The U.S. economy has not begun to climb out of the worst recession since the Great Depression, but the “terror” that followed last year’s near-collapse of the financial system is gone, due in part to government intervention, Warren Buffett told Reuters on Tuesday.
Buffett maintained a positive outlook on the government’s much criticized Troubled Asset Relief Program (TARP) for banks, saying it may ultimately turn a profit for the government.
“At the moment we don’t see (the economy) getting better or worse, but that’s better than you could say six months ago,” said the billionaire known as The Sage of Omaha for his long history of successful investments. “The terror of last year is gone and that’s thanks in part to the government.”
Buffett spoke to Reuters in a brief interview at the Fortune Most Powerful Women conference in Carlsbad, California.
U.S. President Barack Obama said on Tuesday that measures undertaken by his administration to rescue the economy — including a $787 billion stimulus package — were working, but warned a complete recovery would take “some time.”
Federal Reserve Chairman Ben Bernanke also gave a fairly upbeat view, saying the longest and deepest recession since the 1930s was likely over, but added it would “feel like a very weak economy for some time.”
Data released on Tuesday showed U.S. retail sales rose in August at the fastest pace in 3-1/2 years and a gauge of New York State manufacturing hit a near two-year high.
Economists generally agree that the U.S. economy is in the early phase of recovery but many remain worried about lackluster consumer demand, with rising unemployment crimping incomes.
Tags: bank, depression, economy, financial system, recession
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