Q: So you both care about education, students and their future. You both are given a tonne of money, so you both believe in philanthropy too. What else you find in common, the first time you both met?
Buffett: We were the most terrible golfers. We have sober eating habits. He has his ways to go but we are in sync on most things.
Q: There are a lot of concerns about the independence of the Fed, especially all these bills that are moving through congress right now. Do you worry about that?
Buffett: There is nothing more important in the economic future of the country than to have an independent Fed. This has been demonstrated over the years. It was demonstrated even particularly in the last fall. However, you don't want to forearm with the independence of the Fed.
Q: Do you think the system is perfectly fine? People are saying it's a antiquated system anyways?
Buffett: The regional banks are better adapted than 1911. I am not sure whether you need someone reporting from Longhorn. In terms of its fundamental mission, as a central bank, it has done a good job over the years. It has had good leadership and curbing the independence of the Fed could lead to a lot of mischief.
