Warren Buffett Agrees With Me: Today's Outrage

NEW YORK (TheStreet) -- I'll take it as a compliment that Warren Buffett is in my camp.

The billionaire investor behind Berkshire Hathaway(BRK.A Quote), agrees with me that the economy is neither better nor worse over the past three months.

That was essentially the point I was making yesterday when I wrote that the market became overly excited about Fed Chairman Ben Bernanke's declaration that the recession is "technically" over.

The fact is that the recession doesn't feel over. Buffett thinks that's true too. He told CNBC(GE Quote): "It hasn't gotten worse. It hasn't gotten much better either."

I'm no pessimist, mind you. I'm just worried that if the market gets too far ahead of the consumer, then we'll all be in for a shocking reversal.

The Dow is marching toward the 10,000 level -- putting us back where we were one year ago. That's exciting and I don't want a disconnect between traders and consumers to halt the progress.

We Americans lost more than $1 trillion from our retirement accounts due to the stock market crash. So I understand the eagerness to win it back. But we don't have to hit 10,000 on the Dow this week (though we may yet). We don't have to hit 10,000 next week. The important thing is to get there and to hold onto it.

Like an out-of-shape mountain climber, we're not conditioned for such high altitudes. We could easily panic and rush lower to catch our breath. Or we could take a steady climb and acclimate.