When Warren Buffett talks, people listen. Today, there was an almost unprecedented amount of access to Warren Buffett and plenty of news was made. This morning CNBC sent Becky Quick to Omaha, Nebraska to be with the Oracle of Omaha. Buffett fielded numerous amounts of questions from CNBC viewers and gave his views on some of the most pressing issues in today's markets. 
Undoubtedly the most remembered quote from today's interview with Buffett was his take on the current state of the economy. Buffett said "I would say, by any common sense definition, we are in a recession." Buffett basically said that while we are not technically in a recession since the definition of a recession is two or more quarters out of the year which show negative GDP growth, we have already started the recessionary period.
Buffett also disappointed many stock market bulls when he was asked about stock valuations, and responded by saying that stocks are "not cheap" despite their recent declines. Mr. Buffett said that bond markets have changed more dramatically and appear to have some more attractive valuations.
It wasn't all gloom and doom from the Berkshire Hathaway leader though. Buffett said that the current environment is nothing like the 1970's, when stagflation was a major problem. He also said that he still believes that equities continue to be the best way to grow wealthy over the long run. He also said he believes that America and its economy will be just fine in the long run, and that his children and their children will live better than his generation has.
Today was a rare look deep inside Warren Buffett's mind. The Oracle has made his position clear, he believes a recession is here and the economy is some significant trouble, but that the future is still bright. Investors would do well to take some of Buffett's advice and worry less about what the market does in the short run and think of it as a long-term wealth builder.
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