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CNBC TRANSCRIPT: BILLIONAIRE INVESTOR WARREN BUFFETT ON CNBC'S "SQUAWK BOX" TODAY, FRIDAY, JULY 24TH AT 8:30AM ET

BUFFETT ON DOW 9000:

"I would much rather own equities at 9000 on the DOW than have a long investment in govt bonds or a continuously rolling investment in short term money now again I don't know where it's going to go next week or next month."

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BUFFETT STORY:

"We came out of WWII with the National debt at 120 percent of GDP and there was all kinds of dire forecasts this country works over time we are in a movie that's kind of an unpleasant movie and we haven't sseen this movie before and I can't tell you how long its going to last but I can tell you it has a happy ending."

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BUFFETT ON SPENDING:

"Spending a 6th of your GDP is already a drag on the economy that is diverting alot of dollars that other countries aren't to healthcare, so if we can figure out a better way to do it, it will have benefial effects regarding the financing."

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BUFFETT ON DEBT:

I'm not worried about the longterm future at all, on the other hand you don't want to see debt as a percentage of GDP just continuouosly increase, fortunately we started from a pretty low level in the 30 percent so we can take more but you don't want to get addicted to huge deficits."

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BUFFETT ON BERNANKE:

"I don't think you can have anybody better than Bernanke in the job, I mean he understands all of the issues, but the time to worry about something thats gonna happen in the long term isn't the short term, and I'll guarantee you that he is thinking about that."

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BUFFETT ON DOLLAR:

"10 years from now the dollar will buy alot less than it buys now that will be the consequence of what we are doing now, that doesn't mean that what we are doing now is wrong at all, we're doing the right things but what we are doing has consequences and some of the medicines we are delivering are going to be very hard to deliver a total offset to."

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BUFFETT ON INFLATION:

"I don't think you can do what we are doing now or are going to be doing without having a real inflationary possibilities down the road, but I don't think that means Bernanke's doing the wrong thing I think he's doing the right thing."

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BUFFETT ON WEBISODE MESSAGE:

"If we can get through to some young people, say it's better to be ahead of the game than behind, watch out for credit cards, most important message is the best investment you can make is in yourself. Teach them if something is too good to be true it probably is. So if they learn those things the easy way through these stories early on it may save them learning the hard way later on."





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