Buffett: "we're still in a recession."

The Oracle of Omaha told CNBC that it's just plain "common sense" -- "we're still in a recession."

If you've been following Warren Buffett's statements on the economy lately you may be a bit confused. Earlier this month, in an appearance with Microsoft CEO Steve Balmer, Buffett said "we're not going to have a double-dip recession at all." (Presumably this is because, according to Buffett, the first recession never really ended.)

Earlier this week, the National Bureau of Economic Research, the independent body that tracks downturns in the U.S., recently announced that the recession ended in June 2009. But in an interview with CNBC's Becky Quick, Buffett disputed that notion:

BECKY: The NBER said this week that the-- recession officially ended back in June of last year.

BUFFETT: Well, they define it differently. (Laughs.) But I-- I mean, I-- I define it-- I think we're in a recession until real per capita GDP gets back to where it was-- before. That is not the way the National Bureau of Economic Research measures it. But I will tell you that to any-- on any common sense definition, the average American is below where he was before, or his family, in terms of real income, GDP. We're still in a recession. And-- and we're not gonna be out of it for awhile, but we will get out of it.


Buffett added that most small businesses "have come back somewhat" but haven't approached anything near their pre-crisis levels. Banks, Buffett said, are sitting on "trillions" and "dying to get the money out." A host of bad loans and a still sagging consumer, he suggested, have prlonged the downturn. Here's more:

BUFFETT: Our businesses are coming back-- on average, we've got 70-some businesses. But most of them-- the great majority are coming back slowly. If you take our railroad business, and our railroad business is typical of the other railroads in the company. If you take the peak period for shipments and then you go all the way down to the bottom, we're 61 percent of the way back up. That's better, I think, than most businesses are in the country. I don't think most businesses are 61 percent-- our-- our carpet business, our brick business, our insulation business, they're not back 61 percent, but they are moving back

Simon v Zverev

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Montanes v Chardy

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The Yossi Benayoun Song

Betfair Co-Founder Andrew Black to Quit as Company Confirms IPO

Andrew Black, one of two founders of U.K. internet betting exchange Betfair, will step down from his position as a non-executive director of the company, which Tuesday confirmed a long speculated-upon plan to list on the London Stock Exchange.

Buried on page six of the Intention To Float document it says:

Andrew Black and Chris Batterham, who are both Non-executive Directors of Betfair, will retire as directors at the AGM to be held on 6 October 2010.”

According to press reports Black and co-founder Edward Wray together hold a roughly 22% stake in the company. Black, a former professional gambler, and Wray, a former JP Morgan trader, can’t have failed to notice the valuations that reports have put on their business, the world’s largest online sports bettering company–up to £1.5 billion.

If accurate, this is a fairly eye-watering valuation for a company which, although undoubtedly fast-growing, generated just £53.5 million of adjusted EBITDA in the year to April 2010.

Could Black have been prompted to get out while the going was good, fearing that his baby may be heading in the same direction as Ocado, another recent high-profile U.K. technology IPO which, like Betfair, was primarily handled by Goldman Sachs and which is now trading at around 20% below its July offer price.

Betfair, which is profitable, is no Ocado. And a professional gambler should be able to handle a reasonable degree of risk. Nevertheless, the timing of Black’s departure, on the eve of the IPO, is intriguing.

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The recession is over, economists say

The National Bureau of Economic Research (NBER) declares that the turning point came in June 2009, making it the longest downturn since World War II. But, the group notes, the economy still hasn't returned to vigorous growth.

With the housing market still depressed, and the official unemployment rate near 10% and jobs growing very slowly, many economists are concerned about the possibility of the economy lapsing into another recession.

The December 2007-to-June 2009 recession is two months longer than the two previous longest postwar recessions, in 1973-75 and 1981-82. Between 1945 and 2001, there have been 10 recessions that on average lasted 10 months, according to the NBER.

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Hello mate! Good week with WTA players.

Thanks for your classrooms,

Jon



trader from Spain sends us last week results

when you trade proper based on value
and good education. good results come.

back to work

and now after the us open is over
it would be a good time to start
practicing for au open 2010

as you requested we are giving some
of you a chance to take the theory
class for very good value. take the
opportunity it will not last long.

early birds should enjoy such benefit

Rafael Nadal will arrive at the 2011
Australian Open with the chance to achieve
an amazing feat not even the Swiss master
can boast of.

Melbourne Park will be abuzz with excitement
come January as the brilliant Spaniard bids
to become the first man in tennis history to
complete a non-calendar-year grand slam sweep
of the sport's four major championships.

Legendary Australian - and fellow left-hander -
Rod Laver (1962 and 1969) and American Don Budge
(1938) are the only two men to have ever held the
Australian, French, Wimbledon and US Open trophies
simultaneously.

Nadal, 24, will be the third if he repeats his 2009
triumph in Australia.

As it is, the world No.1 is the first man since
Laver in 1969 to win the French Open, Wimbledon
and US Open consecutively.

some of the traders who participated in the us open
will receive a free TD trading pass to the coming
au open 2010 but there are only a few so contact fast
for details: rc.177@hotmail.com
for details

Pohlmann - Für Dich (offizielles Video)

Nadal v Djokovic

"I go to practice every day not to practice; I go to practice every day to try to learn something and to keep improving my level," Nadal said after his throttling of Mikhail Youzhny in the semifinal.

Brandon Flowers - Crossfire

Nadal v Djokovic

it was not easy this tournament
let's hope for a good final

Djokovic v Federer

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Roger Federer Best Point US Open 2010

Nadal v Simon

Nalbandian v Verdasco

Benesova v Sharapova

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Mattek Sands v Petkovic

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