BILLIONAIRE Warren Buffett says the US
economy could recover in five years, likening the current battle
against prolonged recession as a Pearl Harbour-like situation during
World War II.
"I think that economy will be fine in five
years, but I wish we'd get there faster,' said Mr Buffett, one of the
world's richest men, in an interview with CNBC.
"America's best days are ahead, but how fast we'll go there is in
question.'
Mr Buffett, who heads the holding company
Berkshire Hathaway, said the Federal Reserve's "prompt and wise
action' had prevented the situation from "getting even worse' as the
central bank cut interest rates to virtually zero and took other steps
to reign in turmoil.
"It
takes five minutes to become fearful, much more time to regain
confidence. The system does not work without
confidence,' he said.