Allan Edwards at the Montana Economic Development Summit asked legendary investor Warren Buffett about the chance of a double dip recession. Buffett responded “we will not have a double-dip recession at all. I see our businesses coming back almost across the board,”
Edwards responded that internet news business fell off a cliff in August but Buffett was quick to shoot back this is not a business he is in. The stock market has begun a rally. The Standard & Poor’s 500 index rose 1.1% for the day and is up 6.9% this month.
On March 3, 2008 Warren Buffett predicted a downturn in the U.S. economy he stated that “by any common-sense definition we are in a recession.” He also mentioned it would be an opportune time to sell stocks. BMO Capital Analyst Ed Languay laughed at Buffett on that date "what a foolish old man the Dow is going to 20,000 before 10,000."
In October 2008 Buffett again made a legendary call saying it was time to buy stocks for the long term and he said “A simple rule dictates my buying: Be fearful when others are greedy, and be greedy when others are fearful.” However, he received massive amount of criticism as the stock market decline for several months after the article, but today no one gives him credit for the call.
Edwards finished "the economy appears to be back on track."
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