'This Week' Transcript: Warren Buffett, Powerhouse Roundtable

One of the primary reasons we oppose this bill it's going to take away those opportunities that America gives the folks who come here unlawfully. But the way we've calculated the costs, and I've read the study over the weekend, it is -- I don't think anyone can argue with it. If you consider all the factors related to the amnesty -- and believe me, this is comprehensive, and it will have a negative long-term impact on our gross domestic product.

So we just want congress, for once, to count the costs of a bill. They're notorious for underestimating the costs and not understanding the consequences.

RICHARDSON: But senator, how can you say an amnesty after it takes 13 years? The citizen track is very costly. You have to jump through a lot of hoops.

Now, I agree, background checks, make them learn English, make sure that they embrace American values. But you know, to say it's an amnesty -- it's not an amnesty. It's a path to citizenship.

And also, there's legal -- there's legal immigration provisions in this bill. Legal, for thousands of engineers that want to stay here, software engineers that would be able to stay.

ROBERTS: It's no accident that the business community is lobbying like crazy for this bill, that the agricultural community is lobbying like crazy for this...

RICHARDSON: The AFL-CIO is for it, the Chamber is Commerce is for it.

DEMINT: The big ag companies and...

RICHARDSON: The Chamber of Commerce is for it.

(CROSSTALK)

RICHARDSON: The AFL-CIO is for it.

(CROSSTALK)

STEPHANOPOULOS: A quick break, I'm going to repeat the question. Do you block this legislation this year or not?

DEMINT: Well, it's difficult to -- I think if people read the bill, that it will be blocked because once you get into it, just like Obamacare, it is not what -- the way it's being advertised.

STEPHANOPOULOS: Got to take a quick break.

Warren Buffett up next. The world's best investor breaks in on that record-breaking stock market, Washington dysfunction, and why women are the key to the economy. We're back in just 60 seconds.

(COMMERCIAL BREAK)

STEPHANOPOULOS: After the Dow flirted with 15,000 on Friday, thousands of Warren Buffett's disciples flocked to Omaha for the legendary investors' annual day in the arena. Our chief business and economics correspondent Rebecca Jarvis spoke with Buffett after all the action. She's here now. Good morning, Rebecca.

REBECCA JARVIS, ABC NEWS CORRESPONDENT: Hi, George. Good morning. And it may look like a dog and pony show here at the Berkshire Hathaway annual meeting, a 5k race, which is special for this meeting, just took off behind me. But the real reason 40,000 people flock to Omaha every single year, is to hear from Warren Buffett himself on stocks and the economy. And that's where we began when we spoke.

(BEGIN VIDEOTAPE)

WARREN BUFFETT, CEO, BERKSHIRE HATHAWAY: Well, I don't know what the answer is to what the market will run next week or next month or next year. But the economy has generally gotten better over the last four years. The stock market got very depressed. I wrote about it in late 2008. And said stocks are very cheap. They're not as cheap now. They don't look overpriced. They certainly look more attractive than fixed-income investments to me.

But I have no idea what the stock market will do next week or next month or next year.

JARVIS: What about your businesses? What are the most encouraging signs that you see?

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