. This is good, for many obvious reasons, and one less obvious one, too. Obviously, it has slowed the market's desire to put Goldman out of business. It also offers Goldman a place to stuff its bad investments at prices well above market levels.

But the Treasury plan also creates this wonderful hidden opportunity for Goldman Sachs to make a killing, and thus preserve its bonus pool for a long time to come.

Think of Wall Street as a poker game and Goldman as the smartest player. It's sad when you think about it this way that so much of the dumb money on Wall Street has been forced out of the game. There's no one left to play with. Just as Goldman was about to rake in its winnings and head home, the U.S. government stumbles in, fat and happy and looking for some action. I imagine the best and the brightest inside Goldman are right this moment trying to figure out how it uses the Treasury not only to sell their own crappy assets dear but also to buy other people's crappy assets cheap.

At any rate, it won't take long for Goldman Sachs to figure out how to make that $700 billion work for Goldman Sachs. This you can trust them to do. After all, Warren Buffett just did.