Good News Ahead for U.S. Economy?

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Is the worst of the credit crisis over? The world's richest man, Warren Buffet, seems to think so.

Buffet's assessment comes against the backdrop of some positive economic news.

The 'Oracle of Omaha' Speaks

The man known as the "Oracle of Omaha" is dispensing what many believe to be divine financial knowledge. And if his predictions are true, it could mean good news for America's sluggish economy.

Click play to get Pat Robertson's analysis following CBN News Correspondent John Jessup's report.

Warren Buffett believes "the worst of the crisis on Wall Street is over,'' saying bankers are no longer nearly as anxious about the global credit crunch as they had been.

To navigate these uncertain times, Buffett says it's important to take a long-term view.

"I don't worry whether next month or next year is going to be up down or sideways," Buffet said.

However, Buffett also believes it'll still be a few more years until we hit the bottom of housing crisis.

But just because he's the richest many in the world - doesn't mean everyone has to agree.

Credit Crunch Over?

Some analysts believe the recent rebound in stocks is the result of fresh optimism that the worst of the credit crunch may be over.

Last week, President Bush said he's confident the economy will get back on track.

"We have been through a recession; we have been through a terrorist attack; we have been at war; we have had corporate scandals, we have had major natural disasters and yet this economy always recovers. We're a resilient economy," Bush said.

And some analysts believe the dollar may have hit bottom as well. The greenback rose after the fed announced last week it will stop cutting interest rates. That's given the dollar it's most positive outlook since 2005.

And on Friday, retail gas prices fell slightly the first time in more than two weeks of setting new record highs. Some analysts believe gas prices may be near a peak for now.

This may sound like good news, but it has yet to translate to the average American. A new gallup poll out today shows half of all Americans say they're cutting back on spending as they grow increasingly pessimistic about the economy.

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CBN News
John Jessup

John Jessup

CBN News Washington Correspondent

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