US not our of recession says reinsurance giant

Warren Buffett says the US economy has not begun to climb out of the worst recession since the Great Depression, Reuters reports.

"At the moment we don't see (the economy) getting better or worse, but that's better than you could say six months ago. The terror of last year is gone and that's thanks in part to the government,” Buffett said.

"The economy has not turned up but it will turn up ... I just don't know when," Buffett said. "It could be tomorrow," he added.

He said the Obama administration was "making progress with TARP and may end up making a profit. It certainly won't be a disaster."