The Billionaire Pessimists Club

Thursday, January 05, 2006 | 11:45 AM

Pardon the delay:  I was planning on putting this up Tuesday, but I didn't want to make this look like log rolling (after Tim was so complimentary).

Great post from Tim at the Mess that Greenspan Made:

We've heard many times from Warren Buffet about the difficult road ahead for the U.S. economy - the dollar, the perils of living in Squanderville, and the ascendant Sharecropper Society are his most notable objections to the rosy picture painted by Wall Street economists and government officials.

Even Mr. Buffet's much younger, slightly richer, sometimes side-kick, and occasional bridge buddy Bill Gates has been rather down on the dollar lately due to rapidly accumulating debt and the plethora of promises made by the U.S. government.

George Soros and Jim Rogers of Quantum Fund fame are bearish on Bush economic policies and bullish on commodities, respectively. Both of these views bode ill for the American way of life as it has been known for the last half century. That is, the American way of life for most of the citizenry - for the upper few percent of the populace, rising energy and raw material costs are more than offset by a reduced tax burden.

Sir John Templeton has been predicting a U.S. real estate disaster for some time now, and Bill Gross at Pimco has likened the current state of affairs to Rome burning, and much worse.

What do all these gentlemen have in common?

They are all billionaires, they all speak freely, and they all have very serious concerns about the course that the nation's economy has charted.

Is anyone listening to them?


Tim does great work; If you haven't been reading his blog (The Mess that Greenspan Made), you are missing out on insightful commentary . . .

Thursday, January 05, 2006 | 11:45 AM | Permalink | Comments (19) | TrackBack (0)
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Comments

It's the Dick Clark economy, perpetually young, until one day it isn't.

Don't know what performance enhancers Dick Clark used, or who he sold his soul to. But in the US economy it was debt and China.

Time to start teaching your kids to say 'shoeshine, sir?' in Chinese.

Posted by: drucev | Jan 5, 2006 12:54:47 PM

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