WALL STREET PROFIT NEWS
Financial News and Editorial Source.
06/25/08 -
Billionaire Warren
Buffett has already said he thinks the U.S. economy is in a
recession, and now he says the economy is getting worse.
Everything connected with construction and with consumer, I see
weakness, and if anything, it's accentuating a little bit." Buffett
also said he thinks inflation is picking up, especially in steel and
oil, so it should be a concern for the Federal Reserve. But
Buffett said he would have been surprised if the Federal Reserve
were to announce a rate cut Wednesday afternoon. Buffett also
said he believes supply and demand, not market speculation, is
what's driving oil prices to new heights. "In my adult
lifetime, up until the last year or two, there's been a huge amount
of excess supply available," Buffett said. "We don't have excess
capacity in the world anymore, and that's why you're seeing these
oil prices." Buffett said he doesn't think it makes sense to
impose a windfall tax on oil companies that have benefited from the
high price of oil when other commodity prices have also increased.
Steel, corn and soybean prices are all up significantly.
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