Monday, September 13, 2010

I Feel Better Already

More apologies for the lack of posts. Things are very hectic outside of blogland. Couple that with this "undulating plateau" to steal a term from our Peak Oil friends and I've not had a huge sense of urgency to post. That is, until the Grand Poobah of the dead and gone Bull Era, Warren Buffet his ownself, has stood up and ruled out a Double Dip Recession - all without having to have Becky Quick prompt him.

Buffett Rules Out Double-Dip Recession Amid Growth
Andrew Frye and Kelly Bit, On Monday September 13, 2010, 1:14 pm EDT from Bloomberg
Warren Buffett ruled out a second recession in the U.S. and said businesses owned by his Berkshire Hathaway Inc. are growing.

“I am a huge bull on this country,” Buffett, Berkshire’s chief executive officer, said today in remarks to the Montana Economic Development Summit. “We will not have a double-dip recession at all. I see our businesses coming back almost across the board...”

...Buffett, who spoke via video connection to an assembly in Butte, Montana, said U.S. banks were ready to boost lending and encouraged entrepreneurs to seek financing for their business ideas. Berkshire is the biggest shareholder of Wells Fargo & Co., the top U.S. home lender...

I especially like the claim that banks are ready to boost lending. I spent Saturday at a college football tailgate getting caught back up with a number of entrepreneurs who run businesses in my local area and nationally. Every one of them would laugh at the claim banks are ready to boost lending. Granted, that is anecdotal. Time will tell.

I personally am bullish on the Republic just like Mr. Buffet, but that doesn't mean that one hell of a serious economic storm isn't coming our way and always remember, Bear Markets devour the icons built up by the preceding Bull Market...

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