"Buffett, who built an estimated $47 billion fortune running his insurance and investment company Berkshire Hathaway Inc., warned Obama the recession created a huge overhang of excess capacity in the economy that would simply take time to mop up.
Obama said Buffett specifically used the example of the U.S. housing market, noting 1.2 million new homes were built on average per year in the United States, according to historic trends. That number soared above 2 million during the property bubble, but construction activity has since collapsed.
'What Warren pointed out was, look, we're gonna get back to 1.2 (million). But right now we're soaking up a whole bunch of inventory. So a lot of the challenge is to work our way through this recession,' Obama said."
I dont' see how we are going to "SOAK UP " all that inventory - but HEY that is why BUFFETT has more money than me! : ) Do YOU think it's possible?
'What Warren pointed out was, look, we're gonna get back to 1.2 (million). But right now we're soaking up a whole bunch of inventory. So a lot of the challenge is to work our way through this recession,' Obama said."
I dont' see how we are going to "SOAK UP " all that inventory - but HEY that is why BUFFETT has more money than me! : ) Do YOU think it's possible?
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