Warren Buffet on the Economy
Female: In an exclusive morning show interview with CBS News,
billionaire investor Warren Buffet said the nation’s economic crisis
is far from over.
Warren Buffet: We came closer to a financial meltdown of the whole system last
September then and I have never seen anything remotely
approaching and we’ll get through it fine. But there were a lot of
excesses and a lot of things that has to be corrected and that’s
taking place now.
Female: Buffet said that’s because investors are still digging their way out
from a mountain of debt.
Warren Buffet: What the country as where in I think is that excessive leverage gets
you in trouble that bubbles do burst in most case the real estate
bubble.
Female: The comments came just before Buffet sat down for a charity
lunch with Chinese businessman, Zhao Danyang, who paid $2.1
million for the privilege of business advice from the Oracle of
Omaha.
Warren Buffet: If we might under the reason of price, you’re going to make
money.
Zhao Danyang: I learned a lot, truly. I think this three hours’ benefited my whole
life.
Female: The $2 million goes to programs for the poor, run by San
Francisco’s Glide Memorial Church.
Do you have any particular advice for Mr. Danyang when it comes
to the Asian markets?
Warren Buffet: We’ll probably talk about that but he paid $2 million once so I
can’t give a deal over that, I guess.
Female: The auction for Buffet’s next lunch of steak and pricey advice
closes on Friday. Pria David CBS News, New York.
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