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04/29/2008 03:25 AM ID: 70331 Permalink   

Warren Buffett Predicts a Long US Recession

 

Shortly after his company acquired Wrigley (chewing gum company), billionaire and world's richest citizen Warren Buffett commented: "My general feeling is that the recession will be longer and deeper than most people think."

Buffett added that gas and food prices are having a strong impact on consumers. The US Federal Reserve may cut a lending rate this Wednesday to try to stimulate the economy.

Buffett also said: "In the retail businesses ... if anything, they've gotten a little worse...Of course, things connected with housing, whether it's in brick or whether it's in carpet, those businesses have shown no uptick at all."

 
  Source: news.yahoo.com  
    WebReporter: JFURY Show Calling Card      
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ASSESS this news: BLOCK this news. Reason:
   
  10 Comments
  
  Everyone burn a $10 bill  
 
And we'll stimulate the economy.
 
  by: Kuhl   04/29/2008 08:01 AM     
  @kuhl  
 
You could do that, but the gov would say yay! we can print more now!

cut taxes and print more, more & more! The people will cheer and love you for it when you say that magic word "tax cuts"...

It's like a numbing novocaine shot to the rectum, they don't know how bad there getting screwed over. But once the numbing wears off.... hello usd crash & recession then depression.
 
  by: ukcn001XYZ   04/29/2008 10:22 AM     
  I do not  
 
want to interfere in it because i am not
an american but i think this recession ends once.
 
  by: vizhatlan     04/29/2008 10:45 AM     
  I bet they'll do like Mexico  
 
We have no debts now. End of the line.

And I dont see it as a recession, it's just economic leveling. US economy is what it should be, bubble bursted.
 
  by: Rv3   04/29/2008 02:41 PM     
  Back to life  
 
Back to reality... for millions of Americans living beyond their means.
 
  by: spampeg   04/29/2008 04:09 PM     
  @Kuhl  
 
Burning all those $10 bills will cause massive global warming and increases in the CO2 levels. Just send me all your $10 bills and I will dispose of them properly. ...Really, I wouldn't sh!t you, you're my favorite turds. Honest!
 
  by: valkyrie123     04/29/2008 04:24 PM     
  By definition...  
 
If we hit 2 consecutive quarters with deflating GDP, we're in a recession.

I have no doubt that we're currently in one.

The question shouldn't be: is this just another small fed created bubble caused by marking interest rates too low. The answer is obvious.

The big question should be will this smaller bubble burst the bigger outer bubble. Those who understand the history of USD currency know what I'm talking about. For those scratching their heads, I'm talking about the our USD currency, which floats it's value on middle eastern oil trading.

The feds are coming closer and closer to bursting the big outer bubble every single time they scare USD investors away with lower interest rates.

The supply and demand of the USD is completely unstable right now.
USD investors are dumping out of the dollar in droves, killing demand. And the gov is printing and borrowing like there's no tomorrow, increasing the money supply. The end result is massive currency devaluation.

Our USD is on the ropes, many are disillusioned that the cost of oil is going up. Well it isn't, and you can base that on buying power. If you look at the buying power of a hard currency like gold, it's purchasing power has stayed relatively stable this whole time. It's been simply the USD that has become volatile, along with other currencies that are floating on the USD.

Oil prices aren't going up, our buying power is shrinking the more the feds keep printing new money and scaring away USD investors.

They say it's a careful balancing act, but I'm afraid that if the fed keeps at it, our floating currency vessel will have the same fate as the Hindenburg.

The Feds claim they're the saviors after every bubble burst, but if you look at the history of the fed, you'll see that they created everyone of them, even the depression....

ieeee..... people need to really wake up these artificially created crisis's...
 
  by: ukcn001XYZ   04/29/2008 07:52 PM     
  ^Sorry  
 
The fed will likely lower the interest rate mark tomorrow again, and I'm a little ticked off.... how oil prices are going to inevitably respond.
 
  by: ukcn001XYZ   04/29/2008 07:58 PM     
  The thing I dont like is  
 
That CA$ gained roughly 33% in value, and the price of oil got up by about 33% as well... So basicly, oil price went up by 66% for us.

While, technicly, they should have been stable. Of course their profits went up like crazy. But as they say, the price is high because of taxes, of course.
 
  by: Rv3   04/30/2008 09:01 PM     
  Hmm..  
 
They can only cut interest rates a couple more times before they'll be paying people to take some money and that may be pretty much what it will be worth.
 
  by: ixuzus     05/02/2008 01:37 PM     
 
 
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