Action Items

Here are the actionable tasks, commitments, and decisions requiring follow-up mentioned in the interview:

Investment Decisions

• Warren Buffett: Invest $3 billion in General Electric on the same terms as the Goldman Sachs investment.
  • This investment has already been made.

Government and Policy Actions

• Congress/Senate: Vote on and pass the rescue plan to address the financial crisis.
  • The Senate will vote sometime this evening.
  • The House may also vote.
• United States Treasury: Implement the rescue plan, potentially requiring more tools and flexibility.
  • Needs sufficient funds and flexibility to carry out the plan.
  • Needs to tie the plan to market prices for assets.
• Warren Buffett: Provide advice to the government when requested.
  • Willing to help the government by giving advice.

Business Operations and Strategy

• Berkshire Hathaway: Use accumulated cash to make attractive investments during the current economic climate.
  • The company has a lot of cash and is looking for opportunities.
• Warren Buffett: Continue to look at everything as part of his job.
  • He looks at everything every day.
• Warren Buffett: Continue to manage Berkshire Hathaway well.
  • This is his job.

Future Outlook and Systemic Changes

• Warren Buffett: Contribute ideas for improving the economic system after the immediate crisis is resolved.
  • Willing to contribute good ideas for diet and exercise for the “athlete” (economy).
• Congress: Determine the right balance for regulation and government involvement in the system after the crisis.
  • This will likely involve some overcorrection due to democracy’s nature.

Personal Commitments

• Warren Buffett: To continue providing advice to the government.
  • He is already doing this and is willing to continue.
  • He is participating in this conversation for that reason.

Follow-up on Specific Economic Issues

• Warren Buffett: To be open to partnering with the federal government on investing the $700 billion rescue fund.
  • He jokingly offers to partner with the interviewer (“your money and my brains”).
• Warren Buffett: To continue to write letters to stockholders, explaining his financial views.
  • He has already written a section for the next annual report explaining why he thinks certain figures on their balance sheet are wrong.