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Buffett says U.S. in ‘economic Pearl Harbor’

Posted By admin On January 19, 2009 @ 5:30 am In Money Watch | Comments Disabled

AP [1]
Monday, Jan 19, 2009

Billionaire investor Warren Buffett says the U.S. is engaged in an “economic Pearl Harbor.”

In an interview that aired Sunday on Dateline NBC, the chairman and CEO of Berkshire Hathaway (BRKA, BRKB), said the nation’s economic situation is not as bad at World War II or the Great Depression, but it’s still pretty severe.

Buffett said Americans are in a cycle of fear, “which leads to people not wanting to spend and not wanting to make investments, and that leads to more fear. We’ll break out of it. It takes time.”

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[1] AP: http://www.usatoday.com/money/economy/2009-01-18-buffett-economic-pearl-harbor_N.htm?csp=34

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