"I see a recovery, this economy is coming back" - Buffett

[KeyWester]

"there is no question in my mind that we are coming back"

Is Krugman right about the depression ?

"I don't think so ... I don't think thats happening"

http://www.huffingtonpost.com/2010/07/08/warren-buffet-on-the-econ_n_639165.html

[NYC_SKP]

1. Buffet can't be right because all the greatest minds tell us there's nothing to hope for but FAIL...

:sarcasm:

Somewhere amidst all the chatter is the truth.

:patriot:

[JHB]

It ain't truth yet...

Bookmarking.

[JHB]

4. It ain't truth yet...

Bookmarking.

[KeyWester]

8. Yes, it IS the truth.

the recovery IS happening.

The question is ..will it continue ?

[TheWatcher]

30. No it isn't.

A Manipulated, Algorithm-Driven Casino, fudged Government Data, and Relentless Propaganda does not equal a Recovery.

You see a Recovery because you are desperate to believe the lie.

I would imagine you thought the Economy was "Strong and getting Stronger" in '07 as well.

[sendero]

35. Remember..

.... "the fundamentals of the economy are sound" ?

I seem to have heard that a zillions times. No, they weren't sound then and they are not sound now.

Buffet is talking his book, as he always does.

[TheWatcher]

42. I do remember that. All the way up to the Day of The Collapse.

I also remember "Robust."

Ah, well, Sheep will be Sheep. :)

There is no reasoning with them.

[Regret My New Name]

25. Hope he's right...

Although, while I'm sure these guys obviously know more than most of us, I wonder if they really have any ideas themselves. :/

[rfranklin]

2. Where are the jobs, Warren?

Corporate profits may be good, but until we bring that 20% unemployment/underemployment figure down significantly, it's a depression.

[NNN0LHI]

38. Don't need an economic expert to figure that out

http://www.marketwatch.com/story/japan-may-unemployment-surprises-with-rise-to-52-2010-06-28-203600

June 28, 2010, 10:15 p.m. EDT ·

Japan May unemployment surprises with rise to 5.2%

[rfranklin]

3. DUPE

Too fast on the trigger finger.

[whatchamacallit]

5. And if it does happen

I'll be at Offutt AFB hiding out with George Bush and Anne Tatlock.

[phantom power]

6. I don't doubt that there is no depression for Warren Buffet

:shrug:

[Warpy]

7. Krugman is a guarded pessimist

who says if the deficit hawks get control, we'll slide into a depression. I happen to think he's correct.

Then there are the cheerleaders, usually men who think of the Dow as leading the economy instead of following it, who see a 20% rise in the Dow over the next 3 years no matter what happens and say that is proof that we need to tackle the deficit now instead of later.

US stocks are still a bargain when compared to stocks overseas, so the market could conceivably rise rather than fall, even though I remain pessimistic. However, the Dow has no relationship to the larger economy except that dividends will drop sharply if this country slides into depression and even plutocrats will feel the pinch.

Buffet is a smart guy but he's blind to the larger economy.

[KeyWester]

9. "we'll slide into a depression"

Krugman said we are in the "midst of a depression"

Not that we could slide into one.

[Warpy]

15. Educated workers over 50 sure are.

I know mall traffic is down markedly from just 2 months ago. People who still have jobs are back to buying only necessities. "For Sale" signs in my neighborhood are now up for months instead of weeks, although the comps are staying up when places do sell. Krugman could be right.

If the stimulus isn't expanded to include a jobs program, we're screwed. If the deficit hawks get their way and pay for an unemployment extension out of unused funds from the inadequate stimulus program we already got, we're really screwed.

If we're not in depression yet, we're certainly teetering on the edge and the slightest thing could push us over it.

[TheWatcher]

32. What did CNBC say?

They are The Word Of God and would never lie, so you should let them tell you how to think.

We'd all be a lot better off if that were the case.

[Ikonoklast]

13. No, Buffet sees the larger economy quite well.

I just think his timeline is longer reaching than any immediate concern over the jobs picture.

His investments are always for the long-term, so that is his outlook.



Krugman is a smart man, keeping the pressure up to try and steer away from a Hoover-type mistake by this administration of attacking the deficit before jobs come back stronger. There must be more stimulus spending first, the other things needing attention can wait until the employment numbers start to look better.

I think he's being heard as the recent numbers are so lackluster, and give some credence to his position.

[Brickbat]

10. Says the man who made his fortune buying up manufacturers and shutting them down.

Not quite sure how that works.

[WolverineDG]

11. Well, I'm definitely seeing an upturn in business

it was absolutely dead the first 3 months of this year, but now, slowly but surely, I'm getting more calls per week from people who need an attorney.

dg

[Better Today]

14. So needing an attorney is an upturn in the economy? Interesting perspective.

[WolverineDG]

16. Yes it is

when money is tight, people don't spend money if they don't have to. Ask any lawyer & he or she will tell you that in most years, business starts drying up around November & doesn't pick up again until the tax refund checks start coming in January. From business being absolutely dead (meaning I was living on court appointments alone), I have seen a steady rise since last month in the number of calls from people wanting to get divorced, or visitation, or even a simple will/directive to physician done. If the money wasn't there, they wouldn't be looking to hire attorneys.

I've also noticed a lot of new businesses going up, as well as the renovation of a building that had been vacant for at least 10 years into a gym that is doing land-office business.

dg

[A HERETIC I AM]

17. If I may ask, where in Texas are you?

Just curious.

BTW, congrats on your uptick in business.

[WolverineDG]

21. South Texas

where we usually have to beg for water. Now I'm going to need a canoe to get downtown tomorrow. :scared:

dg

[theophilus]

12. Well, If Buffett and his ILK (I'm looking at you Gates!) would start building

factories, or use vacant ones, and hiring Americans to build affordable electric cars, photo voltaics, wind generators, etc. then we might have a chance for a better economy and a world to live in. If he and his morally BANKRUPT cronies would stop trying to promote the status quo we might have a real chance. Until he repents of his old habits he can sit down and shut up. IMO.

[truebrit71]

18. I think he's finally going senile...he defended the ratings agencies in the sub-prime meltdown

..last month to congress...they were KEY players in the whole scam...

Sorry Warren..but I'll keep listening to Krugman..

[SoCalDem]

19. WE??

what a joke.. there are MILLIONS of people who not live long enough to recoup what they LOST...and when you consider that for most of their working lives they were losing ground the whole time, that's no blessing, Warren..

[Raineyb]

20. I'm sure things are looking up. For people in HIS tax bracket.

The rest of us? Not so much.

[KonaKane]

39. Not just him.

In Hawaii there has been a spike in new small business starts, and tourism has poked back up. On my island (which saw the biggest jump) its up 23% already from last year.

I'm not saying things are rosey already, but just recognizing that there are up trends in different parts of the country. The reasons for which, I'm not sure.

[Love Bug]

22. Got a job for me, Warren?

eom

[jobycom]

23. I don't know. Wasn't he warning us of economic collapse before anyone else?

seems to me his track record has been pretty good, and he's certainly not been a Republican stooge. Whether he's right or not, we'll have to see. It's possible he doesn't even believe what he's saying, but thought it best to give a positive answer to prevent creating a scare, for all I know.

It's a good sign he's not saying "Run for the hills and stock up on canned goods," at least.

[truedelphi]

24. The IMF sees no recovery happening here.

Instead th9ose people propose some "austerity" for us.

Not the bankers - but us little people. Whose small little butts are unemployed, whose cupboards are bare if Food Stamps are disappeared, whose health insurance comes from them raiding their retirement funds, as there is a fifteen percent "co-payment" for major operations, demanded by the Big Insurers on any major procedures, and on and on.

We little [people just haven't really faced enough austerity yet.

[Regret My New Name]

26. I thought the IMF said otherwise..

Didn't they say there's growth in the US, Asian and Latin America but it's Europe that they said doesn't seem to be showing growth... Not that I know either way, I just recall reading that this morning...

http://demopedia.democraticunderground.com/discuss/duboard.php?az=view_all&address=389x8709440

[truedelphi]

34. Yesterday someone here at DU posted an article

About the IMF wanting austerity so that recovery would occur.

It had links in it, too.

But at this point in the game, one person at an institution says one thing, while another person at same institution says another.

[KonaKane]

27. Yes, why in the world would we believe Buffet? What does he know about an economy?

When we could learn from Krugman, who writes about things. Makes sense to me.

[mmonk]

28. I see a jobless recovery. At least jobless for the US.

A paper recovery until the next bubble bursts.

[Odin2005]

29. Yeah, for him and his fellow Billionaires.

[AngryOldDem]

31. When I see unemployment numbers coming down, Warren, then I'll believe you.

After all, I don't live in your universe.

[TheWatcher]

33. Don't worry. Every week The Ministry Of Propaganda tells us what we want to hear on that front.

And for the most part, those who are yet unaffected by job loss buy it hook, line, and sinker.

Because After all, perception equals reality. :crazy:

Now, watch that Stock Market and Blindly Believe. It's The American Way.

:sarcasm:

[taught_me_patience]

36. The recovery happened and I see business slowing again

consumer discretionary spending categories.

[Mimosa]

37. Jimmy Buffett is feeling optimistic?

When I read the topic title I was wondering if Jimmy Buffett was feeling better. ;)

[KG]

40. i've gone from jobless to working as a temp in a factory for half what i used to make

whoop-dee-damn-doo. :eyes:

[DailyGrind51]

41. Buffet knows that negativity only produces more negativity.