I was listening to Warren Buffett talk about the credit crisis on Charlie Rose and I was very impressed. He had a way of putting complicated things into easy to understand terms. Here are some of the things he said that was memorable.

When asked about the bailout package, he said, "It's better to be approximately right than exactly wrong."

He thought the government can make some money on the deal with the financial institutions if they play the cards well. Essentially, the government is becoming the ultimate vulture capitalist. If he had the money and the staying power that the US Treasury has, he said he would play the cards.

On what caused the mortgage crisis: he mentioned the three "i"s: innovators, imitators, and idiots.