Talk about contradictory positions…
U.S. Treasury Secretary Henry Paulson said U.S. financial markets are emerging from the credit crunch that many economists believe has pushed the country to the brink of recession, according to The Wall Street Journal.
“I do believe that the worst is likely to be behind us,” Paulson told the newspaper in an interview.
The brink of recession? Warren Buffett says we are already there.
Warren Buffett, the world’s richest person, said on Sunday the U.S. economy is in recession, “as I define it.”
Buffett’s comment was at odds with a U.S. Commerce Department report last week showing the economy grew at a 0.6 percent annualized rate in the first quarter.
So, who do we believe? Yeah, that’s what I thought. I have no idea either.
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[...] Of course, if you read this blog, you know Mr. Buffett thinks we are already in a recession, ‘as he defines it’, since he said that almost three weeks ago. [...]