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Billionaire investor Warren Buffett says the
U.S. is engaged in an "economic Pearl Harbor."


      In an interview that aired Sunday on "Dateline NBC," the
chairman and CEO of Berkshire Hathaway Inc. said the nation's
economic situation is not as bad at World War II or the Great
Depression, but it's still pretty severe.


      Buffett said Americans are in a cycle of fear, "which leads to
people not wanting to spend and not wanting to make investments,
and that leads to more fear. We'll break out of it. It takes
time."


      Buffett's interview centered on President-elect Barack Obama and
the tough task he faces in fixing the U.S. economy.


      "You couldn't have anybody better in charge," the Omaha
resident said of Obama, who'll be sworn into office on Tuesday.


      As one of Obama's economic advisers, Buffett said the
president-elect listens to what his advisers say, but ultimately
comes up with better ideas.


      He predicted that Obama will be able to convey the severity of
the economic situation to the American people and explain their
part in alleviating it.


      As to how long the crisis would continue, Buffett said he didn't
know.


      "It's never paid to bet against America," he said. "We come
through things, but its not always a smooth ride."


      Omaha-based Berkshire owns a diverse mix of more than 60
companies, including insurance, furniture, carpet, jewelry,
restaurants and utility businesses. And it has major investments in
such companies as Wells Fargo & Co. and Coca-Cola Co.

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Billionaire investor Warren Buffett says the
U.S. is engaged in an "economic Pearl Harbor."


Buffett says US in 'economic Pearl Harbor'

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