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Buffett: U.S. on Path to Recovery

aplusmnt

Well-known member
reader (the Second) said:
Buffett says U.S. on slow path to recovery
39 mins ago

(Reuters) – The United States economy is out of the emergency room and appears to be on a slow path to recovery, Warren Buffett wrote in an opinion column in the New York Times.

The country will need to deal with the side effects of enormous dosages of "monetary medicine" that continue to be administered, said Buffett, who runs insurance and investment company Berkshire Hathaway Inc.

The country's "net debt" - which he described as the amount held publicly - is mushrooming, he wrote. In this fiscal year, it will increase more than one percentage point per month, climbing to about 56 percent of GDP from 41 percent, he added.

"Our immediate problem is to get our country back on its feet and flourishing -- 'whatever it takes' still makes sense," Buffett said in the paper.

But once recovery is gained, Congress must end the rise in the debt-to-GDP ratio and keep its growth in obligations in line with its growth in resources, he said.

About time, most if not all recessions usually end in this time period. Obama has kind of slowed this one down more than past ones but eventually it has to end. People can only put off buying things for so long. And once you hit a specific bottom growth is the natural result.
 

TexasBred

Well-known member
I'm certainly not qualified to question Warren Buffet but other than the stock market going up a good amount I can see no indications that anything good is on the horizon. Even with cooked books unemployment was only able to hold steady. Foreclosures are still climbing, businesses are shutting down, new construction is stagnant and the beat goes on.
 

Steve

Well-known member
Nonfarm payroll employment continued to decline in July (-247,000),
and the unemployment rate was little changed at 9.4 percent, the U.S.
Bureau of Labor Statistics reported today.

The number of long-term unemployed (those jobless for 27 weeks or more)
rose by 584,000 over the month to 5.0 million. In July, 1 in 3 unemploy-
ed persons were jobless for 27 weeks or more.

Manufacturing employment fell by 52,000 in July and has declined by
2.0 million since the recession began.

In large part, July's seasonally- adjusted increase reflects the fact that previous job cuts had been so extensive that there were fewer workers to lay off during the seasonal shutdown. Elsewhere in manufacturing, several industries continued to lose jobs in July, including machinery (-15,000) and fabricated metal products (-14,000).
http://www.bls.gov/news.release/empsit.nr0.htm

yep its over already.. :roll: :roll: :wink:

guess main street ain't seeing it yet...
 
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