"Capitalism is not a perfect system. It may be better than all the other systems, but it's not a perfect system."
"Somebody's buying these treasury bills at 1/20th of one percent. I mean we consuming about $2 billion a day of goods and services beyond what we're producing.And it reflects American's consumption ideas rather than its savings ideas."
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More quotes by Howard Warren Buffett
"If you really think that houses prices are going to go up next year and the year after, you feel if I don't buy it this year, I'm going to have to buy it next year. [...] And when somebody makes it very easy for you to do it by saying you don't really have to put up my money, you can lie about your income a little, or we'll give you 100 percent mortgage, you're going to do it, because everybody that's done it has been proven right. You have what they call social tools, and, you know, you're going to feel like an idiot if you didn't do it, because the house cost more."
"I mean people -- people don't get -- they don't get smarter about things that get as basic as greed and you can't stand to see your neighbor getting rich. You know you're smarter than he is, and he's doing these things, you know, and he's getting rich, and your spouse is getting unhappy with you because you aren't doing -- pretty soon you start doing it. And so you get what I call the natural progression, the three Is. The innovators, the imitators, and the idiots."
"The commercial paper market, when that dries up, you know, that's just like sucking the blood out of the economic body of the United States."
"The U.S. Treasury has got borrowing costs like nobody else has. They can borrow basically unlimited amounts. They can stay there for years and years. These assets will be worth more money over time."
"I want our pie to grow all the people, but if some other guy's pie is growing a little faster, that's terrific."