Financier Warren Buffett has said the US government is generally taking the right steps to aid economic recovery.

The legendary investor was speaking to 35,000 shareholders of his Berkshire Hathaway company at their annual general meeting in Omaha, Nebraska.

The value of Berkshire Hathaway's investments fell by nearly 10% in the last year and Mr Buffett's personal wealth shrank by $25bn (£17bn).

He told the AGM he expected the company to make further losses this year.

Speaking at the opening of the meeting, Mr Buffett said it had been "a very extraordinary year" and the economy had experienced "a financial hurricane".

"When the American public pulls back the way they have, the government does need to step in. It is the right thing to do, but it won't be a free ride."

http://news.bbc.co.uk/2/hi/americas/8030727.stm