Buffett : Taxpayer anger against President Barack Obama and Congress is counterproductive

Buffett : Taxpayer anger against President Barack Obama and Congress is counterproductive

Buffett to taxpayers: Get over your anger

Taxpayer anger against President Barack Obama and Congress is counterproductive because policy makers took measures including deficit spending to stimulate the economy, billionaire investor Warren Buffett told CNBC.

http://www.omaha.com/article/20100924/MONEY/709249917

“Sentiment has turned very sour in the last three or four or five months,” the chairman and CEO of Omaha-based Berkshire Hathaway Inc. said in an interview broadcast Thursday.

“I hope we get over it pretty soon, because it’s not productive,’’ Buffett said. “We will come back regardless of how people feel about Washington, but it is not helpful to have people as unhappy as they are about what’s going on in Washington.”

More than three-quarters of U.S. investors view Obama as anti-business and are pessimistic about his policies, a Bloomberg survey this month indicated.

The U.S. unemployment rate is 9.6 percent, even after an $814 billion stimulus measure enacted last year and other government actions.

The Federal Reserve has kept the benchmark overnight lending rate target close to zero and said this week that it was prepared to ease policy further.

“The truth is we’re running a federal deficit that’s 9 percent of gross domestic product,” Buffett said. “That’s stimulative as all get out. It’s more stimulative than any policy we’ve followed since World War II.”

http://www.omaha.com/article/20100924/MONEY/709249917

Roubini ,"There is no private sector jobs growth"

More than 400 US Banks Will Fail: Roubini
Published: Friday, 3 Sep 2010 | 3:00 AM ET Text Size By: Patrick Allen
CNBC Senior News Editor

http://www.cnbc.com/id/38986777

Even if the US and European economies manage to avoid a double dip, it will still feel like a recession, while more than half of the 800-plus US banks on the "critical list" are likely to go bust, according to renowned economist Nouriel Roubini of Roubini Global Economics.

The second half of the year will remain weak as tailwinds become headwinds, Roubini told CNBC on the shores of Lake Como, Italy at the Ambrosetti Forum economics conference.

"In the second half, fiscal policy becomes a headwind, no more cash for clunkers," Roubini said. "The positive scenario is that growth will be below par."

Roubini recently said the chance of a double-dip recession in the US was now more than 40 percent.

"The big risk is that there will be a downturn in markets that could impact the bond, the equity and the credit markets," he said.

“Job losses have been higher, the US jobs number will show that. There is no private sector jobs growth," he said. "Consumption is weak, exports are weak and housing is weak."

"If there is no final sales and no final demand, companies will not invest," he added.

more:
http://www.cnbc.com/id/38986777

to be or not to be ........

The obsession over weather to call the current stage of the US economy a “recession” is reaching epidemic proportions; news flash if the past is any indication by the time the Government pronounces a recession, the recession is already over. Remember the market trades on future economic activity not present; the old saw being that the markets trades 6 months head of the general economy.