Transcript: Warren Buffett on FOX Business Network today with Liz Claman

BUFFETT: I'd be more worried holding cash. I think that if you look at the side effects of the incredible dosage that we've had to give -- and I think that dosage has been 100 percent appropriate; I'm not knocking that. But when you apply the kind of medicine we've applied, you may have sort of unprecedented aftereffects, too. But the one thing about those unprecedented aftereffects is they're going to be very bad for cash. I would much rather own working assets than have cash in a period that well could become inflationary down the road.

Holy Crap. And he just bought a railroad company yesterday and today some more big buck items. He’s putting his money where his mouth is. And you’ve got to give him credit, he’s re-emphasizing what he thinks by giving this interview. There’s not much more he can do to clue people in.

Thanks Mr. Buffett.

I would much rather own working assets than have cash in a period that well could become inflationary down the road.

The problem is that no one knows what Obama is going to do. What industry he'll take over next and what requirements and financial demands his czars will shove down their throats.

Who wants to bet their life savings on what Obama will do next?

The trouble with what the old goat is saying is to separate the truth from the self-serving bs. His comment about the recent tax cuts benefitting the rich is nonsense, as after the tax cuts the the top 1 and 5 and 10 percent brackets all paid a yet bigger percent of the total tax bill, and the bottom 50% (or almost) pay no income taxes now.

On the inflation bit, his actions are equivocal. On the one hand, he did spend some cash for the railroad. On the other hand, this was partly a stock transaction when he normally prefers to do cash. You could read this to say that he got the railroad because it was at low price (normal business) but did a part stock deal to save cash. Saving cash is what you do if you expect other prices to fall and other bargains to buy.

Matching what the old goat says to what he does isn't easy. An example is his belief in death taxes. Is that his real moral stance, or does he support death taxes because he makes so much money selling insurance to help folks pay off death taxes?

“Holy Crap. And he just bought a railroad company yesterday and today some more big buck items. He’s putting his money where his mouth is.”

He’s going to get a big chunk of government money when they use his railroad to ship us to the camps.

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