Economy and markets now are nothing like 1973-74, at least not yet. Seeing more fixed-income forced liquidation. Easy money in terms of price, but not easy money in terms of availability.
On offer to insure muni bonds now guaranteed by Ambac, MBIA: "We tossed our hat into the ring and they tossed it right back."
Buffett says bond insurers are "hoping for new money .. and they may get it." But they still "haven't totally faced up to the mistakes they made."
CNBC has scheduled a one-hour special program on Buffett's unprecedented Squawk Box appearences.
It's called Warren Buffett - The Billionaire Next Door: Face to Face. It will be hosted by Becky Quick and airs tonight, Monday, March 3 at 9pm ET.
Buffett: Can't rule out the possibility that trouble we've experienced could lead to something very bad.
Joe Kernen asks if stock market valuations will reach a "secular bear" level." Buffett: I'm not good at predicting the stock market. I know it when I see it. Stocks are not cheap but they're not extreme. Watching for when stocks become very cheap.
We made a bid on a big portfolio of muni bonds Friday and didn't get it. May see another opportunity today. We make offers on muni bonds for very short period of times. "We want the fellow on the other end to be prepared to act" and not use our price to go out and shop around.