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Buffett sees "long, deep" U.S. recession

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posted on May, 24 2008 @ 10:12 AM
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Buffett sees "long, deep" U.S. recession


news.yahoo.com

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."
(visit the link for the full news article)



[edit on 24-5-2008 by grover]




posted on May, 24 2008 @ 10:12 AM
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If Warren Buffet says its bad...

And its just going to be getting worse... holiday travel is down to its lowest levels since 1979... and that is going to echo all across the economy. I lived in Portland Maine for 20 years and when the economy went south elsewhere it nosedived there, and any other place that relies on tourism dollars.

And that is just one indicator.

We are having our local Festival in the Parks this week, a 30+ year event and turnout and spending for it are at record lows.

Food... What a year ago cost me $70 to buy is now running about $120.

Gas... don't even talk about it.

The housing bubble and the credit crunch is tearing through this country and effecting everything.

This is the potential for becoming a depression real fast... and it is rapidly becoming systemic with no easy or quick fixes.



news.yahoo.com
(visit the link for the full news article)



posted on May, 24 2008 @ 10:19 AM
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reply to post by grover
 


and what are the potential remedies , do you know ....

1.Reduce defence expenditure
2. work to change peoples attitude on savings and expenditure (in india , people live with in their means
3.stop useless sabrerattling in the name of democracy or Iran , this tends to push up oil prices
4. Cooperate with Chinese and Indians in field of non conventional sources of energy(china has been developing some very power efficient and cost effective solar panels and innovative windtech ) , also India has Suzlon (windmill energy ) which is one of the largest companies in the world in terms of non-conventional sources

5. stop the Black ops/terrorism in other nations

so what do you think Grover??


[edit on 24-5-2008 by manson_322]



posted on May, 24 2008 @ 10:26 AM
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Those would be good... but really we had a chance in the mid/late 70's to really make a difference and we blew it.

We could have started retooling our economy then adapting more substainable and renewable resources, coverting homes and other buildings over to solar whereever possible and so on... and if we had started that then we could have created a boom that would last a century, while we had the time. We could start now but the desire is not in the government or business to do so.



posted on May, 24 2008 @ 10:30 AM
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Originally posted by grover
Those would be good... but really we had a chance in the mid/late 70's to really make a difference and we blew it.

We could have started retooling our economy then adapting more substainable and renewable resources, coverting homes and other buildings over to solar whereever possible and so on... and if we had started that then we could have created a boom that would last a century, while we had the time. We could start now but the desire is not in the government or business to do so.


in fact, if defence expenditure is reduced and defence contractors to spend on R & D of non-conventional sources of energy , it would much more beneficial for your nation , which is in a state of crisis like the Soviet Union was in 80's

re: today's USA behaves more like yesterdays USSR

[edit on 24-5-2008 by manson_322]



posted on May, 24 2008 @ 10:38 AM
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the recession has not hit this local area yet.
Myrtle beach SC, had the spring Harley Bike week last week and about 200,000 showed up over the 10 day festival period ~down from an expected 250,000~

And this Memorial Day weekend, begins a 7-10 day AtlanticBeach Bike week, and there are at least the 250,000 which were expected already here partying!
see: wpde.com...


Buffett is also looking for private, family businesses, over in Europe to buy,
If they're big enough for his Hathaway holdings to invest in.
Lots of money moving offshore !
seems to be a definite trend



posted on May, 24 2008 @ 11:14 AM
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reply to post by grover
 

Buffet doesn't know the half of it. Elliott Wave Theory, which has been around since the 1930's and has an astonishing track record of correctly predicting in advance major changes in trend for stock market prices (AND therefore economic growth rates), is saying that we are in the early stages of a Depression that will make the 30's look tame by comparison. It's a fact that few economists are even aware of, that every single time the stock market has dropped by at least 10%, economic growth 6-12 months later ALWAYS either slowed significantly or turned negative. ALWAYS!!! The bigger the drop in stock prices, the bigger the impact on the economy. To give you some idea of how overvalued stocks in general are, if the Dow Jones Industrial Average had continued to grow at it's long term (100 year) average rate, it would now be around 4,500 instead of 12,500!

For those of you who understand standard deviations, you'll find this interesting. Back in 2000, a professor of economics was interviewed on CNBC. He said that he had checked stock market data for the previous 150 years and he found that every time stock prices rose more than 3 standard deviation above the trendline, markets ALWAYS eventually plunged back below the trendline and that back in 2000, the markets had risen more than 3 standard deviations above the trendline.

So get ready for a rough few years. Things will get so bad, that there will literally be 'blood in the streets' from riots, wars, epidemics, etc. Is there a silver lining to this? Yes. If you're prepared for it, and can manage to have some money available when things hit bottom and start to recover, you'll be able to buy stocks, real estate, etc. for pennies on the dollar, which is exactly what a lot of the 'old money' wealthy families in the 30's did to make themselves even more rich.



posted on May, 25 2008 @ 07:04 AM
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I have no doubt we are in for a very rough time of it and that a serious and prolonged depression has us right in its sights.

But our so-called leaders will never tell us that... we will have to find out for ourselves.



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