Economy in a recession, prognozed fears will come true by Warren Buffett

"This is not a field of specialty for me, but my general view is that the recession will be longer and deeper than most people think," said Buffett. "This will not be short and shallow.

"I think consumers feel gas and food prices," he added, rather than feelings, they've got a lot of money on other things. "

On Wednesday the Ministry of Trade is expected to say how fast the economy grew in the first quarter. Economists on average forecast that gross domestic product grew by 0.2% annualized rate in the quarter.

Two quarters of declining GDP is a traditional indicator of recession. This last happened in 2001. Economists expect the Federal Reserve on Wednesday to reduce the key lending rate for the seventh time beginning last September.

Berkshire is a $ 197 billion conglomerate best known for its insurance holdings, such as auto insurer Geico, but he owns more than 70 businesses.

Many of these businesses are related to the housing market, including Acme bricks, insulation maker Johns Manville and real estate brokerage HomeServices of America.

Others depend on consumers to spend more on discretionary items, such as Ben Bridge Jeweler and Borsheims Fine jewelry.

"In the retail business ... Anyway, they were a bit worse," said Buffett. "Of course, things related to housing, whether in brick or in the carpet, these firms have shown no uptick at all. Bijoux were bad Christmas ... and it remained this way."