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Video: Buffett on U.S. economy, future of newspapers

Buffalo News Chairman Warren E. Buffett was in Buffalo Wednesday to honor his friend Stanford Lipsey, who has retired after 32 years as publisher of The News and is now publisher emeritus.

Even with partisan gridlock in Washington, a sluggish economic recovery and soaring health care costs, the billionaire investor remains bullish on this country and its prospects:

Recently, his investments have included newspapers, even though they are far smaller than the companies he typically puts money into. He believes that subscriptions can be part of a smart Internet strategy, because newspapers can’t continue to charge for a print edition while giving away the online version of their product at no charge:

Here, Buffett and Lipsey reflect on when they first took control of The News:

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