Warren Buffett has decided not pull his punches about how bad things are going to get in the US.
Speaking of the economy, Reuters quotes him as saying "But the people are already feeling the effects. It will be deeper and last longer than many think."
Buffett’s name gets added to those of people like George Soros who have strong concerns about the next several quarters. The stock market is supporting their views. GM (GM), GE (GE), airlines, and many companies in the financial sector now trade at 52-week lows. The Fed has revised its forecast for GDP down. Many economists polled by Reuters see a bad year ahead.
The CEO of Dow Chemical (DOW) recently said that inflation and the credit crisis are causing significant changes in consumer behavior. Many of the underpinnings that helped several years of grow in the economy are gone.
Buffett’s views may be a little late, but the are, nonetheless, almost certainly true.
Douglas A. McIntyre
The Average American Has No Idea How Much Money You Can Make Today (Sponsor)
The last few years made people forget how much banks and CD’s can pay. Meanwhile, interest rates have spiked and many can afford to pay you much more, but most are keeping yields low and hoping you won’t notice.
But there is good news. To win qualified customers, some accounts are paying almost 10x the national average! That’s an incredible way to keep your money safe and earn more at the same time. Our top pick for high yield savings accounts includes other benefits as well. You can earn up to 3.80% with a Checking & Savings Account today Sign up and get up to $300 with direct deposit. No account fees. FDIC Insured.
Click here to see how much more you could be earning on your savings today. It takes just a few minutes to open an account to make your money work for you.
Our top pick for high yield savings accounts includes other benefits as well. You can earn up to 4.00% with a Checking & Savings Account from Sofi. Sign up and get up to $300 with direct deposit. No account fees. FDIC Insured.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
Our expert who first called NVIDIA in 2009 is predicting 2025 will see a historic AI breakthrough.
You can follow him investing $500,000 of his own money on our top AI stocks for free.