'This Week' Transcript: The Giving Pledge

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Buffett: It is not a zero sum game, you know. I mean, we, the fact that penicillin was discovered in England has been great for people in the United States. If they come up with an electric car first or whatever that works, the important thing is that benefits of the world's innovation flow to the whole world.

[Commercial Break]

PART TWO:

BACK NOW WITH OUR SPECIAL EDITION OF THIS WEEK - THE GIVING PLEDGE - HOW THE WEALTHIEST AMERICANS ARE MAKING A MORAL COMMITMENT TO GIVE THEIR BILLIONS BACK. IN PART TWO WE ASK BUFFETT, THE GATES AND TED TURNER ABOUT SOME OF AMERICA'S BIGGEST CHALLENGES.

AMANPOUR: Does there need to be a sense of sacrifice in the United States?

BUFFETT: there's no sacrifice among the rich. There's plenty of sacrifice going on now. I mean, if you look at Iraq and now Afghanistan, there's been sacrifice. But I would doubt if you take the people on the Forbes 400 list -- whether many of them have a child or a grandchild that served in Iraq or Afghanistan -- they come home in body bags to Nebraska, but they don't have to call up anybody up at the country club to notify them.

WARREN BUFFETT CALLED THE FINANCIAL meltdown IN THE FALL OF 2008 AN ECONOMIC PEARL HARBOUR. AND HE's given CREDIT TO THE FEDERAL GOVERNMENT FOR SAVING THE ECONOMY. "IN THIS EXTRAORDINARY EMERGENCY," HE WROTE YOU, MEANING THE GOVERNMENT CAME THROUGH - AND THE WORLD WOULD LOOK FAR DIFFERENT NOW IF YOU HAD NOT." BUFFETT SAYS HOWEVER, THAT THE ECONOMY STILL HAS A LONG WAY TO GO BEFORE IT COMES ROARING BACK.

AMANPOUR: Is there a magic bullet solution even though it's not something that can be cured in a week, But can people look forward to full employment...in a few years?

BUFFETT: They can look forward to their children living better than they lived and their grandchildren living better. But it will come back slowly. I mean, it's not an easy thing. If I had a great idea, believe me, I'd have been raising my hand wanting to come on your program earlier to tell the world about it. I don't have any brilliant ideas on it. I do know that business is coming back. When business comes back, employment comes back. And the genius of the American society has not been lost.

AMANPOUR: how does the United States, in this situation, generate jobs, compete with China, India, and actually bring those jobs to Americans?

B. GATES: Well, there's not a fixed number of jobs. The fact that other countries are doing well actually creates opportunities for jobs. The question for us is, are we educating people well? That's the number one thing. If you want to look at economies improved created a lot of jobs, even just look within the unemployment figures. Look at the college-educated unemployment versus, say, high school only, versus dropout, and you'll see that the education system is what's out of whack. The demand is there if you have the right skills. That's not an immediate solution, but for tough problems like this, you really -- it's only by looking at the long run that you solve it.

AMANPOUR: since you are known as a very clever and savvy entrepreneur. You took many risks, you embodied the American Dream if you like. Today there are major problems with the middle class, with the small businesses. How would you advise kick-starting the economy today?

TURNER: I think stimulating it with borrowed money, probably -- and I don't like deficits either. I believe in balanced budgets and making a profit .....

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