Behind every billionaire there is a story!

Warren Buffett: I Haven’t Seen As Much Economic Fear In My Adult Lifetime -

Billionaire Warren Buffett, the world’s preeminent stock picker, said the U.S. economy is “flat on the floor” after a cardiac arrest as companies struggle to secure funding and unemployment increases.“In my adult lifetime I don’t think I’ve ever seen people as fearful, economically, as they are now,” Buffett said today in an interview with Charlie Rose to be broadcast tonight on PBS. “The economy is going to be getting worse for a while.”

The biggest housing slump since the Depression has spurred a wave of defaults and a yearlong contraction in global credit markets, squeezing companies’ capacity for investment. Buffett’s Berkshire Hathaway Inc., based in Omaha, Nebraska, agreed in the past two weeks to buy $8 billion in preferred shares from General Electric Co. and Goldman Sachs Group Inc. to help the companies fund their businesses.

The credit freeze is “sucking blood” from the U.S. economy, Buffett said

watch it here:

http://www.charlierose.com/shows/2008/10/01/1/an-exclusive-conversation-with-warren-buffett