His genuine Nebraskan crystal ball is cloudy. It’s not clear whether Europe has the ability to do what it takes to stop the debt crisis in the region, Warren Buffett, Berkshire Hathaway CEO, told CNBC Monday in a wide-ranging interview that touched on the euro zone’s sovereign debt crisis, the U.S. housing sector and the legendary investor’s new stock investments.
On the subject of Europe, Buffett said he has no interest at the moment in investing in the region's banks, and that there is what amounts to a partial run on Europe. Buffett is often mentioned as a potential savior for the sector.
Buffett, who put $5 billion into Bank of America earlier this year, said he expects Europe’s economy to have improved 10 years from now, but getting there would be difficult. His name comes up whenever there is talk of a large European bank needing to raise capital, particularly in the current environment of write downs on sovereign debt.
Buffett also reiterated his position that the U.S. economy will improve when the housing market turns around. That turn will come, he said, when the country starts creating more households than houses….
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