Warren Buffett, the “Oracle of Omaha”, was on CNBC’s “Squawk Box” speaking with Andrew Ross Sorkin.
Former Treasury Secretary Hank Paulson was also on CNBC.
During this segment, they talked about the government shutdown, the debt ceiling and the five-year anniversary of the financial crisis.
Today is the anniversary of TARP — Troubled Asset Relief Program.
Sorkin asked him if he thinks years from now if people will appreciate TARP.
“I think there will be. At the time…Hank was in a very tough position. If he told how bad things were, it would have made it worse. Some people didn’t appreciate the need….”
Sorkin asked Buffett about whether or not banks are “Too Big To Fail.”
“They’re not that big on a relative basis around the world,” Buffett says.
As for “Too Big To Manage,” Buffett says things will go wrong and big institutions and small institutions. He says the “London Whale” at JPMorgan isn’t a big problem for the bank.
Sorkin then brought up what’s been going on in Washington, D.C. with the shutdown and the debt ceiling.
“We will go right up to the point of extreme idiocy, but we won’t cross it,” Buffett said.
“These guy smay threaten to take their mother hostage, but they won’t hurt their mother,” Paulson added.
He also talked about his love for hit TV series “Breaking Bad.”
“Vince Gilligan is a genius,” he says.
Business Insider Emails & Alerts
Site highlights each day to your inbox.