Warren Buffett quotes from the interview:
- “In my lifetime I don’t think I have ever seen people as fearful economically as they are now”
- “The major institutions in the world are all wanting to de-leverage”
- “I don’t like what is going on with executive compensation“
- “unemployment is going to go up under any circumstances, the 6.1 [% unemployment rate] is going to go higher, but whether it quits at 7% or whether it quites at 10, 11 or 12, depends on, among other things the wisdom of congress, and then the wisdom of caring out the plan congress authorizes”
- “I just wonder if it [the $700 billion bailout] is enough”
- “AIG would be doing fine today if they never heard of derivatives… I said they were possibly financial weapons of mass destruction and they have been, I mean they destroyed AIG, they certainly contributed to the destruction of Bear Stearns and Lehman”
- The biggest single cause was that we had an incredible residential real estate bubble.
- [on consuming more than we are producing] I don’t think it is the most pressing problem at all. We are trading away a little bit of our country all the time for the excess consumption that we have, over what we produce. That is not good. I think it is terrible over time.
Related: Warren Buffett related posts – Credit Crisis Continues – Credit Crisis (August 2007)