May 27, 2008

Buffett sees "long, deep" U.S. recession

BERLIN (Reuters) - The United States is already in a recession and it will be longer as well as deeper than many people expect, U.S. investor Warren Buffett said in an interview published in German magazine Der Spiegel on Saturday.

He said the United States was "already in recession" and added: "Perhaps not in the sense that economists would define it" with two consecutive quarters of negative growth.

"But the people are already feeling the effects," said Buffett, the world's richest man. "It will be deeper and last longer than many think."

continued...

2 comments:

sbvor said...

Notorious activist for the Democratic Party (and, therefore, media darling), Warren Buffet, continues to pimp for an imaginary recession.

Imaginary? Yep! Even Buffett admits that his imaginary recession is:

“not [a recession] in the sense as defined by economists”

Rather, the #1 Democratic cheer leader for the imaginary recession declared it’s all about how people are “feeling”. Well, DUH! The freaking media have been ramming this doom and gloom FICTION down their throats for at least the last six months! It’s no wonder the na├»ve little lemmings are now “feeling” like they’re in a recession (when even Buffett himself admits they’re NOT).

The “report” goes on to note:

“Omaha-based Berkshire has about $35 billion in cash and is looking to invest.”

Is Buffett looking to drive the markets down in search of the value plays he is known for? I would not presume to know.

Remember, even The San Francisco Chronicle has already debunked Buffett once.

Also recall, Buffett freely admits that he:

“never made any money out of economic forecasting”

Meantime, the professionals whose income depends upon accurate economic forecasts, continue to forecast economic growth in every quarter of 2008.

It is increasingly unlikely that we are currently in a recession or that we will be at any point in 2008:
================================
The Recession of 2008 That Wasn’t?
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Volksgeist said...

Laughable. It's like some people have their head in the sand. We are in the midst of the collapse of the dollar and parrots like you quote the SF chronicle. Open your eyes, food costs are rising, oil is now 139 a barrel, unemployment has risen at a faster rate than it has in 20 years, people are losing their homes and hospitals all over are going under. The nations which hold our debt are dumping dollars for more stable currencies. Disagree with Buffet all you want, but the fact is our government, the fed, and the various speculators have driven our country into the poorhouse. We are broke, and the lien holders are foreclosing. We aren't just in a recession, we are in a downright depression, which if things don't drastically change soon will lead to total collapse of our economic system. Maybe this is the first step to an emergency North American Union. In that case, America and it's monetary system are already dead.