Buffett: U.S. in fiscally "unchartered territory".

Buffett goes on to warn of the growing risk of inflation and that the dollar is in the hands of Congress.

Todd Sullivan has included the full op-ed piece and a Fox Business video.

I like the fact that we started going into TIP last week in the $100 neighborhood.

Urban & Ford

After posting our interests June 2nd Urban Outfitters (URBN) and Ford (F) go on to have a good summer. Too bad we didn't jump in. Another missed opportunity. What is going on?

Catching up on GDP

GDP data:

Q1 2008: -0.7
Q2 2008: 1.5
Q3 2008: -2.7
Q4 2008: -5.4
Q1 2009: -6.4
Q2 2009: -0.7

Wells Fargo U.S. Economic Forecast

From my post October 16, 2008:

"I doubt we'll see terrible GDP numbers for the 3rd qtr. (2008) but certainly for Q4 and Q1 2009. With that said we'll likely set up quite nicely for the 2008 Santa Claus Rally, January Effect and ensuing run into April. Lighten up on equities thereafter and cash coast through the Summer 2009 doldrums. Is a double dip possible?"

The Prognosis on GDP was fair but the equities call was awful. The S&P 500 is up 10% from October 16 but not before hitting the dramatic low of 666 in March. Contrary to rallying in the spring and resting in the summer the markets cratered in the Spring and is now crushing the Summer.

What a Joke of a July

I've missed 6% during this rally. Am I too upset? Nah.

S&P 500: 997

Roubini: Double-Dip Recession Still Possible

I've been discussing the possibility of a double-dip recession with colleagues for some time. Nouriel Roubini is still juggling the notion. A short read and video on CNBC.

Follow Roubini on Twitter: @Nouriel