One of the foremost business investors on the planet doesn't know much about capitalism, according to Governor Goodhair of Texas.

ANDREW SORKIN, CNBC: Governor Perry, real quick. Warren Buffett is going to be in New York tomorrow for an Obama fund-raiser. Curious about your thoughts on the Buffet Rule.

Gov, RICK PERRY: I think it's right down to the real problem that we've got in Washington, D.C. an administration that is listening to people who really don't have an understanding about what's going on out there in the real world. you think -- I respect -- I think Mr. Buffet is a really intelligent individual. I can promise you he doesn't know what's going on in places that where the job creation is at a zero because of overtaxation and overregulation. Dodd-Frank is strangling the small community banks across america. It needs to be repealed. We need to get Washington out of the business of overregulation. It's killing our country.

ANDREW SORKIN: Taxing millionaires? Do you believe ultimately is going to kill jobs?

GOV. RICK PERRY: I think taxing millionaires is such a fake way to talk about what's going on in this country.