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To: bambs who wrote (11756)	9/6/2001 9:53:45 PM
From: flint	of 14638

Buffett Calls Magazine Report on Economic Forecast `Silly' By Tom Cahill New York, Aug. 24 (Bloomberg) -- Billionaire investor Warren Buffett dismissed as ``silly'' an article in Business Week magazine that reported he expects the U.S. economy will remain in a slump for eight years. ``It is a silly story,'' Berkshire said in a statement. ``Mr. Buffett has never made an eight-week, or an eight-month, let alone an eight-year forecast, and he doesn't plan on doing so.'' The chairman and chief executive of Berkshire Hathaway Inc. was reported in the Sept. 3 issue of Business Week as predicting the U.S. economy will remain in a standstill because of a ``hangover effect'' related to the swift pace of growth in the late 1990s. The report cited an undisclosed ``private equity investor who has heard the Sage of Omaha's reasoning.'' The U.S. economy grew in the second quarter at the slowest rate in eight years as business investment slumped. The Federal Reserve Tuesday lowered the benchmark U.S. interest rate a quarter of a percentage point, its seventh cut this year, and analysts expect lower borrowing costs to bolster spending later this year.

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