With the U.S. economy clearly slowing and Europe on the brink of melting down, fears of another recession is rising. If the Economic Cycle Research Institute is right, the U.S. economy will definitively be in recession by the middle of the year, if it's not already there. (See: ECRI's Lakshman Achuthan: No, I'm Not Wrong — We're Still Headed For Recession)
In an attempt, perhaps, to quell such concerns, Warren Buffett declared last night the odds of a recession are "very low" -- barring a major "spill over" from Europe's crisis, of course.
David Levy, chairman of the Jerome Levy Forecasting Center isn't as negative as the folks at ECRI but he thinks Buffett is being too cavalier about the risks facing the economy.
"Warren Buffett is probably greatest value investor maybe in U.S. history but I have to differ with him on analyzing what's going on with the economy," Levy says. "We're not in a typical period where the usual cyclical rules apply."
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