Click here for Mobile Site: http://m.cbs5.com
  • Font Size    
Advertising
E-mail

Close Window E-mail This Page

Billionaire Buffett: U.S. Clearly In Recession

Required fields are marked with an asterisk(*)

The information you provide will be used only to send the requested e-mail and will not be used to send any other e-mail communications. Read more in our Privacy Policy

Send E-mail

   Print     Share +    Comments
Mar 3, 2008 5:45 am US/Pacific

Billionaire Buffett: U.S. Clearly In Recession

 CBS News Interactive: Eye On The Economy

OMAHA, Neb. (AP) ― Billionaire Warren Buffett says the U.S. economy is essentially in a recession even if it hasn't met the technical definition of one yet.

Buffett said Monday in an interview with CNBC that the reports he gets from the retail businesses his holding company owns show a significant slowdown in purchases.

The chairman and CEO of Omaha-based Berkshire Hathaway says millions of people have also lost equity in their homes because home prices have dropped.

The technical definition of a recession most economists use is two consecutive quarters of negative growth in the nation's gross domestic product.

But Buffett says the economy is clearly in a recession "by any commonsense definition."

(© 2010 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)

Add Comment

here. here. Need a log in? Register here
  •  * Will not be displayed with comment
  •  * e.g. (http://www.mywebsite.com)
  •  
  • Click here to refresh with new letters

Show Comments (0)

Close Window Login


Close Window Flag Comment


loading...
You need the latest Flash player to view video content.
Click here to download.

Click here to bypass this detection if you already have the latest Flash Player.

U.S. & World

Top News Stories

© MMX, CBS Broadcasting Inc. All Rights Reserved.