The billionare investor Warren Buffet, who has huge investments in the banking and insurance industries, recently
said that the US economy has ‘fallen off a cliff.’ Speaking on US cable network CNBC, Buffet said that the economy
has not only slowed down, but habits of the Americans have changed considerably. The 78-year old owner of the investment and insurance firm Berkshire Hathaway added that it is up to the US government to turn around the economy and reduce the effects of the recession. His long term view of the recession was however optimistic but warned that unemployment will rise further before the recession is over. “We’re in a big war,and we’re going to use money to fight it. ”Change won’t happen overnight, he concluded. “You can’t turn around on a dime.”

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Posted by Shue on April 30th, 2009 :: Filed under Uncategorized
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