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Ask Warren Buffett - Complete CNBC Transcript - March 3, 2008

Ask Warren Buffett - Complete CNBC Transcript - March 3, 2008

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Published by CNBC
Warren Buffett, Chairman of Berkshire Hathaway, sat down with Becky Quick at the Nebraska Furniture Mart in Omaha for an unprecedented series of live appearances on CNBC’s Squawk Box program from 6a to 9a Eastern Time on Monday, March 3, 2008. Along with questions from Becky and the rest of the Squawk Box team, Buffett also responded to selected emails from CNBC viewers and CNBC.com users.
Warren Buffett, Chairman of Berkshire Hathaway, sat down with Becky Quick at the Nebraska Furniture Mart in Omaha for an unprecedented series of live appearances on CNBC’s Squawk Box program from 6a to 9a Eastern Time on Monday, March 3, 2008. Along with questions from Becky and the rest of the Squawk Box team, Buffett also responded to selected emails from CNBC viewers and CNBC.com users.

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Published by: CNBC on Jul 26, 2011
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Warren Buffett, Chairman of Berkshire Hathaway, satdown with Becky Quick at tNebraska Furniture Mart inOmaha for an unpseries of live appearances onCNBC’s Squawk Box progfrom 6a to 9a Eastern Timeon Monday, March 3, 2008 herecedentedram.long with questions fromhis is the complete transcript of Buffett’s comments on Squawk BoxJOE KERNEN, co-anchor:
Good morning. Wealth in America. An exclusivell Street
BECKY QUICK, co-anchor:
You know, Joe, with times as tenuous as these,s
ABecky and the rest of theSquawk Box team, Buffettalso responded to selectedemails from CNBC viewersand CNBC.com users.Tthat morning, as prepared by BurrellesLuce.
CNBC survey on the state of the US consumer and a forecast for thecountry's economy. Under pressure, the world taking its cue from Wathis morning. After Friday's sell-off, Asian equities dropping overnight,European stocks opening in the red. Plus, Becky reporting live from theheartland. Beck.we are turning to the world's most watched investor for a little bit of guidance this morning. The "Oracle of Omaha" joins us live this morning aSQUAWK BOX begins right now.
CNBC’s Squawk Box – “Ask Warren” TranscriptPage 1 of 84
 
 
 
ANNOUNCER:
This is a special presentation of SQUAWK BOX with JoeKernen and Carl Quintanilla at CNBC's global headquarters, and Becky Quicklive from Omaha with billionaire investor Warren Buffett.
CARL QUINTANILLA, co-anchor:
Good morning for a Monday, March 3rd.Welcome to SQUAWK BOX here on CNBC, I'm Carl Quintanilla along with JoeKernen and Becky Quick. And Beck, what a way to start the week. We havean amazing show on tap today.
QUICK
: Yeah, guys, it sounds like we have a lot to talk about, and especiallywith the markets, everything that we've seen happening both on Friday andthen overnight in Japan. A lot of questions about exactly how stable thingsare going to be this morning, so we're very lucky to have Warren Buffettstanding right by to guide us through everything that's happening thismorning, guys.
KERNEN
: Indeed. Yeah, it's going to be interesting, Becky. I want to--youknow, especially from the guy who coined the term "weapons of massdestruction" and "financial weapons of mass destruction."
QUICK
: Right.
KERNEN
: And...
QUINTANILLA
: And following the letter on Friday.
KERNEN
: Yeah, yeah.
QUICK
: For derivatives.
CNBC’s Squawk Box – “Ask Warren” TranscriptPage 2 of 84
 
 
 
KERNEN
: And don't we know it. And he doesn't, you know, he doesn't makecalls overall on the economy too much, what the Fed should do. He likes tobuy businesses that are going to be worth more in the future. But we still aregoing to have to ask him today, what about--is this different? How much paindo we need to get out from under all these weapons of mass destruction?Look what it's done so far. What kind of slowdown will it be? It's going to begreat.
QUINTANILLA:
Yeah. And given...
QUICK
: All right.
QUINTANILLA
: ...sort of the data we had last week, is this a matter of reality setting in, or is the situation actually getting worse than we thought itwas going to be?
KERNEN
: You don't like hearing a huge owner of insurance companies thatthe party's over, either...
QUINTANILLA
: The party's over.
KERNEN
: ...from someone who would know, I think. Right, Beck?
QUICK
: Right. Right. That all came from the annual letter that Mr. Buffettput out to shareholders on Friday afternoon. And, guys, now that we've givena little bit of a hint of what we might be starting off talking about, why don'twe bring him in right now.Warren, I want to thank you very much for joining us today. Again, WarrenBuffett, Berkshire Hathaway, joining us, guys. I should point out, we are liveat the Nebraska Furniture Mart. Behind us and all around us, this is the
CNBC’s Squawk Box – “Ask Warren” TranscriptPage 3 of 84
 

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