Buffet thinks the downturn will be longer than people expect.....

I liked the graphic above because I think the problems we have a nation have to do with each and every one of us....OK, perhaps thats too broad a net....but it has to do with our collective mindset.

The mindset I am refering to is our "get it now, pay later" instant gratification actions that we have clung to as a country for the past 20 years or so. I'd say that savings has been a passe concept since about the '80s, and that the way to make money has been to go out on a limb and "risk" things on margin.

Ok, the margin might not be exactly defined as it might be with a brokerage account....it might mean mortgaing your house to the hilt and using that money to say buy another house or even worst, the creature comforts you want.

Well, as the above poster indicates.....none of us thinks we had anything to do with our slide...."my effect is but a pisshole in the snow".....but together, we can cover a lot of area!

I'm not exactly sure that this is WHY Warren Buffet believes the downturn is going to be worst and of a longer than everyone thinks.....but when I heard that, I felt he was right.

What do we need to do to protect ourselves thought.....at least those of us with some savings.

I just don't know.....it is a scary thought though.

Here are the words of Buffet himself:

"This is not a field of specialty for me, but my general feeling is that the recession will be longer and deeper than most people think," Buffett said. "This will not be short and shallow.

"I think consumers are feeling gas and food prices," he added, "and not feeling they've got a lot of money for other things."