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 very rich are often wrong. They believe that because they are rich, they are usually right. Today, the stock market and rising price of commodities and oil favor the billionaire’s consensus.
They are rich enough to be right about a horrible recession, but almost no one else is.
Douglas A. McIntyre
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