Business, Finance & Economics

Warren Buffett: global economy is slowing 'no question'

warren-buffett-2011-12-09.jpg

Warren Buffett (R) with the president of Japanese firm Tungaloy, Yoshito Uehara (back L), upon his arrival at Tokyo's Haneda airport on Nov. 20, 2011.

Credit:

YOSHIKAZU TSUNO

Warren Buffett said Wednesday there is 'no question' the global economy is slowing.

The billionaire investor blamed the current slow down on declines in Europe and Asia but said the US is 'still inching ahead.'

He made the comments on a two-hour appearance on CNBC in which he also shared some of his current investment strategies.

With less than two weeks until the presidential election, the Oracle of Omaha said the economy will continue to improve regardless of who wins the election, the Washington Post reported.

However, Buffett does support President Barack Obama. 

More from GlobalPost: America the Gutted: a global investigation

Buffett said while America was doing better than Europe and Asia, the nation’s fiscal problems must be addressed, the Post wrote.

“We’re still inching ahead, but we’re inching,” Buffett explained.

Buffett said he recently bought more shares of Wells Fargo and commented he thought banks are "still a good business."

He also told CNBC he was "salivating" for another big acquisition but would not reveal the company.