In an interview published in the April 28, 2008, edition of Fortune magazine, Warren Buffett said this about the looming economic downturn...
"...it seems like everybody says it'll be short and shallow, but it looks like it's just the opposite."
Buffett went on to say that deleveraging the mortgage industry is "going to be painful." We've been stimulating the economy through debt, he said, and deconstructing the debt and creating more positive economic stimulation will not be easy. But he remains highly optimistic about the U.S. economy in the long-term.
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