GLOOM AND DOOM

Buffett's 'Worst Case Scenario'

Says economy has "fallen off a cliff."

Just five months after writing an optimistic op-ed piece in the New York Times encouraging Americans to invest in the stock market, Warren Buffett admitted that the economy has "fallen off a cliff." Shares of Berkshire Hathaway, the billionaire's company, have lost nearly half of their value, and the prospects for the future do not look good. In an interview with CNBC, he said the economy has become a "worst case scenario" and added to growing criticism of Obama's economic plan, saying that it could lead to major inflation. While he is unsure when the market will bottom out, he does expect that in five years the economy would be back on track.