Filed under: Forecasts, Bad news, Rants and raves, Berkshire Hathaway (BRK.A), Economic data, Politics, Recession
How deep in the hole do you have to be before you admit you’re in one? For some, it might be when they’re in over their head. Last week, President Bush very clearly stated to the nation that we are not in a recession. Yesterday, Warren Buffett, chairman of Berkshire Hathaway (NYSE: BRK.A) said very cleary we are.
This metaphor contradicts many citizens who have been saying for years that President Bush is in way over his head. Obviously he is not. If he can still peer over the edge, then from his perspective, he is not in a hole. Even if he is the only one to hold that perspective.
This pretty 
much describes the state of the economy, in general. There are people, myself included, who have refused to accept that we are in a recession because by definition we have not had two quarters of negative growth. But I’m ready to repent.
While this may be true, it is of little comfort. This is why every time we have a recession, we are late to do anything about it. The data is a latent indicator. It is always historical. However, when ‘my pal Warren‘ entered the discussion, he was not looking forward or backward. He was looking at current sales data coming in from companies he owns or is a major shareholder in.
Continue reading Buffett sees recession, Bush not
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