The Sage of Omaha has spoken out on the state of the US economy. “From a common-sense standpoint right now, we’re in a recession,” Warren Buffett said today on CNBC television.

Buffett’s comment is in step with a large number of economists and commentators. The US economy has yet to see two straight quarters of declining gross domestic product, the traditional measure of recession.

The legendary investor and chairman of Berkshire Hathaway also said he is no longer offering to guarantee $800 billion of municipal bonds backed by bond insurers MBIA, Ambac, FGIC.

Buffett’s own insurance and investment company, Berkshire Hathaway, meanwhile, has reported an 18% decline in Q4 profit.