Warren Buffett: 'We're still in a recession'; 'the government did the right thing' (Videos)
Warren Buffett, a financial leader and a bellwether of business, said we are still in a recession, but he also cautioned people against blaming the government.
The chairman of Berkshire Hathaway sat down with CNBC's Becky Quick to talk about the recession and the recovery.
"The government did the right thing in getting the economy going again," Buffett said.
In the second half of the interview, Buffett returned to the government's role in the recovery. He suggested that the Federal Reserve, rather than paying banks a quarter of percent on the trillion dollars on deposit, should charge a quarter of percent to leave their money on deposit to encourage banks to make loans.
The government's policies are not "kick-starting things as much as the American public would like," Buffett said. However, "we will come back regardless of how people feel about Washington. ... But it's not helpful to have people as unhappy as they are about what's going on in Washington."
Even though the National Bureau of Economic Research declared we were no longer in a recession, Buffett said: "We're in a recession until real per capita GDP gets back to where it was before. ... We're still in a recession and we're not gonna be out of it for a while. But we will get out of it."
Watch the interview here:
(Warren Buffett sits on the board of the Washington Post Company.)
| September 23, 2010; 9:15 AM ET
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