Warren Buffett on the two dangers to U.S. economy (video)

August 16, 2011

Berkshire Hathaway Chairman Warren Buffett (Rick Wilking/Reuters)

He said that he doesn’t think we’ll enter a double dip recession, unless two things happen: “people lose so much faith in government to handle things that they talk themselves into a huge funk in this country and... if somehow the troubles of Europe spilled over here.”

For the most part, Buffett, who brought his tax returns on the show, sounded optimistic about the country: “The American system works, it works wonderfully,” but he said it’s normal to have recessions from time to time. Hear his thoughts on what could harm the economic recovery here and see the whole interview here.

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