Thursday, September 23, 2010
Warren Buffett lets the cat out of the bag
After basking briefly in the report from the guys who make the official declarations about whether we are in a recession or not, we see our hopes dashed by a man who should know what is what. According to the Oracle of Omaha we are still in a recession.
I think we're in a recession until real per capita GDP gets back to where it was-- before. That is not the way the National Bureau of Economic Research measures it. But I will tell you that to any-- on any common sense definition, the average American is below where he was before, or his family, in terms of real income, GDP. We're still in a recession.I suppose next he will tell us we still have combat troops in Iraq.
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