"Oracle of Omaha": "the economy will be in shambles"

Buffett Offers Gloomy Outlook for ’09


In his eagerly-anticipated annual letter to Berkshire shareholders, Buffett also offered a gloomy economic outlook, saying "the economy will be in shambles throughout 2009 -- and for that matter, probably well beyond."

Still, despite what he called "paralyzing fear" resulting from the credit crisis and falling housing and stock prices, Buffett was optimistic about American resilience.

"Though the path has not been smooth, our economic system has worked extraordinarily well over time," he said. "It has unleashed human potential as no other system has, and it will continue to do so. America's best days lie ahead."

Comment: Other outlooks (and of course there are many!)

Dr. Sung Won Sohn (It is imperative for the Obama Administration to introduce a concrete plan to improve confidence in the credit process. Without improved confidence and trust in the credit markets, the stimulus plan won’t have the desired effect.)
Wells Fargo research (What is shaping up as the deepest and longest recession since the 1930s will end in the second half of 2009)

1 comment:

  1. Ok, so I don't have it front of me, but I "heard" that this bill will be pretty bad for churches. Apparently there changes made to what can be written off as contributions to charitable organizations and people who regularly give thousand upon thousands or millions of dollars may no longer do so because the write off is gone.......Anyone know if this is true? If it is true, I can see how this can potentialy really devastate a non-profit's income.


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