Billionaire investor Warren Buffet discussed the economy on CNBC's Squawk Box this morning, pointing out the obvious—how its has "fallen off a cliff"—while also trying to remain upbeat, saying the economy will be better in five years, though he'd "like to get there a lot faster than five years." Of course, Buffett's "off a cliff" remarks apparently offset a rally this morning!

Dealbreaker has video and a transcript; CNBC also has highlights, including Buffett saying that derivatives aren't "evil" though they are dangerous.