Oracle Of Omaha: US Is Less Than Halfway Through Credit Crisis
According to an article by Josh Hamilton on Bloomberg.com, Warren Buffett, the billionaire chairman of Berkshire Hathaway Inc., said in an interview in Frankfurt, Germany that the U. S. economy is less than halfway through the current credit crisis.
Said the "Oracle of Omaha": “I don’t necessarily think we’re halfway through or necessarily a quarter of the way through the effects throughout the general economy. The initial effects are felt by the people who really did the silliest things, but you can have a whole bunch of domino-type effects that eventually can get to people who are doing fairly sound things.”
The credit crisis, which has set home foreclosure records and collapsed Wall Street's fifth-largest securities firm, continues to wreak havoc on Wall Street. Buffett commented that the damage to the economy and individuals will keep mounting. “In my judgment, there’s a good chance that most of that is not over.”
