I Hope Warren Buffett Was Misquoted

At his recent shareholders' meeting, Buffett on the recession:

“I think that virtually everybody associated with the financial world contributed to it,” Buffett said of the crisis. “Some of it stemmed from greed, some from stupidity, some from people saying the other guy was doing it.”

At CNBC a month or two earlier, Bueffett on the recession:

Well, we went wrong originally because we had a belief that--and everybody had the belief. I had it, the government had it, mortgage lenders had it, borrowers had it, media had it, everybody thought house prices could go nothing but up and--or at least they couldn't go down a lot.

I'd have a lot more confidence in the CNBC Buffett than in the other one.