Warren Buffett: Still in a Recession, Will be "for Awhile"

It was good to hear Warren Buffett admit we are still in a recession, and that we're not going to get out of if "for awhile."

Many analysts and commentators have been slapped down by Buffett's comments, as they have taken any positive bit of economic news and spun it into a real recovery.

Buffett noted at the Burlington Northern Santa Fe railroad owned by Berkshire Hathaway (NYSE:BRK-A), that they were only back to 61 percent of capacity from before the recession, and that is their best performer.

He added that it is probably performing better than the vast majority of businesses in the U.S. at this time, giving somewhat of a loose measure as to where things are at.

Responding to the assertion the recession was over last year by the National Bureau of Economic Research, Buffett rightly laughed, saying "they define it differently" then he does.

His definition of the recession is this: "I define it, I think we're in a recession until real per capita GDP gets back up to where it was before. That is not the way the National Bureau of Economic Research measures it. But I will tell you that to any, on any common sense definition, the average American is below where he was before, or his family, in terms of real income, GDP. We're still in a recession. And, and we're not gonna be out of it for awhile..."

Unfortunately, Buffett continues to adhere to his Keynesianism economic theory, saying the stimulus from the government was the right thing to do, even with the devastation it will cause our children and grandchildren, as well as us.

Buffett said, "And, and basically, the government did the right thing in terms of getting the economy going again."

Amazing that he can be so right concerning the economy and so wrong concerning the outright failed stimulus from the Obama Administration.