Warren Buffett to CNBC: U.S. Economy In "Shambles"; No Signs of Recovery Yet (Video)

From CNBC:

In a live interview on CNBC today, Warren Buffett said there has been little progress over the past few months in the "economic war" being fought by the country. "We haven't got the economy moving yet."

While the economy is a "shambles" and likely to stay that way for some time, he remains optimistic there will eventually be a recovery over a period of years.

Buffett says the nation should concentrate on creating jobs.

Buffett also noted that he had a cataract operation on his left eye about a month ago. He joked that he thought it might help him see "green shoots" for the economy, but so far he hasn't seen any hopeful signs.

Secret billionaire club seeks population control; Gates, Rockefeller, Turner, Oprah, Buffett, Soros, Bloomberg attend meeting (Video)

What the hell is this?

Billionaire club in bid to curb overpopulation

America's richest people meet to discuss ways of tackling a 'disastrous' environmental, social and industrial threat.



World Net Daily reports:

WASHINGTON – Some of the richest men and women in the world met secretly recently in New York to conspire on using their vast wealth to bring the world's population growth under control.

The meeting included some of the biggest names in the "billionaires club," according to the London Times – Bill Gates, David Rockefeller, Ted Turner, Oprah Winfrey, Warren Buffett, George Soros and Michael Bloomberg.

The meeting at the home of Sir Paul Nurse, a British Nobel Prize-winning biochemist and president of Rockefeller University, was the inspiration of Gates and took place three weeks ago.

"The informal afternoon session was so discreet that some of the billionaires' aides were told they were at 'security briefings,'" the Times reported today.

Stacy Palmer, editor of the Chronicle of Philanthropy, speculated that the secrecy surrounding the meeting may have been due to concern that "they don’t want to be seen as a global cabal."

Warren Buffet: U.S. Economy Has "Fallen Off A Cliff."

The Oracle of Omaha, Obama friend and supporter Warren Buffet, speaks on the economic crisis.


Warren Buffett tells CNBC's Becky Quick the U.S. economy has "fallen off a cliff."

During a three-hour appearance on Squawk Box this morning (Monday), Buffett said economic developments have been very "close to the worst case" that he had imagined, although conditions would be far worse if the Federal Reserve hadn't stepped in last September.

Other highlights:

• The economy "can't turn around on a dime" and a turnaround "won't happen fast."
  

• But, five years from now, the economy will be running fine. The strength of the American system will pull it through, just as it has many times in the past.
  

• Democrats and Republicans should work together and not try to take advantage of the economic situation to achieve partisan goals.
  

• Inflation has the "potential" to be worse than the 1970s.
  

• Most banks are in "pretty good shape" and can "earn their way out" of the current problems given the low cost of funds. Banks, however, "need to get back to banking."
  

• Extremely important that the government make clear depositors won't lose their money if banks fail. Obama needs to make a "clear statement" in support of the banking system.

• Berkshire is restricted from buying more American Express stock, but that doesn't mean it is not a "hell of a buy" at $10 a share.
  

• Wishes he had written the New York Times "Buy American" piece a few months later, but stands by the basic argument that you'll do better over a ten-year period with stocks that you will with Treasuries. He said in the article he wasn't calling the bottom of the stock market, and he still isn't.
  

• Buffett says derivatives are not "evil" and to be avoided at all costs, but they are "dangerous" and should be used very carefully. He still expects to make money on the long-term "put option" equity derivative contracts Berkshire has written.
  

• Housing market could work through, or "sop up," its excess supply in as little as three years if new construction is reduced to a level below natural population growth
  

• The U.S. economy was not a "house of cards" over the past ten years, but mistakes were made when it came to borrowing money.
  

• Mark-to-market accounting should be retained, but regulators shouldn't use it so much to require insitutions to increase their reserves.
  

• "Probably the uptick rule" is a good idea.
  

• Mistake to "demonize" corporate executives for using private jets. Having a jet has helped Berkshire make deals in the past.
  

• Praises Ben Bernanke's leadership as Federal Reserve Chairman.