Tuesday, September 15, 2009

Who in the world do we believe? Ben or Buffett?

US stocks pushed higher Tuesday, reaching new highs for the year, after Federal Reserve Chairman Ben Bernanke said the recession is likely over.

CARLSBAD, California (Reuters) - The U.S. economy has not begun to climb out of the worst recession since the Great Depression but the "terror" that followed last year's near-collapse of the financial system is gone due in part to government intervention, billionaire investor Warren Buffett said on Tuesday.

"At the moment we don't see it getting better or worse, but that's better than you could say six months ago," said the Wall Street guru known as The Sage of Omaha for his long history of successful investments.

"The economy has not turned up but it will turn up," he told Reuters in a brief interview at a Fortune conference in Carlsbad, California.

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