US ready in recession

he world’s richest man, Warren Buffet said that United States is already in recession.

In an interview with German magazine Der Spiegel on Saturday, he said said the United States is already in recession and added: "Perhaps not in the sense that economists would define it" with two consecutive quarters of negative growth.

"But the people are already feeling the effects," said Buffett,"It will be deeper and last longer than many think."

Buffett, the 77-year-old chief of the Berkshire Hathaway holding company, just overtook Bill Gates this year as the world's richest man. His wealth jumped from 52 billion dollars last year to 62 billion.

Buffett also blamed financial institutions for introducing instruments 'they can no longer control. He also said he believed the financial markets should be more tightly regulated.

US economic growth has slowed dramatically in recent months and many economists say the US economy will experience a recession during 2008 amid a housing slump and related credit crunch.