Housing Recovery? Buffett Says No

Paul Volcker, one of President Barack Obama’s economic advisers, said recently that the economy was “leveling off at a low level” and doesn’t need a second fiscal stimulus package after the $787 billion plan signed by Obama in February. The U.S. economy contracted at a 6.1 percent annual rate in the first quarter, weaker than forecast, making this recession the worst since 1957-1958.

Billionaire investor Warren Buffett, the chairman and chief executive officer of Berkshire Hathaway Inc., said he’s seen no indication of recovery from the real estate slump that helped cause the U.S. recession.

“There’s no signs of any real bounce at all in anything to do with housing, retailing, all that sort of thing,” said the 78 year old Buffett, in a Bloomberg Television interview before the Omaha, Nebraska-based company’s annual shareholder meeting recently. “You never know for sure, even if there’s a leveling off, which way the next move will be.”

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