Economy Not yet in Recovery Mode: Warren Buffett
The business tycoon, Warren Buffett has in an interview stated that the American economy was not yet out of recession. He added that one way to prove that recession is still looming large over the economy is by studying most people and organizations in America.
Mr. Buffet felt that businesses in America were still not performing or earning revenues the way they were earning prior to the recession. His statements have come in sharp contrast to the opinion of economic experts, who had announced the end of recession on June 2009.
Mr. Buffett while reasoning his point of view further stressed on his commonsense in assessing the situation of the economy. He further added that the country would continue to reel under recession for some further time though they will get out of it.
In a memory from the past, it would not come as a surprise to many, but Mr. Buffett had announced the onset of recession in the beginning of the year 2008. He had predicted the onset of recession in the year 2008, by declaring that most of the Americans were in a weaker financial position than ever before.
The interview of Mr. Buffett was broadcasted by the network channel CNBC on Thursday.