Buffet Sees U.S. in Recession

By:: MortgageLoan.com | May 26, 2008

Warren Buffet, CEO of Berkshire Hathaway Inc and one of the world's wealthiest men in a recent interview on Sunday said he believes the U.S. economy is already in a recession.

Quizzed by German weekly, Der Spiegel as to whether the U.S economy could still avoid falling into a recession, he said that as far as the average person is concerned, it's already here.

"I believe that we are already in a recession," the 77-year-old was quoted as saying. "Perhaps not in the sense as defined by economists. ...But people are already feeling the effects of a recession."

"It will be deeper and longer than what many think," he added.

Buffet who is currently on a "deferred shopping tour" of Europe has $35 million to invest as he seeks to bolster Berkshire's subsidiaries, which presently include insurance, furniture, natural gas, corporate jet and candy companies.

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