Buffett Says Economy Will Be ‘In Shambles’ for 2009

Feb. 28 (Bloomberg) -- Billionaire Warren Buffett said the economy will be “in shambles” for the rest of this year as financial firms take losses tied to reckless loans made during the housing boom. The Standard & Poor’s 500 Index will probably gain in three-quarters of the next 44 years, just as it did in the period since Buffett took over Berkshire Hathaway Inc. in 1965, he said today in his annual letter to the company’s shareholders. While Buffett and business partner Charlie Munger can’t predict how stocks will perform in 2009, they’re certain “that the economy will be in shambles throughout 2009 - and, for that matter, probably well beyond,” he wrote.

www.bloomberg.com...

Even Warren Buffettt thinks the economy is going to be in shambles the rest of the year...and beyond.

Kind of goes against Bernanke's statement earlier this week...that we could possibly get out of the recession by the end of the year.

Everyone should know that is BS though.

Who is right? Bernanke or Buffet?



My vote is Buffet.

reply to post by bismarcksea


Um..yeah...definitely not Bernanke.

He knows how bad it is...that's why he said what he did.

He's just trying to encourage us to keep spending into the system which results in more debt to China...the greatest Creditor nation in the world.

We cannot sustain this much longer.

[edit on 28-2-2009 by David9176]

Buffett is just as corrupt as the bankers. Last summer he took a big stake in goldman sachs and then a week later came out in favor of the bailouts. His credibility is zero.

How about a big CAPTAIN OBVIOUS for you there Mr B.
I don't think we have to be as sophisticated and special as you, to figure this out

reply to post by Make Speed Limit 45


I'm not sticking up for Buffett.

I'm just saying that I actually believe his assessment over Bernanke's...which in reality was an all out lie.

After all, Buffett is one of the richest guys out there...although he's lost quite a bit of money lately...

reply to post by David9176
Berkshire Profit Plunges 96% as Buffett Writes Down Derivatives Positions
www.bloomberg.com...

Quite a bit is a understatement...good indicator of the whole sheebang...