Warren Buffett's interview with Becky Quick marking the one-year anniversary of the height of the financial crisis aired in two parts on CNBC this morning and last night.
In part one, Buffett described the phone calls he got over that weekend in September, 2008, as Lehman and AIG were trying to avoid collapse. He didn't make any deals and says he has no regrets about what he did, or didn't do.
In part two, Buffett says he doesn't see a "bounce" in the economy right now, but also doesn't expect a 'double-dip' recession and thinks residential real estate is improving.
This is the transcript and video of the complete interview, including portions that did not air on TV in either part.BECKY QUICK: Welcome everyone. We are here at Fortune's Most Powerful Women conference with Warren Buffet, who is one of just three men who made it into this conference. Warren, thank you very much for joining us today.
WARREN BUFFETT: That's right. Thank you.
BECKY: How'd you-- how'd you make it into the women's conference? (LAUGHTER)
BUFFETT: Nobody knows. I mean-- for a guy that couldn't get a date in high school this is Heaven, I can tell you that. (LAUGHTER)
BECKY: You know, we've been looking back at a year later. We are one year out from Lehman's and a lot of people are trying to figure out whether it was the right choice, whether it was the wrong choice. There are some people who say if Lehman didn't fail the rest of the-- the capital markets would not have survived. What do you think?
BUFFETT: Well, I think -- I think Lehman was destined to fail unless the government came in big time. And -- you know, for one reason or another the -- they generally said they didn't have the authority. My experience usually is it that whatever the government wants to do, they find the authority, but if -- if -- listen, if Merrill Lynch hadn't gotten sold on -- on -- on -- on Sunday -- what would have happened Monday would have been off the charts....MORE