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Thursday, October 25, 2007

Subprime Woes May Linger for Up to 2 Years, says billionnaire Buffett

October 25 2007
American billionaire investor Warren Buffett said Thursday he remains negative on prospects for the U.S. dollar and that problems in the U.S. subprime mortgage sector may continue to cause problems for some time. Buffett said he is still "negative on the dollar relative to most major currencies." He said subprime problems could weigh on consumers for anywhere from another six months to two years. He made the comments during a press conference during his first visit to South Korea. The dollar has fallen against the yen, euro, British pound, India rupee and many other Asian and European currencies this year. The euro Euro , for example, has gained 8% against the dollar this year.

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