Warren Buffett, Chairman and CEO, Berkshire Hathaway said the market were unlikely to fall any further and only a 9/11 kind of situation could rock the economy now. “The market sort of formed a plateau at the bottom right now but if you have got some horrible events, some of the 9/11 type of event or worse you could have something that could be really disruptive and start things all over again. We are past the critical point.”
Buffet said though the economy has not bounced back it has quit going down and it would soon come back. “I have never been able to tell whether it's going to be a week, a month or six months but we are on the mend.”
On the real estate front Buffet said, “We are certainly through the worst of our residential real estate in all probability and the reason is we are building a lot fewer houses than we are forming households, so that solves itself overtime than do it in a day or week, but it solves itself. Some of the toxic assets have been flushed through, there has been capital raised, we are measurably better off than we were a year ago.”
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