The United States is already in a recession and it will be longer as well as
deeper than many people expect, U.S. investor Warren Buffett said in an
interview published in German magazine Der Spiegel on Saturday.
He said the United States was "already in recession" and added: "Perhaps not
in the sense that economists would define it" with two consecutive quarters of
negative growth. "But the people are already feeling the effects," said Buffett,
the world's richest man. "It will be deeper and last longer than many think."
But he said that won't stop him from investing in selected companies and said
he remained interested in well-managed German family-owned companies. "If the
world were falling apart I'd still invest in companies," he said.
Buffett also renewed his criticism of derivatives trading.
"It's not right that hundreds of thousands of jobs are being eliminated, that
entire industrial sectors in the real economy are being wiped out by financial
bets even though the sectors are actually in good health."
Buffett complained about the lack of effective controls. "That's the problem,"
he said. "You can't steer it, you can't regulate it anymore. You can't get the
genie back in the bottle
ROhit
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