The Oracle of Omaha continued to note that the chatter about green shoots doesn't make it any easier to determine when the economy will bounce back.

In his most sobering prediction, Buffett believes that the unemployment rate (which stands at 9.5%) will get worse before it peaks (his words were "has a ways to go"). Let's hope that Buffett is wrong on this prediction -- the thing is that he isn't often wrong. Others don't agree with Buffett, John Boehner (R-Ohio), House Minority Leader, noted yesterday that the talk of a second stimulus bill is an "admission on the part of the administration that their stimulus plan is not working." Others have weighed in, noting that a second stimulus would only make the situation worse.

To be fair, President Obama has not said whether he would approve a second stimulus package. The question is if we really need a second stimulus. The American public seems to think that any stimulus package will automatically put wads of cash in their pocket, and this just isn't the case. In an interview with ABC on Tuesday, President Obama questioned what would happen after a stimulus -- especially if unemployment is close to 10%.

The president added that the short-term stimulus would leave us with a big deficit. This is my concern about another stimulus package (or any stimulus package) -- it's like robbing Peter to pay Paul, if I may borrow an old colloquialism. At some point we (or our kids, grandkids, or their grandkids) will have to foot the bill for any further stimulus, and it sure seems like the American public wants to spend money to make money. This formula has been tried in the past, and it hasn't always been successful.

Another concern I have is that there are experts out there who feel we have a "ways to go" before the economy recovers and others that have major concerns about the economy. We may be entering a bullish run here thanks to earnings reports, and this could blind some to the fact that there are still major problems with our economy.