Yesterday, we saw Warren Buffett went to Washington to see President Obama. The two talked about economy and job creation. Nothing in details was released on what exactly the two discussed.
Today, President Obama offered some details. According to reuters, in an interview with NBC, the President made the following remarks:
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Today, President Obama offered some details. According to reuters, in an interview with NBC, the President made the following remarks:
- "I'll tell you exactly what Warren Buffett said. He said, 'We went through a wrenching recession. And so we have not fully recovered. We're about 40, 50 percent back. But we've still got a long way to go'," Obama told NBC during a visit to Holland, Michigan, to promote his job creation policies.
- 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.
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