by Mark Silva
Billionaire Warren Buffett, the man from Omaha with the Midas touch for profitable investment, says the worst recession since World War II has "a ways to go.''
The chairman of Berkshire Hathaway said, in an interview at his company's annual shareholders' meeting over the weekend aired today on ABC News' Good Morning America, that he cannot tell how quickly the recession that started in December 2007 will end, but, he knows this:
It will.
"We've never really faced anything like this since World War II,'' Buffett said. "This one really shook up the confidence of the American public... We don't know when that will be over. We do know it will be over. But I can't predict the timing. I would say, we've got a ways to go.'
Buffett, a supporter of and informal adviser to President Barack Obama, suffered his own rough year, one of his worst -- his company only made $4.99 billion in profits, down 62 percent, last year. He outperformed Standard and Poor's index.
The best investment his holding company made?
Geico. .
Comments
Buffet is getting too old. He doesn't know what he's talking about. The Obama fix has cured everything...
http://www.political-buzz.com/
Posted by: matt | May 4, 2009 8:57 AM
That gecko dude was asking about the 150K jobs all those stimulus dollars have produced. No one seems to know where they are or they came out (EPA polluted CO2) thin air. What happened to those other 3.985 million Obama and the Dems, promised as we lose 600K plus/ week. Must be lost in the fine print they forgot to read.
Posted by: bubba Porter | May 4, 2009 10:21 AM
Thanks, " Matt ", for that vote of confidence. It seems you and Mr. Buffet have something in common. You both think President Obama is doing the best he can, given the mess the Republicans left behind !! I am sure President Obama's day has been made, with your vote of confidence !! I hope he can continue to count on your support !!
SUPPORT OUR TROOPS, BRING THEM HOME, ALIVE AND WHOLE. NOW.
Posted by: Don Fitzgerald, America | May 4, 2009 11:11 AM
Warren got a better interest rate on his bailout loans than Uncle Sam did.
Go figure that one.
Did Berkshire have Larry Summers in for a speech last year?
Anyway, Warren is candid--most of the time.
He confesses surprise that the cleaning lady who empties his wastebasket pays a higher effective tax rate than he does.
Geico: one of the greatest startup ideas of all time:
Offer insurance primarily to Government Employees by their own Insurance Company. GEICO.
How's that for cherry picking?
Posted by: ornery | May 4, 2009 12:55 PM
Buffet has been talking down the economy since the stock marked bottomed out. Both him and the great Obama went on TV to create more gloom back in March.
Everybody saw through the lies and the market has gone up since.
Buffet does not draw a breath without some profit motives in mind.
Recession must be over if Buffet is trying to talk in down.
Posted by: TA | May 4, 2009 10:54 PM