Buffet to NBER: STFU!
President Obama's favorite rich man, Warren Buffet has a message for the National Bureau of Economic Research's business cycle dating committee and that message is "FAIL":
Billionaire investor Warren Buffett said the U.S. economy remains in recession, disputing this week's assessment by a leading arbiter of economic activity that the downturn ended more than a year ago.
"We're still in a recession," Buffett told CNBC television in an interview broadcast on Thursday. "We're not gonna be out of it for a while, but we will get out."
A full reading of the article reveals that Sir Warren does not understand the difference between the end of a recession (the business cycle trough) and the end of the recovery.
By the way, does anyone besides me think Buffett would have been the perfect choice for the role of the dad in "Sh*t My Dad Says?"
Labels: macro is hard