Buffett: Econ in "Shambles" With No Sign of Recovery
By XANA O'NEILL
Updated 10:45 AM PST, Wed, Jun 24, 2009
Warren Buffett said Wednesday the U.S. economy is in "shambles" and he has seen no signs of recovery.
In an interview with CNBC, the billionaire mega-investor said there has been little progress in the "economic war" being waged by the country in the past few months.
"We haven't got the economy moving yet," Buffett said on CNBC.
The so-called Oracle of Omaha said the economy is in such poor shape it will take years to recover - and he fears that inflation will be a problem in the years ahead.
Buffett said the focus should be on job creation.
He also told CNBC the stock market will be appealing "over the next 10 years" and praised Treasury Secretary TIm Geithner and Fed Reserve Chairman Ben Bernanke. "You couldn't do better," he said.
Earlier this year, Buffett said the economy is "very slow" and "getting slower."
He encouraged investors to put their money into U.S. stocks last October and placed his personal investments in the market -- but cautioned he was not trying to "talk-up" Wall Street.
"Investors are right to be wary of highly leveraged entities or business in weak competitive positions," Buffett wrote in an op-ed piece in the New York Times last October. "But fears regarding the long-term prosperity of the nation's many sound companies make no sense."
First Published: Jun 24, 2009 10:21 AM PST
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