07/25/2009 05:12 am ET | Updated May 25, 2011

Warren Buffett: U.S. Economy Still In "Shambles" (VIDEO)

OMAHA, Neb. (AP) _ Billionaire Warren Buffett says the economy has not yet had any bounce and will take some time to recover.

Berkshire Hathaway's chairman and chief executive conducted a couple of live television interviews Wednesday in New York. The interviews came before his lunch with a Chinese investment manager who bid $2.1 million in a charity auction to dine with the Oracle of Omaha.

Buffett said during an interview on CNBC that all the reports he sees from Berkshire's businesses show that the economy has remained fairly flat.

Buffett says there were a lot of economic excesses to be wrung out, and that process is still under way.

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During Buffett's CNBC interview he also noted that the "we haven't got the economy moving yet," and that the US economy is still in "shambles."

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