US in 'economic Pearl Harbor': Buffett

WASHINGTON: The US is facing an ���economic Pearl Harbor��� that has spread fear throughout the country, billionaire investor Warren Buffett told Tom Brokaw in an interview on Dateline NBC.

���We have a negative feedback cycle going on right now,��� Buffett said, according to a transcript of the interview on CNBC���s Web site. ���We have fear which leads to people not wanting to spend, and not wanting to make investments. And that leads to more fear.���

Buffett, the chairman of Berkshire Hathaway Inc, said Barack Obama is ���the absolute right commander in chief��� to guide the country through the financial crisis. Obama, 47, will be sworn in on January 20.