Billionaire Warren Buffett says the economy remains in a recession, by his definition, because most people and businesses still aren't doing as well as they were before the financial crisis.
Buffett talked about the economy and his Berkshire Hathaway Inc. businesses in an interview that aired Thursday on CNBC.
Buffett's assessment of the economy contradicts the view of experts who announced this week that the recession officially ended in June 2009. But Buffett says he uses a commonsense standard to evaluate the economy.
Buffett gets insight into the health of the economy through the performance of Berkshire's subsidiaries. Buffett's Omaha based company owns clothing, insurance, furniture, utility, jewelry and corporate jet companies.