Buffett: ‘We’re in a recession.’

On CNBC’s Squawk Box this morning, billionaire investor Warren Buffett said that, “from a common sense standpoint right now, we’re in a recession.” Conceding that “we haven’t had two consecutive quarters” of a decline in GDP — which is the technical definition of a recession — Buffett argued that, “on balance, most people’s situations, certainly their net worth, has been heading south.” Watch it:

[flv http://video.thinkprogress.org/2008/03/BuffettRecession.320.240.flv]