• by David Goetzl  @dgoetzl, March 5, 2010

After a difficult 2009, WPP Group channeled Warren Buffett on Friday. The wealthy Buffett is known to break from Wall Street's stilted ways and sprinkle wry comments in his annual letter to shareholders.

Looking ahead, WPP said in an earnings report: "2010 should be a more stable year (famous last words!)."

It was unclear whether that came directly from CEO Martin Sorrell, who separately told investors: "I think we have gone from staring in the abyss to less worse to stabilization; and we have seen stabilization in January."

Still, WPP is predicting anything but breakneck growth in 2010. In fact, it suggested organic growth would be flat.

WPP did say revenues for campaigns linked with the just-completed Olympics and summer World Cup should help.

WPP also resembled Buffett in its willingness to advise governments on financial matters -- something publicly traded companies shy away from for the most part.

The Dublin-based company said the "West" has two routes to go to leave the troubled economy in the rearview mirror. There's "the more prudent and painful: reduce government spending, increase taxes and unemployment and learn to save again." Or "inflate our way out of the problem and continue to spend and lend, with significant resultant increases in inflation and long-term interest rates."

WPP's prediction: coming elections and politicians' unwillingness to increase taxes makes the second course "more likely."

In 2009, global organic revenue for the 24-year-old holding company fell 8.1%. There was also an 8.1% drop in North America, which accounts for about 35% of overall company revenues.

Organic revenues for advertising and media services globally dropped 8.5% in 2009.

"The pressure continued ... with clients continuing to seek greater and greater effectiveness and efficiencies, in markets where there is little inflation and, as a result, little pricing power and an over-supply of old and new media inventory," WPP wrote.

GroupM, the holding company's umbrella media operation, posted new global billings of $2.9 billion last year. Part of the new pipeline is Maxus, taking on the global UPS business, and Mindshare, now working for pharmaceutical company Boehringer Ingelheim in the U.S.

Total global revenues in 2009 were $13.1 billion, up 16%, but helped by the acquisition of what is now Kantar Media. Profit before tax was down 11% to $1 billion.