Warren Buffett's View of the Economy

Mon Apr 28, 11:09 AM ET

NEW YORK (Reuters) - Warren Buffett, the world's richest person, said on Monday the U.S. economy is in a recession that will be more severe than most people expect.

http://news.yahoo.co...tt_recession_dc

Let them chew gum! Sorry, but someone had to say it.

He is a genius who can see the future without eyeglasses. Long live Warren !!!!!!!!!!!!!!!!!

"...my general feeling is that the recession will be longer and deeper than most people think," Buffett said. "This will not be short and shallow.

I've been saying that here for a year now.

"I think consumers are feeling gas...

That's one I hadn't realized.
If we could only harness it.

Edited by milbank, 28 April 2008 - 03:59 PM.

That's why I don't quite get V and MC. If the consumer is dead or dying, don't the size and frequency of cc transactions decline?

That's why I don't quite get V and MC. If the consumer is dead or dying, don't the size and frequency of cc transactions decline?

I charge $50 on gas and $150 on grocery each month 5 years ago, and I charge $200 on gas and $300 on grocery each month now. most people in the US are poor and middle class, most charges are for what they need everyday, when gas and food price go up, they will charge more on their card.

That's why I don't quite get V and MC. If the consumer is dead or dying, don't the size and frequency of cc transactions decline?

I charge $50 on gas and $150 on grocery each month 5 years ago, and I charge $200 on gas and $300 on grocery each month now. most people in the US are poor and middle class, most charges are for what they need everyday, when gas and food price go up, they will charge more on their card.

That may change as that gets tapped but, perhaps one thing to consider is points. They aren't just for air miles anymore. From cash back to gift cards from Home Depot Penny's, Macy's etc. Also, you can pay utility bills with cards now too. Many are realizing that if you are going to spend it anyway, you might as well do it in a way that gives something more than if you just used cash.

V and MC cards are great if you play your cards right.

I think less and less will and the V and MC's stocks will get hit along with the big hit when the consumer collapse really begins to tank the market next spring.

Edited by milbank, 28 April 2008 - 07:00 PM.

Son of Gun...

Shares Fall as Visa Quarterly Results Rise

Filed at 8:09 p.m. ET

NEW YORK (Reuters) - Visa Inc <V.N> on Monday posted quarterly results that beat analysts' expectations, but the company's shares fell in after-market trading amid investor concern about how the economy would affect results.

Many economists say the United States is in a recession, and executives at the world's largest credit card network said the economy could weigh on its results in the quarter ending September 30, even if it does not seem to be affecting payment volumes so far.

The potential for slowing growth combined with a revenue forecast below some analysts' estimates were enough to drag Visa's recently listed shares down more than 5 percent in extended trade.

http://www.nytimes.c...sa-results.html

Edited by milbank, 28 April 2008 - 08:15 PM.

Let them chew gum!

Wicked

Let them chew gum!

Wicked

Its widely known that people chew more gum in a recession, and even more during a depression.

They feel they are getting something of value from Wrigley. You can chew it as long as you can stand it.

And wear out some teeth and a few jaw bones and muscles.
And its a great stress reliever.
Wrigley is bloated anyway, and WB likely knows that. Major trimming coming. This will end up being his worst investment. I've been in many wrigley facilities. But he has to do something with his money, and he cant resist those dividends. He should have bought it 25 years ago. He's still a genious.