'This Week' Transcript: Warren Buffett, Powerhouse Roundtable

BUFFETT: Well, we see a very gradual improvement. But we've been seeing that for about four years. On balance, they're moving forward, but not at a rapid clip.

JARVIS: What would it take to get a more rapid clip?

BUFFETT: I think to some extent, it takes time. We've had a lot of fiscal stimulus. We've had an extraordinary amount of monetary stimulus. And I think those were the right things to be doing considering the incredible situation that existed in 2008.

I generally approve of what the latter stages of it hit, what the Bush administration did. I approve of what the Obama administration has done.

Nothing is perfect, but we had some huge problems in 2008. And our country is doing reasonably well coming out of that. It's a lot slower than people would like, but it was a lot bigger problem than any of us had ever seen.

JARVIS: When you say nothing is perfect, what do you make of the dysfunction in Washington right now? Do you think this could be a lame duck presidency?

BUFFETT: Well, it's tough to watch what happens in Washington. And it's gotten more and more partisan.

But now, so many elections are determined by the primaries and not the November elections, that it does tend to push both sides to the extremes and to cause them to dig in and feel that they can't bend from positions because they'll get primaried.

JARVIS: One of the issues is immigration reform. And your son, Howard, has advocated on behalf of immigration reform. How critical do you believe a new policy is to our economy?

BUFFETT: Well, I think we need to have a policy. I mean, we've been bouncing this one around for a considerable period of time. And I think we should have a more logical immigration policy, too.

JARVIS: What would that be like?

BUFFETT: It would mean we would attract a lot of people. We would attract the people we want to attract, in particular. I mean, I think in terms of educating tens of thousands, or hundreds of thousands of people, who we enhance their talents and they're not stick around here. I would love to see that change.

JARVIS: You are say take the people who come into this country for education and make them citizens?

BUFFETT: And certainly offer them the chance to become citizens, sure.

JARVIS: You have taken up the chance to become a member of the Twittersphere.

BUFFETT: Here we go.

JARVIS: Tweet away.

BUFFETT: OK. "Warren is in the house."

JARVIS: Which is a surprise to a lot of people, because you held out for so long.

BUFFETT: You're still looking at a technophobe who is kind of pathetic in that -- in all things news, but I felt it was giving additional distribution, particularly to an article. I wanted that wide distribution about women. So I joined Twitter. And it seems to be working.

JARVIS (voice-over): In the article in Fortune magazine, Buffett called women the key to America's prosperity writing "we've seen what we can be accomplished when we use 50 percent of our human capacity. If you visualize what 100 percent can do, you'll join me as an unbridled optimist about America's future."

(on camera): You're bullish on women.

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