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Warren Buffett says the |
AP Business Writer
OMAHA, Neb.
--Billionaire investor Warren Buffett said Wednesday that the global economy is definitely slowing because of continued problems in Europe and the decline in Asia.But he said the U.S. economy is still improving modestly and business will improve regardless of who wins the presidential election.
Buffett said that while the U.S. economy is outperforming those in Europe and Asia, American businesses would be performing better if leaders would address the nation's fiscal problems.
"We're still inching ahead, but we're inching," said Buffett, who addressed a variety of topics during a two-hour appearance on CNBC Wednesday.
The 82-year-old also said he is feeling good more than a month after finishing his prostate cancer treatments. "I feel fine. I feel great."
Back to the economy, the head of Berkshire Hathaway Inc. said he gets a sense of the economy's direction from reports he gets from subsidiaries of the Omaha-based conglomerate. Its holdings include the BNSF railroad, Clayton Homes and a large real estate brokerage.
Buffett said he thinks the economy will improve no matter whether President Barack Obama or Republican nominee Mitt Romney wins although he supports Obama. Buffett said he thinks the biggest differences between the two men are on social issues and whom they would appoint as judges.
"I think the economy will get better under either one of them," Buffett said.
Stock indexes closed Wednesday with slight losses, giving up modest gains from earlier in the day.
The Dow Jones industrial average fell 25 points to close at 13,077 Wednesday, a day after one of its worst drops this year. The Nasdaq composite index fell nine points to 2,982. The market began to fade after 2 p.m., when the Federal Reserve repeated its assessment that the U.S. economy still needed help to increase growth and lower unemployment.
