Buffet thinks that the U.S. economy will experience an eight year slump according to the article linked below.

Prepare to tighten your belts, my friends. Indeed, it is going to be a whole different world *if* the warnings ring true. At some point, there will be opportunities for the next bull run. A person will be in a fortunate position if he has saved cash for the next market advance after we get through the tough years. Now is the time to position yourselves, for that future event, by preserving your wealth. It will get worse before it gets better. Many think it will be the worst recession in the past 50 years. Plan accordingly and be prudent in your expenditures. The rainy day might be here soon. Good luck.

http://quote.bloomberg.com/fgcgi.cgi?T=marketsquote99_news.ht&s=AO4WUVxWnV2FycmVu