Buffett predicts slow, uncertain economic recovery

Investor Warren Buffett gestures during an interview prior to a special Berkshire Hathaway shareholders meeting in Omaha, Neb., …

Billionaire investor Warren Buffett said Wednesday he’s still not sure when the economy will recover, but he expects the rebound to be slow because American consumers remain uneasy.

The Chairman and CEO of Berkshire Hathaway said before the economy will recover, Americans will have to feel more comfortable about spending money.

“We need to get money in people’s pockets. The first stimulus plan did not do that very well,” Buffett said.

Buffett spoke to The Associated Press Wednesday before Berkshire shareholders met to approve a 50-for-1 split of the company’s Class B shares as part of the company’s planned acquisition of Burlington Northern Santa Fe Corp. [Read the full article]

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–A 63-year-old law, and two of its own decisions, that barred corporations and unions from spending money directly from their treasuries on ads that advocate electing or defeating candidates for president or Congress, but which are produced independently and not coordinated with the candidate’s campaign.

–The prohibition in the McCain-Feingold Act that since 2002 had barred issue-oriented ads paid for by corporations or unions 30 days before a primary and 60 days before a general election.

–The century-old ban on donations by corporations from their treasuries directly to candidates.

–The ability of corporations, unions or individuals to set up political action committees that can contribute directly to candidates but can only accept voluntary contributions from employees, members and others and cannot use money directly from corporate or union treasuries. [Read the full article]

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