Warren Buffett says US economy is suffering from past excesses and won’t recover quickly

Buffett predicts slow, uncertain economic recovery

OMAHA, Neb. — Billionaire investor Warren Buffett says he’s still not sure when the economy will recover, but he expects the rebound to be slow because American consumers remain uneasy.

Buffett said Wednesday that he thinks the key to economic recovery will be getting money back into most people’s pockets. He says the government’s first stimulus plan didn’t do that very well.

Buffett says the economic hangover the country is experiencing now is directly proportional to the size of the financial binge in previous years.

Buffett spoke to The Associated Press Wednesday before shareholders in his company, Berkshire Hathaway Inc., met to approve a 50-for-1 split of the company’s Class B shares.

On the Net:

Berkshire Hathaway Inc.: www.berkshirehathaway.com