Warren Buffett Says Second Round of Looting Might Be Needed

Reuters
Thursday, July 9, 2009

WASHINGTON (Reuters) – Legendary investor Warren Buffett said in an interview aired on Thursday unemployment could hit 11 percent and a second stimulus package might be needed as the economy struggles to recover from recession.

Buffett, the billionaire founder of Berkshire Hathaway, said Americans suffered “a shock to the system” from the economic difficulties in the final quarter of last year but had started to rebound.

“We’re not in a freefall, but we’re not in a recovery either,” he told ABC’s “Good Morning America.”

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“We were in a freefall really in the last quarter of last year, starting in the financial markets and spreading to the economy, and we had this huge change in behavior.”

Buffett, a supporter of President Barack Obama during last year’s election campaign, said a second economic stimulus package might be needed. The Obama administration says it does not see a need for a second stimulus yet.

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