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March 3, 2008

Warren Buffett: We're in a recession

Billionaire Warren Buffett said Monday that the U.S. economy is essentially in a recession even if it hasn't met the technical definition of one yet.
Buffett said in an interview with cable network CNBC 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 Inc. said millions of people have also lost equity in their homes because home prices have dropped.

"I would say, by any commonsense definition, we are in a recession," Buffett said on CNBC.

Read the whole AP story here.

Posted by Jay Hancock at 3:13 PM | Permalink | Comments (1)

Comments

Reading comments from Buffett and others on the recession we're in begs the questions - do we need the weatherman to tell us it's raining outside when all we need do is look out the window? Oh no! A recession! It looked like one before but no one was sure until we were told!

Posted by: bryanintimonium | March 4, 2008 10:27 AM

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About Jay Hancock

Jay Hancock has been a financial columnist for The Baltimore Sun since 2001. He has also been The Baltimore Sun's diplomatic correspondent in Washington and its chief economics writer. Before moving to Baltimore in 1994 he worked for The Virginian-Pilot of Norfolk and The Daily Press of Newport News.

His columns appear Wednesdays and Fridays.

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