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Buffett Suggests Economy Will Rise Like 'a Terrific Athlete'

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IDemo Donating Member (1000+ posts) Send PM | Profile | Ignore Sat May-02-09 10:30 PM
Original message
Buffett Suggests Economy Will Rise Like 'a Terrific Athlete'
By BIANNA GOLODRYGA
OMAHA, Neb., May 2, 2009

The economy may have suffered a huge jolt, but "when gets going again, he'll be setting tremendous records. That patient is a terrific athlete," famed investor Warren Buffett told ABC News today.

All recessions are a jolt to the economic system, but "this one was a real shake. It really shook up the confidence of the American public," the Berkshire Hathaway CEO told ABC News. "We know that it will be over, but we can't predict the timing."

Credit Rating Downgrade 'Irritates Me'

Buffett gave his first one-on-one interview to ABC News after telling a record crowd of 35,000 at the annual Berkshire Hathaway shareholders meeting that he took the company's recent ratings downgrade as a personal blow.

Berkshire has taken a hit this year and last, the worst year under Buffett's leadership. The company was recently downgraded from its AAA credit rating to AA, according to Moody's Investors Service. S&P, another ratings service, did not downgrade Berkshire.
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MADem Donating Member (1000+ posts) Send PM | Profile | Ignore Sat May-02-09 10:31 PM
Response to Original message
1. I think he's right. It's going to be bad for awhile, but we'll pull through. NT
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Sheets of Easter Donating Member (1000+ posts) Send PM | Profile | Ignore Sat May-02-09 10:31 PM
Response to Original message
2. What if that terrific athlete is Vinko Bogataj?
Edited on Sat May-02-09 10:32 PM by Sheets of Easter
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OmahaBlueDog Donating Member (1000+ posts) Send PM | Profile | Ignore Sat May-02-09 10:37 PM
Response to Original message
3. Buffett tends to be right
He also doesn't tend to take trendy, flavor-of-the-week advice.

I don't agree with all of his decisions. For example, I wish Berkshire would be more circumspect about their investments in China.
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pscot Donating Member (1000+ posts) Send PM | Profile | Ignore Sat May-02-09 10:46 PM
Response to Reply #3
5. I think he's living in the past
This is not your father's economy.
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OmahaBlueDog Donating Member (1000+ posts) Send PM | Profile | Ignore Sat May-02-09 10:49 PM
Response to Reply #5
6. I heard that during the dot.com boom and the housing boom
The fundamentals still tend to apply.

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pscot Donating Member (1000+ posts) Send PM | Profile | Ignore Sat May-02-09 11:01 PM
Response to Reply #6
10. That's what I'm afraid of
I've been watching this show for a very long time, and always, in the past, betting against the U.S. economy was a sure loser. But this feels different. Buffet is a very smart guy, and I hope he's right, but this isn't 1982. The world has changed, and not in a good way. The wells are going dry. The mother lode seems played out. This is a tired, crowded and frightened age we're entering. Keep your powder dry.
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Joe the Revelator Donating Member (1000+ posts) Send PM | Profile | Ignore Sat May-02-09 11:57 PM
Response to Reply #10
13. I'm going to go with the Oracle of Omaha over your "feeling"
yeah, i'll do that all day.
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pscot Donating Member (1000+ posts) Send PM | Profile | Ignore Sun May-03-09 08:59 AM
Response to Reply #13
16. Fine. I got out
Edited on Sun May-03-09 09:00 AM by pscot
early last year, while most Berkshire Hathaway holders rode the tobaggan all the way to the bottom of the hill. The Oracle of Omaha has an obligation to talk up the markets. I don't.
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Double T Donating Member (1000+ posts) Send PM | Profile | Ignore Sat May-02-09 10:57 PM
Response to Reply #5
9. Damn right.
This IS your grandfather's economy and actually it will be much worse. Buffet can't stand the reality his companies face.
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mdmc Donating Member (1000+ posts) Send PM | Profile | Ignore Sat May-02-09 10:37 PM
Response to Original message
4. like mike tyson
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cliffordu Donating Member (1000+ posts) Send PM | Profile | Ignore Sat May-02-09 10:50 PM
Response to Original message
7. SO: Are we going to actually build stuff to turn it around or are we going to
rely on three card monty financial "products" like the ones the grifters on wall street just used to fleece the world???
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BeyondGeography Donating Member (1000+ posts) Send PM | Profile | Ignore Sat May-02-09 10:56 PM
Response to Original message
8. Our economy has been going sideways for at least a decade
with growth fuelled by tech and housing bubbles, debt and ephemeral paper wealth, like a "terrific athlete" whose stats were inflated by steroids. Nothing to be excited about, if that's all we're recreating.
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girl gone mad Donating Member (1000+ posts) Send PM | Profile | Ignore Sat May-02-09 11:11 PM
Response to Original message
11. Never take investment advice from a billionaire.
Buffet can afford to wait out a bad economy for decades.
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Joe the Revelator Donating Member (1000+ posts) Send PM | Profile | Ignore Sat May-02-09 11:59 PM
Response to Reply #11
14. The man is pushing 80. I don't think he has decades to play with
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thunder rising Donating Member (1000+ posts) Send PM | Profile | Ignore Sat May-02-09 11:12 PM
Response to Original message
12. Funny Buffet didn't warn the world about Credit Default Swaps breaking all the banks
I suppose he wasn't "in" on that little swindle.
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KillCapitalism Donating Member (1000+ posts) Send PM | Profile | Ignore Sun May-03-09 12:43 AM
Response to Original message
15. He could be right.
One thing you can guarantee is that it will be another jobless recovery.
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