Warren Buffett, whose business and investment acumen has made him one of the world's wealthiest men, was quoted in an interview published Sunday as saying the U.S. economy is already in a recession.
Asked by Germany's Der Spiegel weekly whether he thinks the U.S. could still avoid a recession, he said that as far as the average person is concerned, it is already here.
"I believe that we are already in a recession," Buffet was quoted as saying. "Perhaps not in the sense as defined by economists. ... But people are already feeling the effects of a recession."
"It will be deeper and longer than what many think," he added.
The 77-year-old chairman and chief executive of Berkshire Hathaway Inc. gave the interview while he was in Europe for what he called a "deferred shopping tour," looking for possible acquisitions.
Omaha-based Berkshire has about $35 billion in cash and is looking to invest. Berkshire's subsidiaries include insurance, clothing, furniture, natural gas, corporate jet and candy companies. Berkshire also has major investments in such companies as Coca-Cola Co. and Anheuser-Busch Cos.
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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 naïve 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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And the uninformed spew ...
This nation is in a recession.
The world is in a recession.
Even the most generous economic prognosticators are giving the entire world only a 1% 'growth' economically.
That is a recession, folks.
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