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.
US consumer spending in July surges; weekly jobless claims fall (Yahoo! Finance)
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