Warren Buffett Watch

Charlie Rose

In an interview tonight (Wednesday) with Charlie Rose on PBS, Warren Buffett says, "In my adult lifetime I don't think I've ever seen people as fearful, economically, as they are now... The economy is going to be getting worse for a while."

Bloomberg also reports Buffett tells Rose that the freezing of credit markets is "sucking blood" from the U.S. economy, which he compares to a heart attack victim "flat on the floor."

Earlier today, in a telephone interview with CNBC following the announcement that Berkshire Hathaway is investing $3 billion in General Electric

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[GE  Loading...      ()   ], Buffett criticized Congress for not acting sooner on a financial rescue plan: 

"You've had an economy that's like a great athlete that's had a heart attack, cardiac arrest, and the paramedics that have come, (and are) arguing (about) who was at fault, the athlete should have been checking his blood pressure more carefully.  The important thing is to apply the resuscitator.  It doesn't help spending time worrying about who is to blame for the patient having the heart attack."

Buffett told us he still thinks Congress will "do the right thing" but will "feel better after the votes have been counted."  He warned that there will be "terrible, terrible" problems if Congress doesn't take action, sooner rather than later.

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