Buffett says he sees America in Des Moines store

"In a broader sense, what happened with this store and this family is a metaphor for what's happened in America," Buffett told the crowd as he trumpeted an "American system" where people are free to unlock their capabilities.

"We're not too good at avoiding challenges, but we're marvelous at surmounting them," Buffett said. Looking around the store, he added, "I don't see how anyone can be a pessimist about the future of the country."

Responding to questions from the audience, Buffett later said he thought President Barack Obama has "done a first-class job," as has U.S. Treasury Secretary Timothy Geithner and others.

Other snippets included:

- On pollution controls contained in federal energy legislation: "We led the world into this, and we should lead the world out of it."

- On an oversupply of housing that's led to low prices: "Most of the problems in the housing market will be over in 18 months or something like that."

- On a mounting federal debt: "It is not dangerous where we are now. It may be dangerous where we are going."

- On taxes: "I would make the tax rates a little more progressive. I would help my cleaning lady and take a little more out of me."

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