Jim Cramer, David Faber, Carl Quintanilla, and Melissa Lee discuss conflicting recommendations on bonds from two well-known investors. Warren Buffett thinks bonds are "dangerous" right now, while Bill Gross is raising his exposure to fixed income.

The Squawk on the Street news team breaks down the market moving headlines, including investors bracing for the biggest point loss for the year, Bill Gross has upped his total return funds' allocation to Treasurys, while Warren Buffett says bonds need a "warning label," and the momentum for Apple's $500 mark is picking up.

Warren Buffett isn't just an oracle, he's a wizard, says Mad Money's Jim Cramer, and with the upturn in housing; the strength in rails; the surge in chemicals, and the insurance renaissance, Berkshire Hathaway is too good to ignore, and that makes it a screaming "buy" at these levels.

The assumption from this deal is that the government should give away houses for free, says Richard Bove, Rochdale Securities vice president of equity research. Bove adds the mortgage deal is unfair to those who pay their bills.

The GDP growth has been moderate but the private sector is growing almost five percent a year, with Austan Goolsbee, former Council of Economic Advisers chairman, who says it's ironic that those numbers are showing that growth is still high even though people say the reason the economy isn't growing as much is because of the growth of government.

Debating whether the so-called "Buffett" tax is unfairly aimed at millionaires, with Robert Reich, fmr. Labor Secretary, and Sen. Kay Bailey Hutchison, (R-TX).