Buffett: Fannie and Freddie were creatures of Congress. They were supervised by Congress.

Why didn’t Buffett talk about this before, especially before the election!

BUFFETT: Well, Fannie and Freddie were creatures of Congress. They were supervised by Congress, and they actually sent the report annually to Sarbanes and Oxley. And every year, a 100-page report would go over and say these places are operating fine and risk looks (ph) and all that sort of thing. Congress was in charge of supervising, and they had a 200-person office that did nothing but look after those two, and look what happened.

So, I have some doubts of the efficacy of simple regulations. I like the really great personal downside. I think that can be more reflective. Interview>>