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"buffett To Munger: 'what Do You Think The End Will Be?' Munger: 'bad.'"

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Buffett was referring to the US budget and trade deficits.

He also mentioned the US was becoming a sharecropper's society.

Sharecroppers were people heavily in debt, who used to travel from farm to farm, selling the only thing they had, their labour.

Essentially they were slaves, owned by the people to whom they owed money.

Similarly America is going to be owned by the Asian banks if they keep up flogging the family jewels, as they are doing now.

http://en.wikipedia.org/wiki/Sharecropper

Edited by BandWagon

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I like this quote from the blog:

I don't think Buffett's comments are going to make any differece. Smart money already knows what's comming and is out of RE for some time already.

The guys that are buying right now may not even know who Warren Buffett is.

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Buffett was referring to the US budget and trade deficits.

He also mentioned the US was becoming a sharecropper's society.

Sharecroppers were people heavily in debt, who used to travel from farm to farm, selling the only thing they had, their labour.

Essentially they were slaves, owned by the people to whom they owed money.

Similarly America is going to be owned by the Asian banks if they keep up flogging the family jewels, as they are doing now.

http://en.wikipedia.org/wiki/Sharecropper

... isn't this what brainclamp claims is going to happen here, but rather than ruthless Asian bankers we're all going to be owned by the BTL muppet brigade? A less likely master race is hard to conceive. The blogger also posted this:

http://thehousingbubble.blogspot.com/2005/...arts-in-uk.html

Read the comment about the London market. That's got to hurt.

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Guest Bart of Darkness

... isn't this what brainclamp claims is going to happen here, but rather than ruthless Asian bankers we're all going to be owned by the BTL muppet brigade? A less likely master race is hard to conceive.

I love that line. :lol:

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Buffett says sharecropper society - I say rentier society.

There is no difference in meaning.

A sharecropper was forced into a subsistance existance of renting, paying an idle landowner out of his labour (from farming) with no possibility of owning property himself. His existance is to provide income for his landowner (plus his own megre subsistance).

A rentier society is one in which people are forced into a subsistance existance of renting, paying an investor out of his labour with no real possibility of owning property himself. His existance is to provide income for his landlord (plus his own megre subsistance).

(In the sharecropping case it was because of the 'Jim Crow' laws in the south which forced Blacks into renting/sharecropping as they found they couldn't enforce property contracts in these states.

Edited by brainclamp

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Buffett says sharecropper society - I say rentier society.

There is no difference in meaning.

A sharecropper was forced into a subsistance existance of renting, paying an idle landowner out of his labour (from farming) with no possibility of owning property himself. His existance is to provide income for his landowner (plus his own megre subsistance).

A rentier society is one in which people are forced into a subsistance existance of renting, paying an investor out of his labour with no real possibility of owning property himself. His existance is to provide income for his landlord (plus his own megre subsistance).

(In the sharecropping case it was because of the 'Jim Crow' laws in the south which forced Blacks into renting/sharecropping as they found they couldn't enforce property contracts in these states.

Without wanting to be pedantic I think there is a different.

A rentier society (or rentier state) is a society that lives off it's natural assets without needing taxation. It is usually applied to oil rich countries such as Kuwait.

Your description of a 'rentier society' sounds more like a pre industrial, class driven, land owning society. I don't think we will see that.

Edited by 2005

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Right, so those calling it a bubble and expecting a burst are:

Warren Buffet (World's 2nd richest man and world's most successful investor)

Tom Barrack (World's most successful real estate investor)

and siding with Barrack is Donald Trump (No71), who says:

"Tom has an amazing vision of the future, an ability to see what's going to happen that no one else can match."

How much are we gonna laugh if, after everything goes tits up, some BTLer says "well, nobody warned us."

The king of real estate's cashing out, 24/10/05

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Right, so those calling it a bubble and expecting a burst are:

Warren Buffet (World's 2nd richest man and world's most successful investor)

Tom Barrack (World's most successful real estate investor)

and siding with Barrack is Donald Trump (No71), who says:

"Tom has an amazing vision of the future, an ability to see what's going to happen that no one else can match."

How much are we gonna laugh if, after everything goes tits up, some BTLer says "well, nobody warned us."

The king of real estate's cashing out, 24/10/05

Excellent bearish nugget

frugalista

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"He likens the current real estate market to a game of polo.

"I feel totally safe playing polo on a field full of pros," says the bronzed 58-year old. "But when amateurs are all over the field, someone can get killed. They have more guts than brains. They charge after every ball and don't know when to hold back."

:rolleyes:

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  • 301 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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