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Warren Buffett sees US already in recession

Buffet made revelation in Der Spiegel magazine
May 25, 2008 12:00:00 AM PDT
One of the world's wealthiest men says the U.S. is "already in a recession" and it could be a long one. In an interview published in Germany's Der Spiegel magazine Sunday, Warren Buffet says the current situation may not fit economists' definition of a recession, but "people are already feeling the effects" of one.

Buffet also predicts "it will be deeper and longer than what many think."

The 77-year-old chairman and chief executive of Berkshire Hathaway gave the interview while in Europe for what he calls a "deferred shopping tour." The company has about 35 billion dollars in cash and Buffett is looking for possible acquisitions. Berkshire's subsidiaries include insurance, clothing, furniture, natural gas, corporate jet and candy companies.

 

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