U.S. Economy Billionaire Warren Buffett says fear is dominating Americans’ behaviour and called on political leaders to support the president’s efforts to repair the U.S. economy.
“It’s fallen off a cliff,” Buffett said yesterday on CNBC. “Not only has the economy slowed down a lot, but people have really changed their habits like I haven’t seen.”
Buffett said the changes are reflected in the results of Berkshire Hathaway’s subsidiaries. He said Berkshire’s jewelry companies have suffered, but more people have been willing to switch to Geico to save money on car insurance.