(Warren) Buffett: U.S. Essentially in Recession

[sabra]

Source: ABC News/AP


Warren Buffett Sees Retail Slowdown, Expects Tough Ride for Insurers

Billionaire Warren Buffett said Monday that the U.S. economy is essentially in a recession even if it hasn't met the technical definition of one yet.

Buffett said in an interview with cable network CNBC the reports he gets from the retail businesses his holding company owns show a significant slowdown in purchases.

The chairman and CEO of Omaha-based Berkshire Hathaway Inc. said millions of people have also lost equity in their homes because home prices have dropped.

The technical definition of a recession most economists use is two consecutive quarters of negative growth in the nation's gross domestic product.

"I would say, by any commonsense definition, we are in a recession," Buffett said on CNBC.

Read more: http://abcnews.go.com/Business/Economy/wireStory?id=4377284

[Nicholas D Wolfwood]

But... but Bush said we weren't going to be in a recession at all!!

I'm so confused!! :sarcasm:

[Tesha]

12. Like Buffett said, "by any *COMMONSENSE* definition..."; that rules Bush out. (NT)

[onehandle]

1. ...since March of 2001. nt

[ixion]

3. yep, I agree

there never was a recovery. It was simply the RW noise machine squawking.

[ixion]

2. and things are just getting started.

it's all downhill from here for the next couple years.

[Preston120]

4. So What Is New? People on a budget have known this for awhile

[qanda]

5. I know...

I'm far from a billionaire and I could have told you that!

[originalpckelly]

6. I always liked his music, I guess that's how he became a billionaire.

[DCKit]

7. Nah, it was his sales empire...

Berkshire Hathaway door to door sales. It's bigger than Avon, though some have accused him of running a huge pyramid scheme. Everyone knows the musicians don't make the big money, the record labels keep most of it.

[Lithos]

8. This is Warren, not Jimmy

n/t

[RedEarth]

9. I've liked his music as well...

Jimmy, that is. I haven't heard Warren sing yet, maybe he's good too. :)

[Skink]

10. Gas is 3.10 already

It is a recesssion for everybody but the multinational oil companies.

[brightsunfordimwits]

11. Evil corporations

Why no one is celebrating when evil corporations make loss or hit by recession?

We are here to destroy the evil corporations arent we?