Buffett: Economy Still in 'Shambles'

It'll take a while to 'wring out excesses'

By Ambreen Ali, Newser User

Posted Jun 24, 2009 2:32 PM CDT

(Newser) – The US economy is still in “shambles” even though the crisis in the financial system has abated, Warren Buffett told CNBC today. “It takes a while,” the investor said. “There were a lot of excesses to be wrung out and that process is still underway.” Inflation may become a problem, he predicts, but Wall Street will remain an attractive investment over the next decade.

[Images (2)]

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Warren Buffett speaks in Madrid. (AP Photo/Paul White, file)

Buffett holds a hand of cards bearing a caricature of his likeness, while playing bridge with shareholders. (AP Photo/Nati Harnik)

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Everything that I see about the economy is that we've had no bounce.
- Warren Buffett

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COMMENTS

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Showing 3 of 3 comments

brawne

Jun 24, 2009 10:44 AM CDT

He still might figure out a way to take it with him.

Observer

Jun 24, 2009 9:48 AM CDT

Buffet knows what's he's talking about. And he's giving most of his wealth away. Cheers to the man!

brawne

Jun 24, 2009 7:55 AM CDT

Thank goodness Buffet doesn't have to worry about the shambles since he 'prudently' purchased the privately-held Marmon Company and its tons of little businesses which all have something or other to do with the the stimulus package. It's only the first billion that's hard.

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Buffett: Economy Still in 'Shambles'