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Buffett sees "long, deep" U.S. recessionUser Forum Topic
Submitted by La Jolla Renter on May 24, 2008 - 9:53am
May 24, 2008 7:30 AM ET 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." But he said that won't stop him from investing in selected companies and said he remained interested in well-managed German family-owned companies. "If the world were falling apart I'd still invest in companies," he said. Buffett also renewed his criticism of derivatives trading. "It's not right that hundreds of thousands of jobs are being eliminated, that entire industrial sectors in the real economy are being wiped out by financial bets even though the sectors are actually in good health." Buffett complained about the lack of effective controls. "That's the problem," he said. "You can't steer it, you can't regulate it anymore. You can't get the genie back in the bottle."
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"That's the problem," he said. "You can't steer it, you can't regulate it anymore. You can't get the genie back in the bottle."
I wish that the idiots on Capitol Hill would listen to him.
long and deep is relative.
Why are people so enamored about the "bottom" and V-shaped recoveries ?
What if we have long deep recession and not recover for the next 20-25 years? Would you be able to hold out that long to buy your next house? I know life and age won't be waiting for anyone.
if i did buy a home i do not have a problem holding it for 25 years.
maybe the point is that most people should buy it
Sorry bob007, I wasn't directing that question specific to you. It was just a general question to all who are waiting for the bottom to buy. We all have our prediction on how this whole thing will play out and when we personally would buy our first/next house. For those that are waiting for the absolute bottom before jumping in, would you be able to rent for the next 20-25 years if it takes that long for it to hit bottom? If not, at which point do you say, it make financial sense to trade off the financial downside for an emotional/personal upside?
if i want something bad and can afford it i will get it.
luckily for me i was raised to be financially conservative/prudent. it helps i am not attached to material things.
F*CK HIM. Buffet is a POS that started this whole housing boom in Southern California. He bought Prudential real estate in SoCal in 2001. He only buys companies that he believes has a huge upside and he smelled this market and knew it can be manipulated and that's why he bought it. If you read his yearly letters Prudential was a golden child of his company in 2003,2004. These rich pricks manipulate the hell out of the markets then step back and proclaim all hell has broken loose. Who's going to gain from a recession? The rich. Buffet will buy companies for pennies on the dollar once the ecomony hits rock bottom. Once there's an upturn he'll bail out for mega billions in profit. He's a scum of the earth. Some may worship him as a business man but he's a typical billionaire scum that made his money on the blood of others.