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American investor, billionaire Warren Buffett, (who was also referred to as world’s richest man by Forbes Magazine in March) gave his thoughts and views regarding US economy last Friday on CNBC television. He said that the US economy is in recession and will be weak until 2009.

Buffet said some housing-related business in his Berkshire Hathaway Inc. conglomerate are also struggling as the economy works off past excess in making credit available. Nevertheless, he also said that U.S. stocks are now actually better than a year ago. Berkshire also completely unwound a once $21 billion bet against the U.S. dollar, which helped boost the greenback in Friday morning trade.

Berkshire, which is best known for insurance holdings such as Geico and sells products such as ice cream and underwear, has been under the stewardship of Buffet and has been able to transform it from a failing textile company into a $180 billion conglomerate. Its 76 businesses also include housing-related units Acme brick, Clayton manufactured homes, Shaw carpeting and the Home Services of America Inc real estate brokerage.

Referring to Federal Reserve Chairman Ben Bernanke, Buffett said he has no “magic wand” to boost an economy facing weak growth prospects, mounting inflation and deteriorating credit. He added, “In my judgment, it won’t be any better five months from now.”