last few weeks. there are these fears over the default by the u.s. gump. we're lucky to have rick newman with us. a great columnist for yahoo. >> what is the debt limit? >> if the u.s. government cannot pay interest on the debt, those are treasury bonds. if it says, we give with the full faith and credit of the bonds when you bought them, we can't make your interest payments, maybe we can't make your principal payments, that would be default, and that's the nuclear holocaust scenario warren buffett is talking about. >> these are the bills we owe and we will not have the money to pay these after october 17th. is warren buffett right? >> he's right, and here's why he's right. treasure securities are the underpinning of the entire world's financial system. they're trillions and trillions of dollars of these things out there, pension funds hold them. these are widow and orphan types investments. if suddenly the u.s. government