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  1. #1
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    Default Credit crunch fallout not over yet - Buffett

    11:30AM Tuesday May 20, 2008

    The fallout from the global credit crisis is not over yet, US investor Warren Buffett said this morning.
    "I'll talk about the United States. I don't think the effects of the credit crunch are far from over at all," he told a news conference in Germany in response to a question.
    "I think there will be rippling secondary, tertiary effects ... It is really more an effect of the residential real estate bubble which led to the credit crunch in some degree," he said.
    - REUTERS

  2. #2

    Default "easing", but "fallout far from over"

    Quote Originally Posted by 67910241 View Post
    11:30AM Tuesday May 20, 2008

    The fallout from the global credit crisis is not over yet, US investor Warren Buffett said this morning.
    "I'll talk about the United States. I don't think the effects of the credit crunch are far from over at all," he told a news conference in Germany in response to a question.
    "I think there will be rippling secondary, tertiary effects ... It is really more an effect of the residential real estate bubble which led to the credit crunch in some degree," he said.
    - REUTERS
    Now that's an opinion to which I pay attention.

    And this:
    Investment guru Warren Buffett says the worst of the global credit crunch is over for Wall Street, but not for the man or woman on the street.
    The chief executive of Berkshire Hathaway said there would be "a lot of pain to come" for mortgage holders.
    He made the comments as Berkshire Hathaway's annual meeting got under way in Omaha, Nebraska, attended by a record 31,000 people.
    The meeting has become known as "Woodstock for Capitalists".
    Mr Buffet's investment decisions often go against the market and are followed religiously by many.
    However, Berkshire Hathaway, the company Mr Buffet took over in 1965, has not escaped the credit crisis.
    It saw its first quarter profit tumble 64%, hurt by losses tied to derivatives contracts and a steep slide in insurance premiums.
    "The worst of the crisis in Wall Street is over," Mr Buffett told Bloomberg Television shortly before the weekend meeting began.
    "In terms of people with individual mortgages, there's still a lot of pain left to come," he added.
    http://news.bbc.co.uk/2/hi/business/7382714.stm

    Er, gulp.
    Peter Aranyi
    Blog: www.ThePaepae.com


 

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