Warren Buffett says US economy in recession

Billionaire US investor Warren Buffett said Monday that the American economy was already in a recession, but he also expressed optimism that the economy would rebound strongly in time.

Asked in an interview with the CNBC business television network whether he thought the economy was in a recession, Buffett responded: "I think it's clear. What isn't clear, is how far it goes."

"I see what's going on in terms of the wealth of Americans and how they feel about their houses, I see purchasing power decline, obviously when someone forecloses on a home, the purchasing power of that family is not going to be very much. I see unemployment increasing a little bit," Buffett said.