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

Buffett Offers Gloomy Outlook for ’09

Excerpt:

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)