Buffett's gloomy economic predictions

Seems to me Buffetts recent investments are on his mind more than the green shoots. He sure made some bad moves over the last 1 1/2 years. The facts are we have exited the plunge phase, and entered the revival phase of the biz. cycle.

On a weekly percentage basis, the better stocks in the sectors that outperform in Revival 1 are doing better than the the equities that outperform the market in the Plunge phase. Pretty fundamental that the money flow is entering this area.

We are on our way to better days and months, dont listen to the laggards. Chips, autos, trucks and parts, diversified mfg., banks, chemicals, rails, and oil outperform in this phase. Good luck, God Bless, and invest wisely.

Perhaps if people quit praying to a more likely than not non existent god to fix things and started trying to work things out themselves things would get better.

Don't pray for god to make the economy better and your bank account bigger. Go out and start a business and quit depending on big Corporate America for an income. More importantly, don't rely on them for your retirement.

While you are at it, get rid of your credit cards, your big gas guzzling car, that over priced house you live in and quit believing all the ads on TV that tell you to go out and buy this or that so you can keep up with the Jones's.

If you quit wasting your money on the crap they try and sell us all and refuse to buy over priced items then they (Corporate America) will be forced to turn out quality products at reasonable prices if they want to stay in business.

Also, boycott the products and services of any company that sends American jobs overseas. The immigrants from Mexico (legal or not) are not taking any jobs a stuck up holier than thou 'I'm a freakin' American so I'm entitled' legal US citizen wants anyway. Corporate America does more harm to the average American worker's chance at gainful employment than an *army* of illegal immigrants *ever* could. When you want a job picking fruit, moping up restrooms or digging ditches and can't get one because an illegal immigrant got it first *then* perhaps I'll listen to you whine.

Quit using illegal immigration as a shallow disguise for your obvious racist tendencies and get a clue and a life.

BUFFETT, said...he is CONFIDENT...not "Gloomy" about the medium term economy...and,

1) Ben Bernanke "should be" reappointed for a second term,

" I don't see how you could do better ."

2) " The FED came through for us ", after the financial meltdown,

3) Ben Bernanke, Timothy Geirthner, and Larry Summers

    are doing a capable job to assist the economy recover.

4) Unemployment "will LAG the TURNUP of the economy" !!!

   Hello... out of context reporting, like:

"Unemployment, said Buffett, will continue to drag the economy down."

5) Excesses in institutional and private debt needs attention.

6) The stock market is a positive indicator for the economy.

The televised interview is the best place to get the balance judgement made by Buffett...and avoid  erroneous conclusions that he did not say.

The Perterson/Holahan story is a negative gloom spin, with missing endorsements/confidence remarks  made by Buffett.

Downmarket fear reporting, might increase short term ratings

but doesn't do justice to "informing" the public on how to evaluate the positive achievements as they unfold, as against unreasonable expectations in difficult economic times, not seen since WW11.

The mess we are in is primarily a matter of having no common sense.  During the Bush years the representatives we elected cut taxes and went on a tremendous spending spree which included fighting two wars and enacting a large new entitlement program without paying for it, i.e., prescription drug benefits.  Our banking industry made loans that couldn't possibly be repaid and Wall Street packaged these bad loans and sold them to unwary investors with insurance coverage from AIG.  This was all done under the watchful eye of government regulatory agencies and congressional committees with oversight responsibilities.  Regular Americans who were taken in by smooth sales pitches agreed to loans they couldn't possibly repay and thought nothing of refinancing their homes to obtain additional cash.  When the house of cards collapsed a lot of people got hurt badly.  Now, in the midst of a very deep recession and staggering deficits, Congress is seriously considering enacting universal health care coverage which is likely to cost at least two trillion dollars over the first five years it is implemented.  Where is the money going to come from?  How are we going to also save Social Security and Medicare from insolvency?  Given the financial situation we are facing, I think that Mr. Buffett is probably being optimistic since we obviously have no common sense.