IN BRIEF (Page 17)

Gloomy outlook

Billionaire Warren Buffett, whose Berkshire Hathaway Inc posted its worst results ever in 2008, said the economy "has fallen off a cliff" and that efforts to stimulate recovery may lead to inflation higher than the 1970s.

The American public is fearful, confused and changing their buying habits, which is showing up at Berkshire's operating units, Buffett said during an appearance on the CNBC television network yesterday. While the recession will end, the economy "can't turn around on a dime," Buffett said, adding that some inflation is appropriate right now.