Buffett: No Short Recession

Buffett:

• We are not in a freefall, not in a recovery either.
• This has affected the consumers very differently.
• 11% of unemployment will not surprise Buffett.
• We will come out of this, big time.
• No short recession, no shallow recession.
• A 2nd stimulus might be needed.
• TARP was not done in the "sophisticated way".
• Not talking to Obama very often.
• Buffett follows the freight-train index very closely, and that's something rather worrisome to him.

Our comments:

• We are sticking to the "big picture" [1] that we have been citing here for a long time and the thought we published earlier this year [2].
• Official unemployment figures must not be trusted. We urge readers who are interested in the real figures to refer to John Williams' [3] work. However, we would like to stress that it's a bad way to time the market using any of these figures.
• Looks like a 2nd stimulus is needed huh? Well, print Ben, print!

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References:

1. Scheduled Post #4
2. No Turn Around This Year
3. True Unemployment Rate Already at 20%

Related posts:

• George Soros on Financial Crisis, Commodities, China
• What Worse Than Expected?