2008: What policies would Buffett implement if he was president of the USA?

AUDIENCE MEMBER: Mr. Buffett and Mr. Munger, my name is Guy Pope, and I’m from Portland, Oregon.

I enjoyed the cartoon this morning, and I’d like to expand on that.

I, too, like the idea of both of you serving as a single term as the President of the United States. During — hypothetically, let’s say, Mr. Buffett, you served the first term; Mr. Munger, you served a second term.

WARREN BUFFETT: I think the other way around is better, but go ahead. (Laughter)

AUDIENCE MEMBER: Each of you please name three difficult policy decisions you would implement during your term to better the country.

WARREN BUFFETT: Well, Charlie is going to serve the first term, so I’m going to let him name his three.

CHARLIE MUNGER: I think that one takes us so far afield that I think it’s asking too much. Three perfect solutions to the major problem of mankind from each of us in a few minutes?

We’ve just barely managed to stagger through life as well as we have, and I don’t think we’re quite up to it. (Laughter)

WARREN BUFFETT: We’d probably have a massive federal program for retirement homes, actually. (Laughter)

I would probably do something about the tax system that would change things so that the superrich paid a little more and the middle class paid a little less, but — (Applause.)

WARREN BUFFETT: That might be why you’d prefer to have Charlie serve first.