Buffett's Chat With Tom Brokaw of NBC

Posted on CNBC: http://www.cnbc.com/id/28725856/

A couple in interesting moments.

• TOM BROKAW, NBC NEWS:
  
  BROKAW:
  
  Gordon Gekko said, "Greed is good because it motivates people." Greed good or bad?
  
  BUFFETT:
  
  Well, I-- greed is gonna be present. At-- at-- at-- if-- I would distinguish between greed and ambition. I-- I-- you know, (LAUGHTER) I mean, you know, Henry Ford may have been-- been ambition, or Thomas Edison, or all kinds of people, you know, that-- that they-- there's nothing wrong with wanting something better for yourself than you have today, or wanting something better for your family than you have today.
  
  I mean, it-- it's been part of the American system. And it-- it's led to this-- these wondrous things that have happened. It-- when you start trying to create phony instruments that fool other people so you stick money in your pocket, or-- or-- or leverage yourself to the sky so that, you-- you know, that-- you're vulnerable to the least little-- interruption of-- of financial activity, or economic activity, you know, it-- it's a mistake. But people are gonna be greedy. You better-- you-- you-- you shouldn't design a system that essentially counts on people not being greedy. It's gonna-- it's gonna exist, but you-- you need to temper it in various ways.
  
  
  
  BROKAW:
  
  You were a child in the Great Depression. You witnessed World War II. It was a very difficult time right after World War II, a lot of people forget about that. You've been through these-- cycles of boom and bust. Where does this one fit in your lifetime?
  
  BUFFETT:
  
  Well, this is-- this certainly is nothing like World War II. I mean, you know, the-- with the country threatened. And-- and it's not like the Great Depression. But it's a severe economic-- you know, this is-- this is number one-- the-- since World War II.
  
  But, in the end, you know, it-- since 1776 it's never paid to bet against America. I mean, you know, (LAUGHTER) I mean we come through these things. There was a song during World War II that-- that said, "We did it before, and we can do it again." Maybe you can remember-- you know, I can remember it. And-- and the truth is we've done it before and we'll do it again. We-- we come through things. But it's not-- it's not always a smooth ride.