Quotes with Resistance & Support
Market Information

Warren Buffett says second stimulus might be needed

This article was posted on Jul 10, 2009 and is filed under Press Releases

WASHINGTON: Legendary investor Warren Buffett said in an interview aired on Thursday unemployment could hit 11 per cent and a second stimulus
package might be needed as the economy struggles to recover from recession.

Buffett, the billionaire founder of Berkshire Hathaway, said Americans suffered “a shock to the system” from the economic difficulties in the final quarter of last year but had started to rebound.

“We’re not in a freefall, but we’re not in a recovery either,” he told ABC’s “Good Morning America.” “We were in a freefall really in the last quarter of last year, starting in the financial markets and spreading to the economy, and we had this huge change in behavior.”

Buffett, a supporter of President Barack Obama during last year’s election campaign, said a second economic stimulus package might be needed. The Obama administration says it does not see a need for a second stimulus yet.

“I think a second one may well be called for. It is not a panacea. A stimulus is the right thing. You hope it doesn’t get watered down,” he said. He likened the first $787 billion stimulus package passed by Congress to “half a tablet of Viagra and then having also a bunch of candy mixed in- it doesn’t have really quite the wallop.”

Buffett said unemployment had “a ways to go” and he would not be surprised to see it hit 11 per cent before it recovers. “I’m not predicting it but no that would not surprise me,” he said of the 11 per cent figure. “We’re going to come out of this better than ever, the best days of America lie ahead but not next week or next month,” he said.

source: Economictimes

Tags: , ,

Similar Posts:

Breakouts

+ve 30 DMA    50 DMA    150 DMA    200 DMA
-ve 30 DMA    50 DMA    150 DMA    200 DMA

Latest Query

Sail what do you think due to the bonus share issue...view more »
- by Rakesh
Status: Awaiting reply

Market Stats

  • Sensex
    15935.61
    +0.00
    [0.00%]
  • Nifty
    4760.40
    +0.00
    [0.00%]
  • Dow Jones
    9908.39
    -103.84
    [-1.04%]
  • Nasdaq
    2126.05
    -15.07
    [-0.70%]
  • Dow Futures
    9898.00
    +3.00
    [+0.03%]
  • Nikkei 225
    9907.65
    -44.17
    [-0.44%]
  • Hang Seng
    19621.17
    +70.28
    [+0.36%]
  • Straits Times
    2689.33
    -4.29
    [-0.16%]
  • Shanghai
    2954.91
    +19.73
    [+0.67%]
  • FTSE 100
    5092.33
    -160.82
    [-3.16%]
  • CAC 40
    4012.91
    -1.06
    [-0.03%]

Search Our Archives

Latest Investment Idea

Recent Comments