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Wednesday, June 24, 2009

"Economy in Shambles"

From CNBC:
In a live interview on CNBC today, Warren Buffett said there has been little progress over the past few months in the "economic war" being fought by the country. "We haven't got the economy moving yet."

While the economy is a "shambles" and likely to stay that way for some time, he remains optimistic there will eventually be a recovery over a period of years.

Buffett says the nation should concentrate on creating jobs. ...

Taking a firm position in an ongoing debate in the financial markets, Buffett says he's not concerned at all about deflation, but does think inflation will be a problem in coming years.
Thankfully, despite Buffet's assessment, the Administration, "is not ready to offer a second stimulus plan even though the economy continues to struggle."
The president said Tuesday that more time is needed to assess the effectiveness of the $787 billion economic stimulus plan enacted early this year. Obama said the nation's unemployment rate is likely to exceed 10 percent, although he originally predicted it would not go over 8 percent.

At a White House news conference, he said that neither he nor the American people are satisfied with the rate of economic recovery. But he said he remains hopeful that conditions will improve over time.

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