BUFFETT EXPLAINS THE CREDIT PROBLEM

Even I can understand this. From Bloomberg:

``One of the lessons that investors seem to have to learn over and over again, and they'll have to learn it over again in the future, is that not only can you not turn a toad into a prince by kissing it, but you also cannot turn a toad into a prince by repackaging it,'' billionaire Warren Buffett said today to reporters in Daegu, South Korea, where he's visiting cutting- tools maker TaeguTec Ltd., a subsidiary of Berkshire Hathaway Inc.

Buffett, called ``the world's greatest investor'' by biographer Robert Hagstrom, has described derivatives as ``financial weapons of mass destruction.''