Buffet Says U.S. Economy Already in Recession

New York, NY, March 3, 2008--Investor Warren Buffett, whose Berkshire Hathaway Inc. owns Shaw Industries, said that by all practical measures the U.S. economy is already in a recession.

Buffett told CNBC that his firm’s retail holdings are showing a significant slowdown in purchases.

He also noted that millions of people have lost equity in their homes because home prices have dropped.

But Buffett said he could not predict how severe the slowdown might get.

Related Topics:Shaw Industries Group, Inc.