Buffet comments on financial crisis

Billionaire investor Warren Buffett says the nation has been hit with an “economic Pearl Harbor,” and that the government must respond quickly. Buffett talked about the nation’s ongoing financial woes in an
appearance on the “Charlie Rose” show that aired on PBS.
“Confidence in markets and institution is a lot like oxygen, when you have it you don’t even think about it, when it’s gone for five minutes it’s the only think you think about. And the Oxygen has been sucked out of the credit markets.”
The 78-year-old Buffett says that in his adult life he has never seen people as economically fearful as they are right now.
“I don’t want to hold out on false hopes that by some magic mullet things will turn around in a couple months, they will turn around, I don’t know whether it will be six months or five years If we don’t do the things we should do it could be five years.”
Buffett says the government must respond quickly. The current high level of fear in the markets has allowed Buffett to find several attractive deals for his company, Berkshire Hathaway.