'The future of American and Wall St is bright'

The US economy should brace itself for the aftershocks of the unprecedented government stimulus. But the future of America and Wall Street is bright. That's the word coming in from the Oracle of Omaha Warren Buffett and Microsoft Founder Bill Gates.

In a special interaction with CNBC at New York's Columbia University, Buffett and Gates spoke about timing the exit from the loose money policy.

Here is a verbatim transcript of the excerpts from the interaction with Warren Buffett and Bill Gates. Also watch the accompanying video.

Q: We will start talking about being back on campus. What does it mean for you?

Buffett: Been a long time. This place does have pleasant memories because both Graham and Dodd and they are the reason I came to Columbia, they both treated me so much better as an individual.  I’d learnt from them intellectually already when I read the books and all that, but Dodd treated me like a son. He would take me out for dinner and Graham took a great interest. And that was just terrific for a 19 year old kid.

Q: When you come back to campus on a day like today – is it different, is it the same?

Buffett: They have added a lot of building and this building wasn’t here. We should go across the street about a block away and look at my USD 10 a month room.

Q: Is that still here?

Buffett: It is still here, there is an apartment house there and I forget, I believe I was on the sixth floor there and I had the maid’s room and paid USD 10 a month.

Q: When you are walking around campus – and you are from Harvard – at an early age. Do you ever regret leaving? Do you ever wish that you had stayed through? It is hard to argue with the results from where you are right now?

Gates: Being in school is a lot of fun because there are other smart kids around; some of the classes teach you something. But I had something I thought was urgent. So, I didn’t leave school because I didn’t enjoy it; it’s a great time in people’s lives.

Q: So you think people should take advantage?

Gates: I always say that unless you have some unbelievable opportunity you should stay and graduate.

Continued on next page...