Warren Buffett was at the Fortune Most Powerful Women conference today, and was interviewed by Carol Loomis.

His read on the economy was pretty interesting.

As of today, our housing-related businesses are as bad as they've ever been during this period. Everything else you name is up. And our railroad carried 200,000 car loads last week, that's the highest total in three years. That's stuff moving around the country, supplying merchants and doing all kinds of things.

If you take our five largest businesses, all of them will either set records for earnings or just about set records for earnings this year. And in our retailing operations, we're seeing same-store gains just like before.

I really thought in August and September with all the turmoil in the markets, you'd see a falloff particularly in higher-priced items, but it hasn't happened yet. Maybe it will, but as of today, the recovery is still underway.

Read the whole interview >