Buffett says economy is in recession (Reuters)

[Eugene]

Source: Reuters

Buffett says economy is in recession
Sun May 4, 2008 4:59pm EDT

OMAHA, Nebraska (Reuters) - Warren Buffett, the world's richest
person, said on Sunday the U.S. economy is in recession, "as I
define it."

Buffett's comment was at odds with a U.S. Commerce Department
report last week showing the economy grew at a 0.6 percent
annualized rate in the first quarter.

"The U.S. is in recession as I define it," Buffett said at a news
conference. "I would define that as a situation where people are
doing less well than they were three months, six months or eight
months earlier and most businesses find themselves in that
position too.

"If were are in a non-recession, I don't think people want to
see it going in the same direction as it is and saying it's
wonderful," Buffett added.

(Reporting by Jonathan Stempel; Editing by Andre Grenon)

Read more: http://www.reuters.com/article/newsOne/idUSN0451154420080504