mr. buffett? >> i do not know what took place internally, but from listening to this and what i see on t chart, it looks like they twead their model. it is sometimes difficult for people to adjust their opinion that much in a short piod of time. >> that is right. too many mixed metaphors here. guess i would like to ask you, i know you testified in your internal testimony that you thought the government made the right decision in backing up these companies and that the markets needed reassurance -- reassurance at the time. there are many to believe that that demonstrates the breadth and scope of this crisis. we have som any other crisis. enron was the seventh largest corporation in an america -- in america. none of them are required trillions of dollars of taxpays' money to bolster the privateector, and yet you still it was necesry at the time. could you elucidate? >> in december 2008, our financial system bically came to a halt. you had 30 million americans with their money in money-market funds c

mr. buffett? >> i do not know what took place internally, but from listening to this and what i see on the chart, it looks like they tweaked their model. it is sometimes difficult for people to adjust their opinion that much in a short period of time. >> that is right. too many mixed metaphors here. i guess i would like to ask you, i know you testifi in your inrnal testimony that you thought the governmenmade the right decision in backing up these companies and that the markets needed reassance -- reassurance at the time. there are many to believe that that demonstrates the breadth and scope of this crisis. we have had some any other crisis. enn was the seventh largest corporation in an america -- in america. none of them are required trillions of dollars of taxpayers' moneyo bolster the private sector, and yet you still it was necessary at the time. could y elucidate? >> in december 2008, our financial system basically came to a halt. you had 30 million americans with their money in money-market

mr. buffett? >> i do not know what took place internally, but from listening to this and what i see on the chart, it looks like they tweaked their model. it is sometimes difficult for people to adjust their opinion that much in a short period of time. >> that is right. too many mixed metaphors here. i guess i would like to ask you, i know you testified in your internal testimony that you thought the government made the right decision in backing up these companies and that the markets needed reassurance -- reassurance at the time. there are many to believe that that demonstrates the breadth and scope of this crisis. we have had some any other crisis. enron was the seventh largest corporation in an america -- in america. none of them are required trillions of dollars of taxpayers' money to bolster the private sector, and yet you still it was necessary at the time. could you elucidate? >> in december 2008, our financial system basically came to a halt. you had 30 million americans with their money in

mr. buffett, should be out of the issue of pay model?hould we adopt the franken provisions in the senate bill which would say that when selecting rating agencies, they should be selected by the sec? what kind of radical surgery, had it been performed early enough, would have helped in the sense that the spreading agencies would not have enabled this flood of toxic mortgage securities? >> as the chairman, i hate issue are pay. we pay a lot of money and we have no negotiating power. >> i deeply resent the model myself. >> it makes for a wonderful economic model but as a practical or model, i have no negotiating power. i need a rating. it is required in many cases. if they say that it is $1 billion and i say it could be 900,000, there is no guy on the street. that is the nature of that. if you go to something other than user pay, it gets carried tricky. if i will buy a $10,000 municipal-bond, she will hear the ratings someplace published. >> united labs is a nonprofit model. you do not have the profit pressure. consumer reports does it. is

mr. buffett is going to be testifying there. we will have live coverage starting at 8:30 eastern time this morning on c-span 2. mr. buffett, when he testifies later on this afternoon we will content -- continue the coverage on c-span 2 as well as c-span radio. next phone call, a plymouth, massachusetts. go ahead. caller: it is truly said that americans have turned to this position of wanting their hands held. they need to put their hands together and get to work and do something. both parties are equally guilty of various, sundry things. we must do something. in defense of c-span, the people calling in to criticize c-span of being a balanced, please. c-span is a wonderful treasure. the problem with c-span is the people calling in. it has turned into a fight between federal hillbillies and innocent handy. host: mike, independent line. caller: this is such a ridiculous question. should the president show more emotion? what would it do if he stood on the beach with treatment -- with tears streaming down his eyes? would it plug the