The talking head on business networks like CNBC have been debating the issue now for months, “are we going into recession?”. Some economists are saying yes we are while others are saying no. Well Warren Buffet has an answer for us…yes we are in a recession.
Based on the technical definition of a recession (two consecutive quarters of negative GDP growth) we haven’t entered a recession. However, Mr.Buffet was recently quoted as saying “I would say, by any commonsense definition, we are in a recession”. That’s good enough for me. If the world most successful investor says we’re in a recession I believe him.