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Quote by Warren Buffett

“I don't think it would be crazy to have a model or an entity model on the Reconstruction Finance Corp.”

Quote by Warren Buffett

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Warren Buffett, born on August 30, 1930, is a renowned investor. Known as the 'Oracle of Omaha,' he is the chairman and CEO of Berkshire Hathaway, a diversified holding company involved in insurance, railroads, energy, finance, and more. Buffett's investment philosophy emphasizes value investing, and he is known for his long-term investment and stable investment strategies. more

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“That goes back to 1932, although it was really implemented in '33 under Jesse Jones, and it invested in mostly banks initially and preferred stock and that sort of thing. So there are two things needed in the system, the one that's needed overwhelmingly is liquidity. I mean, when people are trying to [unintelligible], there has to be somebody there to buy.”

People Trying Mean Two Needed Two Things Liquidity Preferred Stock

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“I would say that an RFC-like thing might make sense. I probably would do it myself. But I don't think trying to combine that with what's going through now, I think what is needed now is liquidity.”

Thinking Trying Might Needed Make Sense Liquidity

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“We've got a wonderful economic formula in this country.”

Country Wonderful Economic Formulas

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“People who are really serious about software should make their own hardware.”

People Should Technology Serious Software Seriousness Hardware

Author:Alan Kay

“It's the deleveraging that's going on right now that has caused the credit crisis.”

Right Now Crisis Credit

Author:Warren Buffett

“AIG would be doing fine today. It was one of the ten largest companies in the United States in terms of market value, over 200 billion, the most respected insurer and everything in the world.”

World States Would Be Today Values Term United Company United States Fine Ten Billions

Author:Warren Buffett

“I mean there is no capital requirements to it or anything of the sort. And basically, I said there were possibly financial weapons of mass destruction, and they had them. They destroyed AIG. They certainly contributed to the destruction of Bear Sterns and Lehman. Although Lehman had other problems, too.”

Mean Said Problem Bears Weapons Mass Destruction Financial Destroyed Requirements Weapons Of Mass Destruction Mass Destruction

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“I would say the biggest single cause was we had an incredible residential real estate bubble.”

Real Causes Incredibles Bubbles Estates

Author:Warren Buffett

“But 300 million Americans, their lending institutions, their government, their media, all believed that house prices were going to go up consistently. And that got billed into a $20 trillion residential home market. Lending was done based on it, and everybody did a lot of foolish things.”

Done Home Government House Millions Media Institutions Foolish Consistently Lending House Prices

Author:Warren Buffett

“And people really behaved in a fraudulent way or something, we'll go back and find the culprits later on. But that really isn't the problem we have. I mean that's where it came from, though. We leveraged up and if you have a 20 percent fall in value of a $20 trillion asset, that's $4 trillion. And when $4 trillion lands - losses land in the wrong part of this economy, it can gum up the whole place.”

People Ifs Way Mean Whole Problem Values Fall Loss Economy Land Percent Assets Gum Culprit

Author:Warren Buffett