Economy Has 'Fallen Off a Cliff': Buffett

He sounds optimistic note at Columbia University forum

(NEWSER) - Warren Buffett says the worst is over. "The financial panic is behind us," he declared at Columbia University. The Berkshire Hathaway chief acknowledged that the US economy "still is sputtering some," but he sounded a bullish note on investment opportunities around the globe. While he gave "high marks" to Ben Bernanke and Timothy Geithner, he advised against future bailouts, reports Reuters . "More sticks are called for." More»

Deal will be Berkshire Hathaway's largest ever

(NEWSER) - Berkshire Hathaway has agreed to buy up the 77.4% of railroad operator Burlington Northern Santa Fe it didn’t already own for $26 billion, in what would be Warren Buffett’s largest acquisition ever. “It’s an all-in wager on the economic future of the United States,” says Buffett. “I love those bets.” Buffett says he uses railroad data as an indicator of the nation’s financial health. More»

(AP) - Warren Buffett said today the US government is taking the correct actions to help the economy recover. "The government is doing the right things," Buffett said before the opening of Berkshire Hathaway's annual shareholder meeting. "They're acting in a countercyclical manner." But he said he can't predict how quickly the economy and the markets will improve. More»

Oracle confident as he prepares to be buffeted by shareholders

(NEWSER) - The Oracle of Omaha still sees tough times ahead for the US economy, but he says he thinks the worst is in the past, CNCBC reports. “We’re at a war now to some degree, but Pearl Harbor was September,” Warren Buffett says. “There was a strike at the heart of the American system, the financial system. And we got past that.” But “the war isn’t over,” particularly for Buffett, who will face antsy shareholders tomorrow. More»

Insurance giant turns to Omaha after heavy annual loss

(NEWSER) - Insurance giant Swiss Re has reported an annual loss of $860 million and will turn to Warren Buffett to retain its investment-grade rating, the Financial Times reports. The company will raise $2.58 billion, of which more than half will come from Berkshire Hathaway—leaving Buffett with more than 20% of one of the world's largest reinsurers. Swiss Re will also cut its dividends and end its activities in financial markets. More»