Warren Buffett on Paulson's $700 billion bailout

The market could not have, in my view, taken another week like what was developing last week.

It's everybody's problem. A collapse of the kind of institutions that were threatened last week would have caused industry, retail and everything else to grind close to a halt. Thank heavens that Paulson had the imagination to step up. [This plan] is absolutely necessary to avoid going over the precipice.

~ Warren Buffett, as appeared on CNBC, September 24, 2008