Nofsdad
Joined: 06 Jul 2003
Posts: 6727
Location: Central CA
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Posted: Tue Jul 01, 2008 5:21 pm Post subject: A Billionaires' Concensus on a Deep Recession
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Eli Broad, one of the richest men in the world, says the current economy is the worst he has seen in his lifetime, the worst since WWII. According to Bloomberg, he also says a housing market recovery remains ``several years'' away.
Fellow billionaires George Soros and Warren Buffett also think this downturn will be long and very bad. Soros is concerned about the credit market. Buffett's poison is high debt and inflation. Each man is touching the elephant from a different direction, but not one of them questions what the elephant is. |
The Rest Of The Story points out that the very rich are very often wrong. My opinion is that they don't get to BE the very rich by very often being wrong on the BIG stuff.
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