Warren Buffett: Economy remains flat

Buffet said there were a lot of economic excesses to be wrung out, and that process is still under way.

Warren Buffet 88 224 (photo credit: Bloomberg)
Warren Buffet 88 224
(photo credit: Bloomberg)
Billionaire Warren Buffett says the economy has not yet had any bounce and will take some time to recover. Berkshire Hathaway's chairman and chief executive conducted live television interviews Wednesday in New York. The interviews came before his lunch with a Chinese investment manager who bid $2.1 million in a charity auction to eat with the "Oracle of Omaha." Buffett said during an interview on CNBC all the reports he sees from Berkshire's businesses show that the economy has remained fairly flat. He said there were a lot of economic excesses to be wrung out, and that process is still under way.