Buffett: "Recession will be Longer and Deeper"

NEW YORK (Reuters)

• Warren Buffett, the world's richest person, said on Monday the U.S. economy is in a recession that will be more severe than most people expect.
• "This is not a field of specialty for me, but my general feeling is that the recession will be longer and deeper than most people think," Buffett said.
• "I think consumers are feeling gas and food prices," he added, "and not feeling they've got a lot of money for other things."

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• Buffett says recession may be worse than feared