Excerpts: Warren Buffett on Charlie Rose

"I felt it was an opportunity to buy a business that is going to be around for 100 or 200 years, that's interwoven in the American economy in a way that if the American economy prospers, the business will prosper. It is the most efficient way of moving goods in the country. It's the most environmentally friendly way of moving goods, and both those things are going to be very important. But the biggest thing is, the United States is going to do well. I mean, we can't move the railroad road to China."

"We came closer to a financial meltdown than certainly any other time I've ever seen, and probably in certain respects, there was even more panic than the Great Depression, because it came on so fast and so unexpected. And the whole country wanted to deleverage -- corporations, individuals -- fortunately we have a government that responded. It was when we talked last, there was the question of whether Congress would respond like they should; they finally did. And I felt they would. In the end, they come together over things that are this vital to the country. But we have the right people in Washington. If we'd had a group that behaved like a deer in the headlights, that deer would've gotten run over."

"The stimulus was not perfectly executed, and nothing's perfectly executed. I mean, we shouldn't be criticizing that, but . overall, if you get the job done I don't believe in picking too much at given actions. But you know, there should have been more infrastructure in there, and they hung a Christmas tree on it -- as I said, it's sort of like mixing a tablet of Viagra with candy. I mean, it would have been better to leave out the candy and have the full Viagra."

"In the end, Congress is the one that determines the value of the dollar over time. If they follow policies that require us printing too much of it, monetizing debt and all that sort of thing, dollars will become worth a lot less . They have to -- once the economy is rolling again, they've got a apply some -- they've got to raise taxes now that income will go up as the recession ends anyway, but they're going to have to close the gap between expenditures."

"I basically don't like it (value-added tax) because it's somewhat akin -- it's isn't the same -- but it's somewhat akin to a sales tax . we don't need more regressive taxes in the United States . I think that if we're looking for more money, we ought to look to guys like me. I mean, I am still paying a lower rate on dividends and capital gains than my cleaning lady is, in terms of her payroll tax just to start with. And so, I just think that we've gotten so far out of whack in terms of who's been prosperous in recent years. And most of the economy -- most people have been left behind, you know. So, we learned that a rising tide lifts all yachts."

"I am a hundred percent for the independence of the Fed . I mean, if you have a central bank that is bowing to the will of Congress, either directly or indirectly through some various mechanisms, it would be a disaster."