Buffett warns about economic outlook

March 9, 2009 10:27:53 PM PDT
Billionaire investor Warren Buffett is warning the economy has "fallen off a cliff", and he's calling on Washington to come together.

"Not only has the economy slowed down a lot, people have really changed their behavior like nothing I've ever seen," said Buffett.

Buffett said fear and confusion have been driving consumer and investor's behavior in recent months.

He called on Congress to stop partisan bickering and rally around the president's efforts to repair the economy.

Buffett also predicted that unemployment will likely climb a lot higher, and we may see inflation worse than the 1970's. But he also said he remains optimistic about the u-s economy over the long term.