There’s a reason Warren Buffett is so revered: Because he deserves to be.

It’s a tall order to get up at 5am and speak for three hours and never say anything that isn’t wise, charming, or funny. Sure, it helps to have CNBC’s lovely Becky Quick sitting right there, but that’s not the source of Warren’s wisdom.

Full three-hour transcript here (with minor deletions), courtesy of CNBC. If you don’t have time to read it now, save it for the weekend.

Good morning, everybody and welcome to SQUAWK BOX right here on CNBC. This morning we have quite a show in store for you coming up today. As you probably know, our special guest for the next three hours is a man who needs no introduction. We are talking about Warren Buffett.

And, Warren, good morning. Thank you for joining us this morning.

Mr. BUFFETT: No, I try not to complain too much…

QUICK: One of the things we’d like to get straight to…is what you see happening in the economy right now. We’ve been talking to you for some time about what you see as some significant problems in the economy. And, from your perspective, have things gotten any better? Have they gotten any worse?

QUICK: Mm-hmm.

Mr. BUFFETT: Oh, I think they could easily go beyond that, yeah.

QUICK: Right.

Mr. BUFFETT: Well, how they got here was they had two businesses, basically.

QUICK: Mm-hmm.

QUICK: Mm-hmm.

Mr. BUFFETT: Yeah, they’re too big to fail.

QUICK: Yeah.

Mr. BUFFETT: No. I don’t know. No. They–I’m not getting called on it.

QUICK: OK. You’re not getting called on this, but you do…(unintelligible).

Mr. BUFFETT: I’m not getting called on that specific aspect of it.

QUICK: All right. Now you’re telling me we’re warm.

Mr. BUFFETT: They’re looking–they’re looking for help, obviously.

QUICK: Right.

QUICK: Mm-hmm.

QUICK: How much to you think they need?

QUICK: Mm-hmm.

Mr. BUFFETT: That’s right. I don’t say they’re evil, per se.

QUICK: Yeah.

QUICK: Mm-hmm.

CARL QUINTANILLA, co-host: Cherry Coke, yes.

Mr. BUFFETT: Yeah.

QUICK: …without paying. Is that an option for Coca-Cola down the road?

QUICK: Right.

Any truth to that at all, Warren?

QUICK: Right.

QUICK: What was the stock that you made the bid on?

Mr. BUFFETT: Oh, surprise, surprise. I never thought you’d ask.

QUINTANILLA: Nice, Beck.

Mr. BUFFETT: No, that–I have sort of a mind blankout after I learned…

QUICK: You made a half a billion dollar bid?

Mr. BUFFETT: Dollar bid, right.

QUINTANILLA: Oh sure, now you tell us.

Mr. BUFFETT: Yeah, it’s bigger than, yeah–you’re good, but…

QUICK: But not that good. No dice on this one? All right, well, Carl…

QUICK: Yes, and maybe you wouldn’t quite be on the defensive just yet.

QUICK: We’ve got them lined up.

QUICK: Mm-hmm.

QUICK: Yeah.

QUICK: Right.

QUICK: OK.

QUICK: Warren, what do you think about that?

QUICK: Right.

QUICK: Mm-hmm. Dave:

Mr. WALKER: Great.

(Announcements)

Mr. BUFFETT: I’m ready.

QUICK: All right. Let’s get to some…

Mr. BUFFETT: Where’s the popcorn?

QUICK: Oh, there–they didn’t provide popcorn quite this early…

Mr. BUFFETT: All right.

QUICK: Although you can’t expect to maintain deficits like that endlessly.

QUICK: Mm-hmm.

QUICK: (Unintelligible)

Mr. BUFFETT: You’re not going to change that if the price level doubles.

QUICK: Right.

QUICK: Right.

QUICK: Mm-hmm.

Mr. BUFFETT: True.

(Announcements)

Mr. BUFFETT: Well, Walter Scott arranged it for us.

QUICK: Right.

Mr. BUFFETT: Do I have a buy order this morning? The answer’s no.

CARL QUINTANILLA, co-anchor (Beijing):

BECKY QUICK, co-anchor (Omaha, Nebraska):

(Clip from “I.O.U.S.A.”)

QUICK: Mm-hmm.

QUICK: Mm-hmm.

Mr. BUFFETT: Right.

QUICK: What sort of insight does that give you?

QUICK: We want to talk to you about…

Mr. BUFFETT: But I do see an end.

Mr. BUFFETT: I don’t know.

QUICK: Can you put a time?

QUICK: Why?

QUICK: What…

Mr. BUFFETT: But that–that’s not news. I’m often wrong.

QUICK: What price did you sell at? It did not say in the filings.

Mr. BUFFETT: That’s right.

Mr. BUFFETT: That’s certainly correct.

Mr. BUFFETT: Well, if you were a betting man, you’d be betting.

QUICK: Oh, so you’re not going to necessarily come out there on that.

Let’s talk about the price of oil in general.

Mr. BUFFETT: Sure.

Mr. BUFFETT: Mm-hmm.

QUICK: Mm-hmm.

QUICK: Hm.

QUICK: Yes.

***

QUICK: Mm-hmm.

QUICK: Mm-hmm.

QUICK: Warren, you’re not convinced that things are quite as dire.

QUICK: Mm-hmm.

QUICK: Mm-hmm.

Mr. BUFFETT: But it wouldn’t be–wouldn’t be as good as if we didn’t do it.

QUICK: David?

QUICK: Hm.

QUICK: Mm-hmm. Right.

QUICK: Long on promises, short on ways on how to do it right now.

QUICK: But…

Mr. BUFFETT: I hope so.

Mr. PETERSON: If we don’t live too long.

Mr. BUFFETT: Yeah.

Mr. WALKER: Well, I agree with what Bill Novelli said.

QUICK: Mm-hmm.

Mr. WALKER: I mean, the American people are ahead of the politicians.

QUICK: Hm.

QUICK: Mm-hmm.

QUICK: OK.

QUICK: Yeah. Mm-hmm.

Mr. BUFFETT: (Unintelligible)

Warren, we want to thank you for joining us here this morning.

Mr. BUFFETT: I’m enjoying it.

QUICK: Yeah.

Mr. BUFFETT: It would–it would–it would take a much different situation.

QUICK: (Unintelligible)

QUICK: The dollar has gotten much stronger over the last month.

Mr. BUFFETT: Right.

QUICK: Is that a trend that you think can or will continue?

QUICK: Mm-hmm.

QUICK: But you don’t have any bets against the dollar right now.

Mr. BUFFETT: Not right now.

QUICK: You’ve taken them in the past. At the moment, nothing?

Mr. BUFFETT: That’s right.

QUICK: You have any currency plays right now?

QUICK: Mm-hmm.

QUICK: I bet you don’t.

Mr. BUFFETT: Yeah. I’m not going to ask him that question.

QUICK: You haven’t asked him that question.

Mr. BUFFETT: No, I didn’t–I didn’t–I didn’t put that one to him.

QUICK: Why not?

Mr. BUFFETT: I didn’t feel like putting him on the spot that way.

QUICK: But he got your support anyways.

Mr. BUFFETT: Well, I have a choice of two candidates…

QUICK: Right.

(Announcements)

QUICK: So you see it going right through? Which…

Mr. BUFFETT: Sure it’s going to go through.

QUICK: Which businesses are the toughest to get them through?

QUICK: Right.

Mr. BUFFETT: Take carpet, for example…

QUICK: Right.

Mr. BUFFETT: No, I wasn’t surprised at all.

QUICK: You weren’t.

QUICK: Mm-hmm.

Mr. BUFFETT: And if that happens again, we’ve got lots of troubles.

QUICK: Which is?

Mr. BUFFETT: Jack Welch is going to be my catcher.

QUICK: Jack Welch is your catcher.

Mr. BUFFETT: So if I–if that’s the pitch, it’s because Jack called it.

Mr. BUFFETT: September 9th, right.

BECKY QUICK, co-anchor (Omaha, Nebraska):

Mr. BUFFETT: Well, that’s why the Fed had to rush in on Bear Stearns.

QUICK: Right.

QUICK: Could there be another Bear Stearns this time around, though?

QUICK: Mm-hmm.

QUICK: Do you think that’s caused…

QUICK: Mm-hmm.

QUICK: Right.

Mr. BUFFETT: I mean, you create your own fire in this case.

QUICK: Mm-hmm.

***

QUICK: Right.

Mr. BUFFETT: Well, I don’t know about every area in the country.

QUICK: Mm-hmm.

QUICK: Mm-hmm.

QUICK: Sure.

Mr. BUFFETT: You’re paying me by the hour. I mean, why should I complain?

***

CARL QUINTANILLA, co-anchor (Beijing):

Yes.

QUINTANILLA: Yeah.

QUICK: You would be surprised if you don’t do something and then…

QUINTANILLA: I think it’s interesting, too…

QUICK: Go ahead, Carl.

QUICK: Mm-hmm.

Mr. BUFFETT: Right.

***

Mr. BUFFETT: It’s been fun.

Source: http://clusterstock.alleyinsider.com/2008/8/that-awesome-warren-buffett-cnbc-interview