It was bad enough that Michael Burry - the investor who profited from the subprime mortgage crisis by shorting the 2007 mortgage bond market - just took a $1.6 billion dollar short on the market again. Now, the man, the myth, the legend is that the great investor in world history - Warren Buffett - has just dumped $8 billion dollars of stock and is moving to a cash position. The boy think these are very telling signs of an impending recessionary economy by two men who know what they are doing. At the same time, a new report out states that 61% of Americans are living paycheck-to-paycheck and US department stores are seeing higher credit delinquencies amid strained spending. It's a wild episode that is capped by a special collaboration between Mitch McConnell and Jay-Z.
Resources:
Warren Buffett just dumped $8 billion of stocks (here's why economists are worried) (The Street)
61% of Americans are living paycheck to paycheck — inflation is still squeezing budgets (CNBC)
US department stores see higher credit delinquencies amid strained spending (Reuters)
US labor market loses steam as job openings, resignations decline (Reuters)
U.S. job growth slowed sharply to 177,000 in August, below expectations, ADP says (CNBC)
US consumer spending in July surges; weekly jobless claims fall (Yahoo! Finance)
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