Becky Quick, along with the rest of the Squawk Box team, threw question after question at Buffett. Though I claim to know a little about the stock market, simply listening to this man speak, you can tell how much of a genius he is when it comes to the economics and Wall Street.

At one point, Buffett brings up how he’d change the tax rate for the rich. His long standing belief is that the rich are under-taxed. In fact, he goes onto say,

…if you take the 400 richest Americans and the 400 people who paid the greatest income tax— the Treasury’s been putting those figures out for 15 years or so. If you go back 15 years, the average income of the 400 top people— the 400 top people’s around 45 million. They paid about 27 percent. Now it grew, the most recent figures, to 350 million. That is incredible. And that’s nothing like’s happened to the rest of the world. The tax then was 16.6. So while they’ve gotten ungodly richer, the rate has come down 11 points. Now, that is a big tilt in the world. And I would go after the very rich.

I think he is exactly right. By keeping the tax rate so low for the rich, America is truly beginning to divide itself into the haves and have nots.

The quote above is around the 3:30 mark.

It is clear that Warren Buffett is the type of man that we need in an office of power that will get us on the right path. He is for closing corporate tax loopholes and fixing our medical system (which has ballooned to 17% percent of GDP… while other civilized nations it’s around 10%). His analogy of the Euro crisis was brilliant, saying

…They linked 17 countries together. It’s like 17 people holding hands, and they start walking toward a cliff and some guy on the end is going to go over the cliff and he said it won’t make any difference because this guy’s going to keep holding my hand. And then you got two of them over the cliff. And the real question is whether the guy in the center, the big heavyweight, decides, you know, that— whether he wants to keep holding hands with this group.

The chances of Warren Buffett entering the political arena is 0%. That may not be bad though, as he may have more power in his current position.

If you’d like to view the read the transcript of the full interview, click here.

The worst part of the story is how the students got treated. Apparently an email was sent to the students after finding the all the doors locked.

…said the school is closed. They’ll be no class until further notice [and to] contact the corporate office.

Wow. Some kids were only weeks away from graduation and won’t be able to get their diploma. The tuition was $12,000 and they won’t even get that back!

The school blames the closing on tightening private student loan markets. The school’s lender, Pittsburgh-based PNC Financial, seized control of all the school’s accounts. This rendered the school unable to proceed.

There is no good way to resolve this. I just sat thinking for 10 minutes on how I’d handle this and I didn’t come up with anything. I guess that’s why I’m not a college president.

Oil prices are now down to $49.55 a barrell, down from the summer high of around $147.00. That is so incredible for me. Just as the housing and credit bubbles have burst, so has the gas bubble. These prices have such a trickle down effect that it will end up effecting everything we as consumers come in contact with. Milk to snickers bars and everything in between should be lower because it won’t cost as much to ship them.

Hopefully now my McDonald’s double cheeseburger will go back to $1.00…