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Legendary investor Warren Buffett said in an interview aired on Thursday unemployment could hit 11 percent and a second stimulus package might be needed as the economy struggles to recover from recession.
"I think a second one may well be called for. You hope it doesn't get watered down," he said.
He likened the first $787 billion stimulus package passed by Congress to "half a tablet of Viagra and then having also a bunch of candy mixed in--- it doesn't have really quite the wallop."
Originally posted by Hazelnut
reply to post by MOFreemason
Anyone calling for a second stimulus before the first one has been doled out properly should be questioned as to motive.
According to British Prime Minister Gordon Brown, the global economy still faces the real prospect of falling even deeper into recession.
Brown considers global complacency to be the preeminent threat of a recovery, as far too many media and government outlets have already begun to claim that the downturn is over. It is popular to say that things are getting better, but most indicators still show a continued and prolonged slowing of the global economy. The worst hit is the United States with a financially and consumer dependent economy, but others have been caught in the wake of the sinking American giant.
U.S. President Barack Obama's administration is not discussing a second stimulus plan to jolt the U.S. economy out of recession, a White House budget official told Congress on Wednesday.
"No one in the administration is talking about a second stimulus at this point," said Robert Nabors, deputy director of the Office of Management and Budget, who is tracking the effects of the economic recovery plan already in effect.
But the White House press secretary, speaking to reporters aboard Air Force One, suggested that could change if the country continues to lose jobs.
Originally posted by Maxmars
Um..., wouldn't this actually be a third stimulus?
Sorry 'bout the one-liner.