Saturday, May 24, 2008

Buffett: "longer, deeper" U.S. recession than most expect

by Calculated Risk on 5/24/2008 04:11:00 PM

From Spiegel Online: Investor-Legende Buffett attackiert gierige Banker (attacks greedy bankers)

Die Rezession werde "tiefer gehen und länger dauern, als viele denken".
The recession will be deeper and last longer than most people think.

And on the bankers:
"Sie brauten ein Giftgetränk und mussten es am Ende selbst trinken", sagte Buffett. "So etwas machen die Banker normalerweise ungern, sie verkaufen es lieber an andere", fügte er sarkastisch hinzu.
Loosely translated: The bankers brewed a poisoned drink, and then had to drink it themselves. Usually they prefer to sell the poison to others (said sarcastically).

Meanwhile, on Friday, Goldman Sachs forecast a "double dip" recession, with a mild pick up in the economy mid-year from the stimulus checks, followed by another slump in the economy later this year.

Update: changed headline to more accurate reflect Buffet's comments.