Buffett: "Enormous Progress"

This past week Warren Buffett said that it is now very clear that the low point in the US economy has already passed, with "enormous" progress being seen over the past year.

Buffett attributes much of the strong uptick to swift government action last fall and winter. The actions were paramount in keeping the economy from complete collapse.

"We made enormous progress since a year ago... What happened in September and October of 2008 will particularly be remembered for a long, long time," Buffett said in an interview with Business Wire CEO Cathy Baron Tamraz that was released late in the day Tuesday.

Buffett continued, "And while the governmental authorities malign things sometimes, they fortunately did some very right things, very important things. They did them properly, and they kept us from going over the cliff."