LIVE BLOG ARCHIVE: Three Hours with Warren Buffett Live from Omaha
8:06 AM: Would Buffett buy additional shares in the financials he already owns like American Express and Wells Fargo if prices come down? Is he buying shares now? Buffett replies that he has indeed been buying shares in one of those two names lately, but won't say which one. He points out that both companies were both started by the same people.
8:10 AM: Buffett says he was late getting into railroad stocks, like Burlington Northern . He can't believe he didn't realize how cheap the stocks were ten years ago.
8:15 AM: Buffett says he didn't give any money to the John Edwards campaign, but if he did he might be asking for his money back. Buffett muses that there should be a class-action suit brought by contributors who want their money back because Edwards was soliciting funds while lying about an extra-marital affair that would prevent him from ever becoming President.
8:17 AM: Buffett repeats his belief that a windfall profits tax on oil doesn't make any sense, despite the fact that his favored candidate, Barack Obama, has expressed support for such a tax. He notes that no one is calling for a tax on other commodities that have gone up in price like soybeans. The oil companies are an easy target.
8:38 AM: Buffett says it's possible there could be another financial firm implosion along the lines of Bear Stearns, but it would be "inappropriate" to comment on any specific companies right now because it could undermine confidence. He notes that while it is hard to find the sources, rumor-mongers should be punished.
8:44 AM: Buffett predicts housing market recovery will take some time, probably years. "A lot of blame to go around." The market won't really come back until you get to a normal inventory of unsold homes.
8:46 AM: Buffett: No interest right now in buying any homebuilder stocks. They still have plenty of problems.
8:51 AM: Buffett says he would be surprised he Berkshire doesn't "do something" in China in the next few years. Any investment there would probably be an extension of his existing businesses. He says the U.S. will do well, but the Chinese will do better because they're starting from a lower base and have really learned how to unleash the potential of their people.
8:53 AM: Buffett says he worries about "what's important and what's knowable."
8:59 AM: Becky asks who Buffett would like to see as Barack Obama's vice-presidential pick. His reply: Senator Sam Nunn, although he has no idea who Obama will actually choose.
8:59 AM: The three hours with Buffett live from Omaha are over.
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