Here is video of Billionaire Warren Buffett in an interview with CNBC today saying that the U.S. Economy has "fallen off a cliff." Buffett says he has seen more drastic changes in American consumers than at any time in his lifetime. He believes the fear Americans have has changed their spending habits, and that will not be altered quickly.
Buffett said the core of the problem goes back to the belief that housing prices could only go up and never down, a belief he said everyone had - including himself. Buffett said this economic disaster will end, but it will take time. Buffett continued to liken the crisis to an Economic "Pearl Harbor."