CHARLIE ROSE: Warren Buffett as we speak today made a huge multibillion dollar, $30 billion to $40 billion investment, in railways, saying, "This is my confidence in the American economy."
CHARLIE ROSE: Well, he knows something about economies and investments, doesn’t he?
CHARLIE ROSE: It was less so last year, but it’s come back.
CHARLIE ROSE: Are you prepared to say, "It’s either Buffett or me" in terms of analysis?
But it does seem to me a better bet would be to put money on not just
I mean, actually, freight traffic on
CHARLIE ROSE: And you think he’s making a serious mistake.
Now, of course, it’s reckless of me to take on Warren Buffett. But you know what?
CHARLIE ROSE: What?
The biggest problem that anybody faces today is that their lifetime experience -- even if their life as long as Warren Buffett’s -- is no longer a reliable guide to the future. Why? Because we just missed a great depression by a hair’s breadth, and we missed it by throwing a vast quantity of money at the U.S. economy, by running a deficit as large as we ran in World War II in peacetime.
Nobody knows whether that will create unintended consequences that will slow the economy down. My instinct is that it will.