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March 25, 2015
Munger Says Prepare for Harder World as Buying Power Slides
(Bloomberg) -- Charles Munger, who became a billionaire while helping Warren Buffett build Berkshire Hathaway Inc., predicted it’s going to get tougher for consumers to maintain their standard of living in coming decades.
This would probably be a depressingly bad time to point out that real median household income is at 1989 levels after peaking in 1999.
Real Estate Newsletter Articles this Week: Existing-Home Sales Increased to
4.15 million SAAR in November
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At the Calculated Risk Real Estate Newsletter this week:
[image: Existing Home Sales]*Click on graph for larger image.*
• NAR: Existing-Home Sales Increase...
16 hours ago
14 comments:
I wonder what the Mandarin translation actually says.
Welcome to the party Charlie!
The good news is that real medium household income can theoretically rise in perpetuity.
So we got that going for us, which is nice!
Rob Dawg,
The only Mandarin I know comes in the can. Um, oranges. Not the toilet. ;)
mab,
Well done!
I'd like to claim my steak of the prosperity now, but the medium is so rare! ;)
Well done!
Raw Deal, v2.0!
Recall that Munger's message to ordinary Americans post financial crisis was to "suck-it-up".
mab,
Suck it up? Sounds like a straw man argument to me.
Shake it up! Brain freeze! Let's get all wild and crazy with vanilla! Can I get fries with that? You bet I can! Even odds if it's Payday Loan Friday!! Woohoo!
Happy frickin' fun meal, baby. That's what I'm talking about.
Payday Loan Friday? Nice!
The one thing that honest hard working Americans want is a fair shake. Their chance to take a shot at the title loan!
Financial innovation baby! Get u sum!
mab,
They want a fair shake, eh? Thar's too bad. Should have picked the sher bet, because all we got left is Rocky Road.
Well, that's not quite true. Butt 'r' Peak Can isn't exactly flying off the shelves. Was once popular with the survivalists. Only treat we got that stores indefinitely and doubles as a makeshift toilet. ;)
It will only be worse IF debt load can't be increased.
But, I've been wrong for decades about how much debt there can be.
So, who knows...
"Suck it up? Sounds like a straw man argument to me."
Bravo! But you let the Camel's Back take a break.
Anonymous,
Grow or die! Tis the locust way!
begob,
Camel's back? Sounds like a pack of lies to me! Oh, well. Smoke 'em if you got 'em.
If we could eliminate our housing expense we'd liberate $2T of spending power.
http://research.stlouisfed.org/fred2/graph/?g=15H1
shows health care is another $2T rent tap.
So if I go live out on BLM land and avoid the doctors too I'll cut $3000/mo out of my budget right there.
Seriously, housing is why everyone's broke.
But like fish in water, nobody can see this.
Troy,
Land was once free in the home of the free. But then we decided to add 300 million people or so. Perhaps we'll be satisfied when we have a few hundred billion.
And when I say satisfied, I really mean totally f#%ked.
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