Buffett: "We're in a Recession"--Even at 1% GDP

The Oracle on CNBC:

Yes, I think we’re in a recession. It is defined in a certain way by the National Bureau of Economic Research. But I think it’s defined by the man in the street differently than whether there have been two quarters of reported GDP growth. Incidentally, when growth is below 1% a year, it’s really falling on a per capita basis because our population increases about 1%. Even though the National Bureau uses an absolute figure, it it’s up 0.1, they don’t count that as a recessionary quarter. But the per capita has gone down in a quarter when the gain is a half a per cent or something of the sort. We are in a recession unless you want to stick strictly to the technical definition which I don’t think has much meaning to the fellow who’s lost his job or who’s facing a money market fund that isn’t paying him our or whatever it may be.



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