From the CNN transcript

Charlie Rose: Whatever, I'll take the deal, whatever you want to do.  There is this, though, I mean, in terms of alternatives, some people have suggested for example that why don't we -- why isn't America doing what Berkshire Hathaway is doing?  Why isn't that a better deal for America?
Warren Buffett: I don't think it would be crazy to have a model or an entity model on the Reconstruction Finance Corp.  That goes back to 1932, although it was really implemented in '33 under Jesse Jones, and it invested in mostly banks initially and preferred stock and that sort of thing.  So there are two things needed in the system, the one that's needed overwhelmingly is liquidity.  I mean, when people are trying to [unintelligible], there has to be somebody there to buy.  And they don't have to buy at a fancy prices, but to buy.  And then there's also a capital problem with some of the institutions.  We have provided capital here with a couple of institutions recently.  The Federal government did that in the `30s for the RFC and I think there could well be a proper role for government in that.
Charlie Rose: Would that have been a better idea today?
Warren Buffett: It wouldn't have been big enough today.  And it wouldn't have been -- you couldn't have -- if you'd set up at RFC today and you gave them $100 billion invested in the [spelled phonetically] capital, there'd be a very cumbersome type of application process and everything, these assets are getting shoved out day by day, and loans are coming to a commercial papers not being renewed.  I mean, the commercial paper market, when that dries up, you know, that's just like sucking the blood out of the economic body of the United States.  And that's happening.  So I would say that an RFC-like thing might make sense.  I probably would do it myself.  But I don't think trying to combine that with what's going through now, I think what is needed now is liquidity.
Charlie Rose: All right.  There are those who -- you just said you would do it yourself -- there are those who believe and it has been suggested, you know, that this is the time for Warren Buffett to answer the call of his government in a country that's been very good to him. I mean what are you prepared to do yourself beyond run Berkshire Hathaway well is this.
Warren Buffett: That's my job.  But any time I can be of help to the government in terms of giving advice -- I've given a little advice, actually.  [talking simultaneously] anyway, no.  I obviously am willing to do that. I'm here tonight talking about this for that reason. It isn't going to do anything for Berkshire Hathaway. Well, that isn't really true.

Volcker's response was kinda snide.

These gangsters are so obvious, so utterly unimaginative, coz they just, JUST can't do right. I started an ET post for Friday. But honestly. I said to myself, "To hell with it. People like surprises. Far be it from me to ruin their fun."

I've been listening to Motown all weekend ... absentee ballot came in the mail with homework: WTF are these state constitutional amendments?! This tune was HOT yesterday ...

Diversity is the key to economic and political evolution.