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May 2008

Buffett warns on US recession

By Tarunkumar Singhal, Raman Jokhakar
Chartered Accountants
Reading Time 1 mins
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10 Buffett warns on US recession


Warren Buffett told CNBC that while the US might not have met
the formal tests of recession, ‘most people’s situation — certainly their net
worth — has been heading south for a while now’. Meanwhile, Alan Greenspan, the
former Federal Reserve chairman, told the Financial Times that ‘the rate of
growth in economic activity is effectively zero’.

Greenspan said he was still not prepared to call a recession,
although he said, “The probability that we will experience some negative growth
is better than 50/50”. The former Fed chief said he would define a recession as
‘the onset of a significant set of discontinuities’ in an economy.

(Source : Business Standard, 5-3-2008)

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