When Warren Buffet referred to a recent investment as a “bet on America,” the blurb made headlines and swelled bosoms from sea to shining sea. But this week his Vice-Chairman Charlie Munger writes about the U.S. and declares "It's over," and the blurb gets treated like an industry secret. Colonel Sanders’ forbidden 12th spice is an easier find.
Perhaps Munger’s dour assessment of U.S. prospects has something to do with just how negatively that “bet on America” has been viewed of late.
Elsewhere, I wrote in Nov. about the unfolding commercial real estate collapse and the government’s likely (and destined to be catastrophic) response. With the publication of this report, it appears that response may soon be at hand.