WARREN BUFFETT SAYS U.S. IS IN A RECESSION

Although the technical definition of a recession is two consecutive quarters of negative growth in GDP, so it is not yet possible to officially declare that we are in a recession, billionaire businessman Warren Buffett told CNBC that the United States is in a recession "by any common-sense definition."

From USA Today:

Billionaire Warren Buffett says the U.S. economy is essentially in a recession, even if it hasn't met the technical definition yet.

Buffett said Monday on CNBC-TV that reports he gets from the retail businesses owned by his holding company, Berkshire Hathaway, show a significant slowdown in purchases.