For two weeks now, I’ve warned that the economy is bad and will likely get worse.  But it’s not just me saying it.  So is the Oracle of Omaha, Warren Buffett:

http://www.bloomberg.com/apps/news?pid=20601039&sid=aUgpE2pRx5eU

According to this Bloomberg article:

“There’s evidence, though, that Buffett is awake to America’s problems. He says there will be no quick rebound in consumer spending, the economy has ‘fallen off a cliff,’ and we are now ‘fighting a war.’ Berkshire Hathaway Inc.’s real- estate arm just estimated that the backlog of unsold houses is double the official figures.”

So my advice to everyone reading this blog is: fasten your seatbelts.  We are not out of this rough stretch of road yet.

But there is also some good news: cash is again king.  So hold onto your cash; pay down your debt; and keep your eyes open.  In the next year or so there will be great deals.  Maybe it’s a new house; maybe it’s some land.  If you have the cash on hand, get ready to experience a buyer’s market.

And that buyer’s market will eventually, as always, bring the economy back.  So let’s keep a positive outlook as we endure today’s challenges and get ready for tomorrow’s opportunities. As Warren Buffett once said, “‘Buy American: I am.”