Buffett sees "long, deep" U.S. recession (Shut up already, Warren!)

http://news.yahoo.com/s/nm/20080524/bs_nm/buffett_us_recession_dc ^

[Charles Bronson Forever]

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."

[Charles Bronson Forever]

But it'll all be fine once a Dem gets in.

[Eurale]

And I see a leg growing out of Buffet’s forehead.

[aft_lizard]

Warren as an investor= gold, warren as an economist not so hot, he didnt exactly save california when he was advising schwarzennegger did he.

[LiberConservative]

He said the United States was "already in recession" and added: "Perhaps not in the sense that economists would define it"

WTF is this supposed to mean? What is he talking about? This guy's an idiot. Perhaps in a sense that nearly everyone would define it.

[Red Steel]

The last two quarters of the GDP has shown growth at 0.6%. Sorry Buffet, no negative numbers yet. “Long and Deep” my @$$.

[A message]

He said the United States was "already in recession" and added: "Perhaps not in the sense that economists would define it"

Then it's not a recession.

Buffet, I say you are already a dumba$$, perhaps not in the sense that dictionaries define dumba$$............

[Red Steel]

He said the United States was "already in recession" and added: "Perhaps not in the sense that economists would define it"

It means we'll tell you what is "recession" when we find it to our liking.

[FightThePower!]

I don't understand why conservatives feel like it is un-american to say that a recession is going to happen. They are normal, natural and have happened every 5-7 years since the beginning of time. There are serious imbalances in our economy that need to be corrected. Only a fool could not see it coming.

[freespirited]

WTF is this supposed to mean? What is he talking about? This guy's an idiot. Perhaps in a sense that nearly everyone would define it.

I guess he means a recession is when Berkshire Hathaway stock is down almost 20% from its 52-week high.

[spyone]

I agree. It is due, it is hitting, and it will be significant.

[SamuraiScot]

The United States is already in a recession and it will be longer as well as deeper than many people expect,

On the other hand, Buffett's probably got it hedged both ways, and is just saying this because he hopes to tank the economy—so some adultery-and-abortion-loving Democrat will get in.

[airborne]

He’s probably heavily invested in America’s failing.

[Anti-Bubba182]

I know what we need, let’s raise California property tax like Buffett suggested during Arnold’s campaign for Governor.(Buffett was ushered out very quick)

[lexusppd]

"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."

By rewriting the book on what actually defines a recession, Buffet is now able to make his own rules and state with confidence that we are in a recession because he says we are. These people are so desperate for an economic catastrophe that if they don't seem to be getting it they just change the rules and claim disaster is at hand anyway.

In buffets case he has probably massively shorted the equities markets and is trying to make his bet a winner. On the other side, George Soros a couple of weeks ago said he believed the credit crises was about done and although we wouldn't bounce right back the worst was behind us. Who's right? I haven't a clue but more importantly neither do they.

[Dr. Ursus]

HE’S IN LOVE WITH HILLARY!

[xkaydet65]

Bad mouth the economy enough and stox fall. Buffet jumps in and buys companies at bargain prices. He adds to his empire at a discount and makes huge profits when economy rebounds, as it will. You don’t get rich being stupid and being ruthless with other people’s money certainly helps.

[avacado]

1)"He said the United States was 'already in recession'"

2) "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. "

The guy is taking a page from Soros: bet against the U.S. economy by attempting to create a psychological recession which he hopes goes into a real recession while investing in foreign owned companies.

[Nervous Tick]

>> And I see a leg growing out of Buffet’s forehead.

What do you know? I see it too!

Of course, it’s not a real leg, like a biologist would define it... more like a pecker, actually. Or maybe that’s his nose.

[xmission]

Wasn’t it just about three weeks ago that he said we were coming around?

[zeestephen]

Re: “Buffett sees “long, deep” U.S. recession”

Translation:

“The stock price of my company, Berkshire Hathaway, is going down, and IT'S NOT MY FAULT!”

By the way, Buffet is a Democrat, and he has held fund raisers for Obama.

Obama has promised to allow the Bush tax cuts on stocks and dividends to expire.

And, Buffet claimed the USA was already in recession in August. Then he claimed it once again around January.

Wrong both times.

But with $135 oil and Obama on his way to the White House, Buffet can't be wrong forever.