Billionaire Warren Buffett says the U.S. economy is essentially in a recession, even if it hasn't met the technical definition yet.
Buffett said Monday on CNBC-TV that reports he gets from the retail businesses owned by his holding company, Berkshire Hathaway (BRKA)(BRKB), show a significant slowdown in purchases.
BUFFETT SPEAKS: Annual letter to shareholders
And millions of people have lost equity in their homes because home prices have dropped, said Berkshire's chairman and CEO.
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