Posted on 03/09/2009 7:03:11 AM PDT by freespirited
Billionaire Warren Buffett said unemployment will likely climb a lot higher depending upon how effective the nation's policies are, but he remains optimistic over the long term.
Buffett said the nation's leaders need to support President Barack Obama's efforts to repair the economy because fear is dominating Americans' behavior and the economy has basically followed the worst-case scenario he envisioned.
"It's fallen off a cliff," Buffett said Monday during a live appearance on CNBC. "Not only has the economy slowed down a lot, but people have really changed their habits like I haven't seen." ...
He predicted that unemployment will likely climb a lot higher before the recession is done, but he also reiterated his optimistic long-term view: "Everything will be all right. We do have the greatest economic machine that's ever been created."
Fear and confusion have been driving consumer and investor behavior in recent months, Buffett said...
Whatever the government does to help the economy will likely benefit some people who made poor financial decisions, but Buffett said Americans should realize that everyone is in the same boat.
"The people that behaved well are no doubt going to find themselves taking care of the people who didn't behave well," Buffett said...
Buffett said he doesn't regret writing an editorial last fall encouraging people to buy U.S. stocks, but he joked that in hindsight he wishes he'd waited a few months to publish the piece. Since that editorial appeared on Oct. 17, the Dow Jones industrial average has fallen from 8,852.22 to close at 6,626.94 on Friday.
Buffett stands by his overall advice that over time owning stocks will be better than so-called safe investments...
Class A shares of Berkshire have lost about 45 percent of their value from a year ago. The stock closed Friday at $73,195.
(Excerpt) Read more at biz.yahoo.com ...
A lot of us probably outperformed Buffett over the past year. Not to mention that we didn't vote for a key cause of the crashing stock market.
My clients were down anywhere from 0% down to off 34%.
Most were down around 20-23%.
And I did not vote for Mr. Obama, but was astonished to learn how many of my friends did so.
I told them that will live to regret it...soon.
Buffett fell off his rocker
Not fell, Thelma and Louise drove it off!.......................
You shouldn't be, the whole "left" half of the country and a big chunk of the independents elected him........All my co-workers were / are just ga-ga head over heels in love with this con artist thug from Chi-town.............
President Toonces.
I like that one! (Smiling thorugh tears.)
It’s fallen off a cliff,” Buffett said Monday during a live appearance on CNBC.....
Earth to Buffett....WE know!
Molon Labe!
I have lost so much respect for that guy. His investment judgment leaves him every time when it comes to politics.
The economy was PUSHED off a cliff.
He has an intuitive grasp of the obvious.
I’m listening on cnbc - a re-run I know, but from when...
Buffett compares this economy to Pearl Harbor .....
we knew who the enemy was then - I would like to ask who Warren Buffett thinks the enemy is now!!!
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