Monday, May 26, 2008

WORLD RICHEST MAN SAYS USA IS IN RECESSION

Report from CNA:

While economists quibble, the world's richest man has decided: the United States is already in recession. So Warren Buffett tells German magazine Der Spiegel in an interview to be published on Monday.

"It is perhaps not a recession in the way that economists would understand it... but people are already feeling the effects and it will be deeper and longer than people think," Buffett said on a visit to Frankfurt.

US economic growth has slowed dramatically in recent months and a growing number of economists believe the world's largest economy will experience a recession during 2008 amid a housing slump and related credit crunch.

Buffett, who overtook Bill Gates this year as the world's richest man, said he believed the financial markets should be more tightly regulated.

According to the Forbes annual billionaire's list published in March, Buffett saw his wealth jump from 52 billion dollars last year to 62 billion, pushing Microsoft co-founder Gates into third position after 13 years at the top.

1 comment:

sbvor said...

Notorious activist for the Democratic Party, 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:
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The Recession of 2008 That Wasn’t?
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