Warren Buffett says the US economy says the economy is not getting worse, nor is it getting better, but has "hit a plateau at bottom."
"We have not bounced but we've quit going down," Buffett, the 79-year-old chief executive officer of Berkshire Hathaway Inc., said today in an interview on CNBC.
"We're through the worst of it in residential real estate in all probability," Buffett said today, adding that he doesn't expect a "double-dip" recession.
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Buffett, known as the "Oracle of Omaha," told a conference in California that his company was buying equities because "I am getting a lot for my money."
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"We're gonna have unusual losses in credit cards and in commercial real estate" in the economy, Buffett said today. "But we're a lot better off than we were a year ago. I mean for one thing, some of the toxic assets have been flushed through. There's been capital raised."
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Buffett reiterated his praise for Federal Reserve Chairman Ben S. Bernanke, Treasury Department Secretary Timothy Geithner and former Treasury Secretary Henry Paulson, calling them "heroes" for their management of the economy since last year.
"You can look back and say you could have done this a little differently or that a little differently, but at the time I called it an economic Pearl Harbor and in the end we got through Pearl Harbor," Buffett said. "And it could have turned out a lot differently."
Buffett on Bailouts and the Crisis
Buffett on Heroes and a Second Downturn
Buffett on Lehman and Last Year
Sources: Bloomberg | CNBC
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