Tags: Buffett | Partner | munger | Pain | Job | Outlook

Buffett's Partner: More Pain to Come as Job Outlook Lousy

Wednesday, 15 Sep 2010 09:08 AM

Charlie Munger, Warren Buffett’s longtime business partner in Berkshire Hathaway, warns that the outlook for the U.S. job market is bleak and that the nation should brace for even more economic pain.

Munger, a vice chairman of Berkshire Hathaway, told CNBC that people seeking employment face a “lousy” job market for a long period.

Munger said he doesn’t see any hopeful signs that would push employers to increase their labor force in the near future.

Several sectors also face a dismal future, he added.

Commercial real estate and timber are two areas where he predicts there is "more pain to come.”

Earlier this year, Munger warned that the U.S. economic empire is crumbling before our eyes, thanks to federal debt and poor planning.

However, Buffett recently said at the Montana Economic Development Summit that the U.S. economy is recovering and a “double-dip” recession won’t occur.

“I am a huge bull in this country. I see our businesses coming back almost across the board,” he said.

"I've seen sentiment turn sour in the last three months or so, generally in the media. I don't see that in our businesses. I see we're employing more people than a month ago, two months ago" Buffet said.

Other economists, such as Harvard University professor Martin Feldstein and New York University professor Nouriel Roubini, have said the United States faces a greater chance of another recession.

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Charlie Munger, Warren Buffett s longtime business partner in Berkshire Hathaway, warns that the outlook for the U.S. job market is bleak and that the nation should brace for even more economic pain. Munger, a vice chairman of Berkshire Hathaway, told CNBC that people...
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2010-08-15
Wednesday, 15 Sep 2010 09:08 AM
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