Buffett: ‘We’re in a recession.’

Thinkprogress:

On CNBC’s Squawk Box this morning, billionaire investor Warren Buffett said that, “from a common sense standpoint right now, we’re in a recession.”

Conceding that “we haven’t had two consecutive quarters” of a decline in GDP — which is the technical definition of a recession — Buffett argued that, “on balance, most people’s situations, certainly their net worth, has been heading south.”