Shambles

Warren Buffet is a big name in investing. He has made more money for his shareholders of Berkshire over the last 40 yrs than you could imagine. However, even he is not immune from the across-the-board pummeling that the financial markets have sustained over the last 18 months. Some reports show his stock down as much as 50% from it's high in 2007.

Today, Warren came out with his prediction for 2009. The economy will be in shambles.

“Whatever the downsides may be, strong and immediate action by government was essential last year if the financial system was to avoid a total breakdown,” Buffett said. “Had that occurred, the consequences for every area of our economy would have been cataclysmic. Like it or not, the inhabitants of Wall Street, Main Street and the various Side Streets of America were all in the same boat.”

Did you catch that phrase, "total breakdown" and "cataclysmic"? What does that even mean? Are we talking about men wandering around the country looking to split wood in exchange for lunch? Are we talking about U.S. dollars being worthless so that no one wants them anymore? I don't know...but reading between the lines of the statements issued by government officials...I don't think we want to know.

Read full article here; http://www.bloomberg.com/apps/news?pid=20601087&sid=a1L50vuf_HiM&refer=home

This current state of global confusion makes me wonder....were the builders of the Tower of Babel equally confused??