Buffett: ‘We’re in a recession.’
On CNBC’s Squawk Box this morning, billionaire investor Warren Buffett said that, “from a common sense standpoint right now, we’re in a recession.” Conceding that “we haven’t had two consecutive quarters” of a decline in GDP — which is the technical definition of a recession — Buffett argued that, “on balance, most people’s situations, certainly their net worth, has been heading south.” Watch it:
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Forget Princeton. I want an opinion from the CEO of the University of Virginia Economics Department.
March 3rd, 2008 at 11:35 amSomebody call the Administration deniers, Buffet has spoken! ;)
March 3rd, 2008 at 11:36 amReich-wing smears will begin in 5…4…3…2…1….
March 3rd, 2008 at 11:37 amThe economy is fundamentally ill.
March 3rd, 2008 at 11:39 amWho is this communist moonbat?
Tell him to stop pushing his Marxist views on capitalist America.
-GSD
March 3rd, 2008 at 11:43 amOil $103.95 a barrel
1.00 EUR = 1.51778 USD
March 3rd, 2008 at 11:44 amButt, butt,, butt,…… Bush said the economy is going well.
sarc.
March 3rd, 2008 at 11:46 amwhy dont these people just admit the truth and that is
THE REST OF THE WORLD DONT BUY AMERICAN OUT OF PRINCIPLE
March 3rd, 2008 at 11:47 amTHE REST OF THE WORLD DONT BUY AMERICAN GOODS ANYMORE OUT OF PRINCIPLE
March 3rd, 2008 at 11:47 amdo you know how many people have handed back their MBNA credit cards because they are American
Thousands I heard when i handed mine back
March 3rd, 2008 at 11:49 amThere are a lot of things they don’t admit. See the latest news exposing hte wrongs at Representative Press’s Channel Guide #1
March 3rd, 2008 at 11:50 amBuffett will not back $800 bln in muni bonds: CNBC
March 3rd, 2008 at 12:00 pmReuters - 5 hours ago
NEW YORK (Reuters) - Warren Buffett on Monday told CNBC he is no longer offering to guarantee $800 million of municipal bonds backed by MBIA Inc (MBI. …MBI
Warren Buffett pulls bond reinsurance plan off the table
BloggingStocks - 1 hour ago
When Warren Buffett announced his offer to back $800 billion worth of municipal bonds backed by MBIA (NYSE: MBI), Ambac (NYSE: ABK) and FGIC, the offer was …
Buffett on rise of sovereign wealth funds: Blame US policy
FinancialWeek (subscription), NY - 1 hour ago
As defaults on mortgage-related securities climbed, Mr. Buffett offered to assume $800 billion of municipal bond obligations from MBIA, Ambac and FGIC Corp. …
Who is this Buffet guy?
Our President said just last week that the economy is strong, and he doesn’t believe we’re heading into recession.
He also said he hadn’t heard about $4/gal gas, because he’s been busy with gasoline.
March 3rd, 2008 at 12:00 pmAnjuna; there are Ameican goods? Wow!
March 3rd, 2008 at 12:01 pmhell, even the U.S. Air Force has decided to buy planes
March 3rd, 2008 at 12:03 pmfrom a euro based manufacturer…
got clue?
Warren Buffett, a gazallionaire who really cares about the people in this country. We could use more like him.
This whole thing about the GDB needing to be on the skids for two quarters before it can be called a Recession is bogus. So we get two quarters of a recession before they will actually call it what it is. The people who are living the Recession know it’s here now.
March 3rd, 2008 at 12:03 pmAnjuna; there are Ameican goods? Wow!
Comment by Uncle Ho — March 3, 2008 @ 12:01 pm
There actually ARE goods made in America. I just bought a rowing machine made in Vermont. I’ll be in training just in case I need to row to another country as a refugee! Just kidding about the training, I bought it so I could have another piece of furniture that no one uses like the piano and the stationary bike and the ….
Come on people spend spend spend before what you have saved is worthless.
March 3rd, 2008 at 12:05 pmUm….no kidding?
Certainly no one in this administration will say “We’re in a recession.” Georgie has a
March 3rd, 2008 at 12:05 pmturdlegacy to polish.Ya’ don’t say….
Ya’ dont say….
Ya’ do say!
March 3rd, 2008 at 12:07 pmTest
March 3rd, 2008 at 12:17 pmI’d like to spend more to keep us out of a recession, but I don’t have the cash.
Can I get a China credit card like the gummint has?
March 3rd, 2008 at 12:18 pmBuffett has also been harping on the inexplicable, unconscienable fact that his secretary’s income is taxed at a higher rate than his.
What a crock.
If Buffett says we’re in a recession, we’re in a recession. Every time I go to the grocery store, it sure feels that way…
http://newsprism.wordpress.com
March 3rd, 2008 at 12:19 pmWell . . . if it’s on Squawk Box Live . . .
March 3rd, 2008 at 12:20 pmWhy do billionaires hate America?
March 3rd, 2008 at 12:21 pmSingle fresh tomato - $1.79 = recession
March 3rd, 2008 at 12:22 pmI’m moving my wife and 2 kids to Panama (the country) if the job I’m eyeing comes through. Seriously. Great standard of living, low crime, tropical climate, etc. The ONLY problem with Panama is their currency is tied 1-to-1 to the US Dollar. Maybe they’ll wise up and tie it to the Euro soon.
I’m so fed up with the system here, that I can’t stand it anymore. The Dems will cave on Telecom immunity, and that will be the straw that breaks this camel’s back.
March 3rd, 2008 at 12:28 pmI’m moving my wife and 2 kids to Panama (the country) if the job I’m eyeing comes through. Seriously. Great standard of living, low crime, tropical climate, etc. The ONLY problem with Panama is their currency is tied 1-to-1 to the US Dollar. Maybe they’ll wise up and tie it to the Euro soon.
Comment by Vet — March 3, 2008 @ 12:28 pm
Beware, the Argentina’s currency was also tied to the $ one, and look what happened.
March 3rd, 2008 at 12:39 pmHe also said he hadn’t heard about $4/gal gas, because he’s been busy with gasoline.
Comment by Zimzone — March 3, 2008 @ 12:00 pm
In all fairness, I believe the man said he had been busy PASSING gas…
Even if it’s not true, it still makes more sense that way, no?
March 3rd, 2008 at 12:40 pmAnd now, seriously, I think this is the problem with the modern concept of “full capitalism” infesting all the economies around the globe, coming from the USA: the model needs as many “floating” money as they can, so pushing people to spend, spend, spend, to ameliorate (relatively?) the median standard of living, but when some leader or unexpected factor pulls the strings of such an already dynamic (unstable) system, the whole system shakes and is in a great of falling, like a castle made of playing cards. And, unluckily, Bush has been trying to game the system (not only the USA one) since seven years ago, and we all are now in a great financial danger.
March 3rd, 2008 at 12:46 pm(continued)… and people have no savings at all to prevent a free fall.
March 3rd, 2008 at 12:48 pm#28, TRoS,
I believe it’s called self-inflatulation.
$4 farts from Bush?
March 3rd, 2008 at 12:50 pmYes, that’s it. exactly, Zimzone…
Isn’t there an old joke about dirigibles and flaming Nazi gas bags?
March 3rd, 2008 at 1:04 pmNever mind the idiot Chimp. Ever since 9/11 he has developed severe allergic reaction to the TRUTH! Thanks to Bush and his criminal war America is now cursed! Recession is a walk in the park compared to what is coming! $200 a barrel of oil and bye bye american economy! The dollar we work so hard to earn is worth less and less everyday! Living in a “bubble” the idiot-failed-leader-of-a-lost-criminal-war is in a constant state of DENIAL! Life is pretty comfortable in the bubble isn’t it Disaster-In-Chief?
March 3rd, 2008 at 1:06 pmGet it you dirty pigs. This is not some God foresaken commie country. God placed this shining city on a hill. He favors the chosen with riches. Your value as a person and to this society is the value of the money you gain. Those who do not make money deserve to suffer the fate of all inferior life forms. Let the free market clear out the human refuse that cannot make it in this economy. Let their corpses be piled high like cordwood in the gutters to which they belong. Remember, it is a capital crime to fail.
March 3rd, 2008 at 1:15 pmAnd now, seriously, I think this is the problem with the modern concept of “full capitalism†infesting all the economies around the globe, coming from the USA: the model needs as many “floating†money as they can, so pushing people to spend, spend, spend, to ameliorate (relatively?) the median standard of living, but when some leader or unexpected factor pulls the strings of such an already dynamic (unstable) system, the whole system shakes and is in a great of falling, like a castle made of playing cards. And, unluckily, Bush has been trying to game the system (not only the USA one) since seven years ago, and we all are now in a great financial danger.
Comment by Evil Spaniard — March 3, 2008 @ 12:46 pm
And these idiots continue to hail Milton Friedman as a hero.
March 3rd, 2008 at 1:15 pmThis criminal administration has to face accountability! They have to take responsability for their war crimes! For a war of agression based on lies. For dragging the ecomony down so they can make their profit! That is what you get for giving too much for the military industry. No jobs, high oil prices and the country ruled by a FACIST bunch of criminals!
March 3rd, 2008 at 1:38 pmgawd, JMOHR… rainy days and mondays do that to you too?
…
i think it’s time for spring… and maybe we’ll all be better when we
know more of what to expect, after today’s primaries…
that’s one thing i’m ready for…
March 3rd, 2008 at 1:46 pmResponse to 37: You are obviously a communist and have entered a cult sworn to love and serve Satan. OK, I HAVE A LITTLE BIT OF A REPUTATION FOR SNARK.
We need to adopt a new tactic against the right wingers. Bottom line, that is their belief system. Shove their face in it. Get examples of children, choir members and others who died from poverty. When they start to talk, call them what they are: BABY KILLERS.
March 3rd, 2008 at 2:15 pmmeanwhile:
http://www.msnbc.msn.com/id/23447971
March 3rd, 2008 at 2:24 pmWarren Buffet, among others said we were heading toward a recession last Sept/Oct. Who is Warren Buffet ? Only someone who worked hard and smart his whole life. Someone who actually has set up a charity run by his 70 year old sister to give money to those they have researched that really need and deserve it.
March 3rd, 2008 at 2:43 pmWarren Buffet walks the walk. Oh and did I mention he lives in the same house he bought in the 50’s. Someone to listen to.
hell, even the U.S. Air Force has decided to buy planes
from a euro based manufacturer…
got clue?
Comment by katy — March 3, 2008 @ 12:03 pm
Katy-
March 3rd, 2008 at 3:19 pmThis is BushCo’s way of screwing Patty Murray here in WA…
WA is blue, Boeing would build these tankers in WA, So naturally Bush says “Screw them, let’s buy ‘em from Europe and build a ‘finishing station’ in Alabama where Republican Americans can wipe the planes before they’re deployed…
Airbus gets the profits and WA gets screwed… because, of course, the troops come first and no one should play politics with the military, right?
Yeah, George, having TWO recessions on your watch is really what is going to sink your reputation..
But there’s 4 quarters to go in which there are 3 chances for 2 with negative growth,” so are you a betting man? And “negative growth,” what the hell kind of oxymoron is that?
March 3rd, 2008 at 3:47 pmThank you, Capt. Obvious!
March 3rd, 2008 at 6:57 pm