WHEN: TODAY, WEDNESDAY, NOVEMBER 17TH
WHERE: CNBC'S "SQUAWK BOX"
Following are excerpts from the unofficial transcript of billionaire investor Warren Buffett on CNBC's "Squawk Box" today. Excerpts of the interview will run throughout CNBC's Business Day programming.
All references must be sourced to CNBC.
BUFFETT ON DOMINOES:
"There was a dominoes of corporate America lined up but there were 300 million American Dominoes lined up right behind them. Money Market funds, 401Ks, jobs, income, all of those things were going to topple like nobody has ever seen and somebody had to stop the dominoes from toppling and government was the only one who could do it and fortunately they came through at that time."
BUFFETT ON CENTRAL BANKING:
"I don't get very enthused when central bankers start targeting higher inflation, and I don't think the impact will be huge from it and opens up certain dangers in terms of people worrying about printing money."
BUFFETT ON STOCKS:
"You've got to put your money someplace and I would rather have it in stocks by far than have it in short or long term bonds and so I think the market, to the extend that the market has moved up in the past few years I think its been watered and I would say this- if they hadn't have done what they did in September 2008 we would not be talking about stocks at these levels and the unemployment would be far far higher."
BUFFETT ON BONDS:
"I think short term or long term bonds are a very poor investment at today's prices."
BUFFETT ON THE RECOVERY:
"The story of the recovery is different from the essential fatal accident when we bought back the economy from the debt, when the panic was quailed."
BUFFETT ON EMPLOYMENT:
"Our business consistently through 2010 kept getting better at a generally slow rate but they've gotten better consistently. Now sentiment about the business world has gone up and down quite a bit through 2010 but business is getting better, it's not getting better at a rapid clip and will need to get a lot better than it is now to make a big dent in the employment rate."
BUFFETT ON JOBS:
We'll continue generating jobs someplace. I remember back in 1981 we said that everything was going to Germany or Japan, and all we would do is flip hamburgers and cut each other's hair basically, then a decade went by and we created 20-billion jobs. You never can see exactly where they're coming from."
BUFFETT ON NEW THINGS:
What's happened in this country that we started with 4-million people and we've created tens, and tens of millions of jobs and they came from places that no one dreamt of in our time but that's the genius of capitalism; it does unleash potential and comes up with new things to do."
BUFFETT ON BERNANKE:
I think Ben Bernanke was a huge hero of Sept. 2008. I don't get very enthused when central bankers start targeting higher inflation, and I don't think the impact will be huge from it and opens up certain dangers in terms of people worrying about printing money."
BUFFETT ON STIMULUS:
"We are spending 8 or 9-percent more of GDP than we're taking in and that's our stimulus that hasn't occurred since WW!!. It doesn't have to be labeled a stimulus bill. When the government sends out a check and doesn't raise the full amount of that check, that is stimulus. Whether it's in a stimulus bill or 100 other bills. But we got a lot of stimulus going on and people like to think that government can solve everything overnight but it can't do that with fiscal and monetary policy."
BUFFETT ON THANKSGIVING:
If government hadn't acted then, ya know, I would be having Thanksgiving dinner at McDonalds instead of having a big turkey at my daughter's
BUFFETT ON THE OBAMA ADMINISTRATION:
"And there's still lots to be done, but that was the period that - roughly that week or so maybe 2 weeks after Lehman, that if the right things hadn't have been done it wouldn't have made any difference what happened subsuquentailly it's still important what is happening right now as well as what happened after the Obama administration."
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