Buffett sees more trouble ahead

Billionaire investor Warren Buffett said Friday the economy continues to be in a recession, by his definition, and will continue to be for at least several more months.

During a live appearance on CNBC, Buffett said ripples of the credit crunch are continuing to cause problems in financial businesses and the economy.

Earlier this year, he said a financial crisis reveals which players have been "swimming naked," because the tide goes out.

That picture has worsened along with the crisis.

"We found out that Wall Street has been king of a nudist beach," said Buffett, who is chairman and chief executive of Berkshire Hathaway, which is based in Omaha.

He's confident the nation will be doing better five years from now, Buffett said, but the economy could be worse five months from now.