US Economic crisis : Warren Buffett on Charlie Rose

I am sure you are getting bombarded with lot of media material about current US economic crisis. The numbers that are being discussed are just unfathomably high! It is indeed an unprecedented situation and kind of a perfect storm that has been brewing for long time. 

If you are even remotely interested in how US economy affects you, I would recommend investing one hour of your time to view Warren Buffet talk about it here. It is a gem of an interview by Charlie Rose where Warren Buffet slices and dices the current situation and gives his candid views. This guy is really good and knows what he is talking about. My respect for him grew many fold after seeing this interview. Here are some of the pearls from his conversation,

i would rather be approximately right rather than precisely wrong! -Warren on the need of having a $700 billion bail out plan devised quickly.

Be greedy when everyone else is fearful and be fearful when everyone else is greedy! -Warren when asked why he is investing now when everyone is selling their positions.

We are trading away piece of our country every day! (America imports more than it exports, more specifically $2 billion every day. So someone else in the world owns $2 billion of America every single day!) -Warren on how to fix the US economic engine in the long run