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Non-Tech : Bill Wexler's Trading Cabana -- Ignore unavailable to you. Want to Upgrade?

To: RockyBalboa who wrote (3670)	6/25/2008 2:32:49 PM
From: cubsfan	Read Replies (1) \| Respond to of 6370

Interesting Comments from Buffett on CNBC - pretty bleak: Posted from another blog as best as he could interpret- These are not word-for-word, just the best I could do taking notes. Haven't replayed the tape. Probably won't. He was brutally clear. On FED's twin mandates: which should be given more weight? "Both (slow growth and higher inflation) are going on...I'm not sure we have an (growth)...Inflation is really heating up." What would he do if he were Benanke? "I'd offer my resignation." "I think inflation is...huge right now. (Names steel and other commodities). We're seeing it everywhere. It's exploding." Mentions that, through Berkshire, he is seeing a great deal of "real time data" on these ssues. "The economy is weaening. If anything, it is getting worse...(showing up in new places like "credit card loses"). In BRK'sbusinesses, he is seeing weakening in everything connected to "construction and the consumer. If anything, the (weakness) is accelerating." The future of the dollar still looks bad unless national policy on major issues that impact our "huge current account deficits" are changed. What about the price of oil and speculators? "It's supply and demand. It's not speculation." Practically mocked the "speculators" scaregoat theory. "If they closed the futures exchanges (it would have little impact). (If it's speculators) "hen why are people paying $135 for delivery in 2013?" Said he hadn't talked to anybody involved in BUD deal. Not in favor of windfall taxes on oil. Why not "steel, corn, soybeans" etc? On Obama, said "I don't agree with him" on his change of position on financing his run for Prez. As usual, WEB was cheerful, but blunt, on everything. When Buffett is this forceful, I try to do SOMETHING, even if it's not much. He may be 'early,' and he may love bad times, but he's almost never wrong. So I made a couple of small (uninteresting) defensive moves. But, basically, I'm just riding out the storm on the BRK Arc. His "long and deep" call on the recession certainly seems to be playing out __at least in the data WEB sees. I'm not happy he's right, but I'm willng to assume he is. And __for 14 years__ the odds have always been far better that he was right than me. Just thought you guys would like to know the latest remarks. In short, Bufett did not say that everything he sees is about the same as it was when he talked at the Annual Meeting. He's saying that everything he sees on the economy, inflation and the causes of the oil run up are getting worse. And, in some cases, getting worse pretty fast.