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.
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.