Berkshire’s Buffett Sees Economy in Recession, Weak Until 2009

By Jonathan Stempel | August 22, 2008

  • August 22, 2008 at 12:49 pm
    Buckeye says:
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    Since Warren feels guilty about the tax cuts and must believe that a bigger government is what we need, why doesn’t he donate a billion or two to the US gov to help lower the burden on the rest of us?

  • August 22, 2008 at 1:03 am
    Scarletknight says:
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    Why don’t you stow your gab? Yes things have been splendid since Bush and his right wing militants took over office. All of us non-millionaires are much better off. Why should Warren donate money to the curent US government when they would just squander it away on a mess of a war?

  • August 22, 2008 at 1:13 am
    Buckeye says:
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    Right wing militants… that is funny. I’m sure that the Daily Kos hasn’t informed you that the war is going much better and there is hope for a real democracy in the Mideast. Of course if you and your liberal buddies have any influence we will snatch defeat from the jaws of victory. Go ahead; stick your head back up your rear and wait for the Child to lead us.

  • August 22, 2008 at 1:27 am
    David says:
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    Warren Buffet’s “guilt” about the tax cuts stemed from the question of ‘what is a multi millionaire going to do with another million’? Buffet was driven by logic, not guilt, in questioning Bush’s actions. The cut was given to the wrong tax bracket. At the same time the level of cuts tore a whole in the US Treasury while not giving the average American much extra to work with. If they really wanted to make a difference, they would have proposed to significantly adjust (upward!) the minimum earned tax, which is killing the middle class. But no, they want to stay true to their rich buddies. The extra money the lower brackets received woudn’t buy more than a couple of lunches. Mr. Buffet has a proven track record. Who in this administration has any real world experience close to Warren Buffet? It makes sense to listen to him.

  • August 22, 2008 at 1:45 am
    Buckshot says:
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    The war is going much better now but still shows no sign of ending. I guess it’s ok that only a couple of our own guys are dying per week now than per day. Do you really think the cost to save all those Iraqis is worth all this? The guys who put the US up to this had no idea of the level of ancient tribal hatred we would be sticking our necks into when they started this. Thinking that we would be welcomed with “open arms” shows how naive they were. They also contributed to the insurgency when they fired Saddam’s Bathist party members from the government. They also never thought past “what happens when we take Saddam out”? “Yeah, let’s just hold elections and everything will be just dandy”. They don’t care about democracy in Iraq as much as they care about normal things like getting electricity and plumbing and walking out the door without getting shot. You pose a typical black and white, short-sighted view of many right-wing reactionaries. Liberals do the same. My view is not based on liberalism as much as logic. You do not seem to have read much about this conflict but are ready to react to views you disagree with without giving much to back it up.

  • August 22, 2008 at 2:32 am
    gill fin says:
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    worth all this?’ I don’t know, buckshot. What is an Iraqi life worth these days? From your post I assume you think its worth less than an American life, eh? In fact, I have assumed the last five years that the average liberal does not think Iraqi life is worth preserving period. Saddam was responsible for a million military deaths before we came in, due to the Iran/Iraq war. He also killed about 300,000 of his own civilians. Imagine, rape rooms for the daughters and nieces of his political foes. Where the heck is the national organization of women when you need them?

    Some complain about the gorebal warming, some complain about the cost of gas, some complain about national security, some complain about energy independence, some complain about human rights, some complain about those damn mass gravesites pockholing the countryside. Welcome to the land where all those things come together – Iraq. If you liberals cannot accept that we have strategic interests there, then leave the heavy lifting to those who understand the importance of our presence there. Is it perfect? Hell no. War is never perfect. Is it necessary? Evidently yes. Unless we are all going to ride horses.

    What a great time for our congress to go on vacation. What problem solvers!!!!

    Not.

  • August 22, 2008 at 2:43 am
    Mike says:
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    Gill, by going to War we killed more Iraqi’s than Saddam ever did. Also, the war was not sold as us liberating them, it was sold as preventing terrorism.

    Also, if we are all about saving people, then how come we dont get involved with other countries as well? What about North Korea?

    Lastly, you are not book smart, please read a book or a newspaper.

  • August 22, 2008 at 2:45 am
    Mongoose says:
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    The Iraq war has many, many complex questions. The solutions are not easy or cheap. The problem is their gov’t is keep the billions made from their oil. And yes their citizens still do not have electricity or clean runnig water.

    BUT, how is that truely an insurance concenr. It is apersonal concern adn this is not the forum for it.

    Many comments do have have a point to it BU this is not the forum Unless perhaps we can sell some high priced polcies with all sorts of exclusions so we never have to pay and collect truck loads of comm’s. (only kidding)

    have a great week-end.

  • August 22, 2008 at 2:53 am
    Gill Fin says:
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    How many Iraqi’s have we killed? How many were killed by insurgents from other countries? We don’t know. So how can you make such a statement? We are enjoying exactly what we have earned, all of us, you included. We outsourced the energy production, all of us. We now face the consequences associated with handing over power (energy) to others and stupidly relying on them to look out for our best interests. Our leadership at every level, city, county, state and federal has failed us citizens, who duly pay taxes and think we are electing leaders when really we are electing power grabbers instead.

    You ask why don’t we get involved in other countries. I maintain that if those countries are of strategic interest to the united states, then we darn well better get involved with them. We have had talks with North Korea to the extent that our strategic interest coincide with theirs. That would be within the realm of nuclear proliferation, wouldn’t it?

    Just out of curiosity, what book told you American troops killed more Iraqi’s than did Saddam? I got my numbers from Newsweek.

  • August 22, 2008 at 2:59 am
    Janice says:
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    Gill fin you nailed it- I think some others just listen to CNN and NBC rather than objectively find out what is going on in the world.

    As far as it not being the right forum…hello this is America and just bc we are insurance people does not mean to keep your head in the sand. Buffet mentions who he supports for president and we could certainly question that forum BUT it is America and people can freely speak anytime anywhere. That’s also worth fighting for-

  • August 22, 2008 at 2:59 am
    Mike says:
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    Type in “600,000 killed in Iraq” on google.

    Also, Bush wont talk to North Korea and everyone scorned Obama when he said he would.

  • August 22, 2008 at 3:20 am
    Gill Fin says:
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    I googled 600000 dead and read what I have read many times before. The number has no basis in fact. It was extrapolated by using small regional data and as such they projected an estimate of 600000. There are more who are rightly skeptical about that number than not.
    Gee, you don’t think that number was fabricated by those who oppose war for any reason, do you?

    Did it occur to you that Obama blathering about what he would do may not be in our strategic best interests? Did it occur to you that showing a less united front to our opponents may leave us with less bargaining position? Why does a very, very junior senator get to pop off about 1) timetable for withdrawel?
    2) troop movements for afghanistan?
    3) negotiating with a nuclear
    superpower?
    For me, sharing our current and future strategic plans with our enemies undoubtably risks American lives. If only our opponents, including those who are now wisely securing energy contracts with our former trading partners, would share their strategic plans with us. Oh yeah, only aspiring politicians are so naive as to go on international television and give away state secrets. Not too long ago he would have been jailed for treason.

  • August 22, 2008 at 3:38 am
    Mike says:
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    Yea not too long ago George Bush would have been jailed for treason too – but times have changed. And im sorry Fin, but no you cant vote for him again,

    AND,

    Gee, you don’t think that number of 30,000 put forth by George Bush was fabricated by those who support the war, do you?

    You are so incredibly gullible. The president and government have proven to be dishonest over and over, but you just suck up their lies and keep them in office. Your ignorance and acceptance of the status quo make me sick.

  • August 22, 2008 at 4:00 am
    Gill Fin says:
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    Sorry to have such a debilitating affect on you Mike. And right before happy hour too :( Yes its true – I am solely responsible for the preservation of the office of president and government as we know it. As far as gullible, I think those who deny the difficult situation we have created for ourselves by stupidly ignoring energy and how and who harvests it are the gullible ones.

    No Mike, the gullible ones are those who let unelected enviromentalist radicals co-opt America’s energy policy to other
    countries. Their agenda does not include what’s in our countries best interest.
    There is so much oil in Santa Barbara that it washes up on the beach naturally.
    Only and idiot would drive around it only to buy the same energy half a world away. I guess you are that idiot Mike.

    Hope your tummy settles down.

  • August 22, 2008 at 6:19 am
    LARRY LOGIC says:
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    GO AHEAD,WARREN, VOTE FOR B.O.! HOWEVER, YOU’D BE WISE TO DIVEST YOURSELF OF ALL EQUITIES IF YOU THINK HE WILL WIN. WHEN HE UNILATERALLY DISARMS US, OSAMA WILL OWN EVERYTHING!

  • August 24, 2008 at 4:26 am
    Nan says:
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    Well Gill, if you would like to know what NOW thinks or even the ACLU or MS try checking their web sites. You’ll find that women are much more informed than men because we have been writing and reading about atrocities but unfortunately when women are victims it doesn’t make good reading..let a man get raped then all hell breaks loose. This administration has borrowed us into a huge deficit and our children will be paying for decades to come. As far as our energy policy goes maybe, if the next president can find Dick Cheney’s energy paperwork, we’ll find out why we are in such a precarious situation; remember the closed door meeting with Enron, etc and that the Supreme Court said we mere citizens were not entitled to know what energy policy was set behind closed doors? Have we ever been told what our policy is? I don’t remember reading any details. We can bring this back to the insurance issue by realizing that there will be more fires this winter (NH had some last year)as people try to stay warm and there will be more frozen pipes (better have that DP3 instead of a DP1). There will be suspicious “theft” claims on SUVs that people can’t afford to put gas in. Unfortunately, the world does affect us even if we don’t like to think so.

  • August 25, 2008 at 9:07 am
    Nobuts Aboutit says:
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    What recession?

    Buffet is running Geico at a massive loss. Giving away rates and then collecting a check for $275 million from the state of Florida.

  • August 25, 2008 at 10:54 am
    Donna says:
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    ALL politicians lie through their teeth, it’s naive to think otherwise. They’re trying to preserve their jobs (money, perks, power)and/or get one to attain money, power and perks. So it’s in thier best interest to tell the American people what they think we want to hear to garner votes. So you have to be very diligent in getting your information from multiple sources including those that have an opposing view – weigh it all up, apply some logic and reach your own conclusion, always keeping in mind that bottom line – it IS all about POWER and MONEY(theirs not ours.)and a vested interest in keeping that power, money and perks all paid for by our tax dollars. And I’m heartily sick and tired of all of financing all of them. None of them have any conception of what it’s like to be us paying for everything and everybody. BTW: a non sequitur … who pays for health care for illegal aliens? Anyone know? Oh right – silly me – it’s us – again!

  • August 25, 2008 at 12:28 pm
    Loyal Berkshire Employee says:
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    Strange that something as simple as a comment by Mr. Buffett could elicit such a heated political debate. I’ve read and re-read the article numerous times and didn’t see one sentence where he mentioned Iraq. True, he does tend to lead to the left politically, but is it possible that when it comes to making money, the man knows what he’s preaching? He’s the richest man alive but still lives in the same small house he’s lived in for 30 years. Plus, he’s going to donate 99.99% of his money to charity when he dies!



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