Warren Buffett talks with Bloomberg’s Josh Hamilton in New York about Buffett’s philanthropic efforts, US economic policy and the Federal Reserve’s efforts to support the US financial industry.

Buffett said that he was concerned about “stagflation”, or slowing in the US economy while inflation accelerates. “We’re right in the middle of it right now,” said Buffett, chairman of Omaha, Nebraska-based Berkshire Hathaway. “I think the ‘flation’ part will heat up and I think the ‘stag’ part will get worse.”

He said the US housing slump has been a drag on Berkshire’s earnings, adding that he was unsure when the economy would recover. “It’s not going to be tomorrow, it’s not going to be next month, and may not even be next year,” said Buffett.

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