UPDATE 1-Buffett laments that U.S. economy has "no bounce"

* Economy still in shambles

* Bernanke deserves reappointment at Fed

* Stocks still attractive in the long run

By Jonathan Stempel

NEW YORK, June 24 (Reuters) - Warren Buffett said on Wednesday that the U.S. economy has "no bounce" and will take time to recover, but there is no risk of deflation to push it further into despair.

Speaking on CNBC television, the world's second-richest person also praised efforts by the Obama administration and Federal Reserve to jump-start economic activity.

He lamented that the slowdown has hurt his insurance and investment company Berkshire Hathaway Inc (BRKa.N: Quote, Profile, Research) (BRKb.N: Quote, Profile, Research), which runs close to 80 businesses and in the January-to-March period had its first quarterly loss since 2001.

"We have had no bounce" in the economy, Buffett said on CNBC television.

Asked whether the economy was still in a "shambles," as he had said in February, Buffett said: "I'm afraid that's true." But he added: "I don't worry about deflation at all."