• Warren Buffett to FBN: "Heaven Help Us" if Rescue Plan Doesn't Pass

      Gang, The Warren Buffett interview clips are below!

      David Asman and I spoke with Warren Buffett this afternoon on Fox Business not only about his $5 billion dollar investment in Goldman Sachs (GS) preferred shares but about the urgency of the U.S. financial crisis.

      To say that Buffett, Chairman and CEO of Berkshire Hathaway (BRK)feels this needs to get pushed through quickly is an understatement. He noted that short-term Treasurys and the LIBOR rate are all screaming out that there are deep fissures in the debt market right now that threaten to crack right under our feet. Lending is drying up very quickly. WhenI asked what might happen if the $700 billion dollar rescue plan failed to pass, he said, "Heaven help us." When the world's richest man explains the situation like that, you get the sense he's extremely worried... not the word I would have ever used to describe the usually optimistic Buffett.

      He also said that if the deal doesn't pass, he probably would regret having made such a hefty investment in Goldman. But he also stressed that hedoesNOT believe that Goldman would have failed without hiscash infusion. He doesn't like investing in companies that would go down without his money going in. He's been approached by many financial institutions for help but only extended to Goldman. He categorically said his investment is a bet not on the market as a whole, but on Goldman Sachs.



      --Liz

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