Berkshire’s Sokol Says U.S. Economy Faces `Painful Period’ of Debt Unwind
Posted By thestatedtruth.com on August 16, 2010
Debt unwind means deflation!
The U.S. is facing a “painful period†in the next five years as homeowners and governments unwind debt built up during the housing boom, Berkshire Hathaway Inc.’s David Sokol said today. “All of that just feeds into a slow-growth environment,â€â€œIt’s going to be a painful periodâ€Â
“People have been shocked into the notion that maybe some monthly savings is a good thing,â€Â “We’ll end up with a lot of people that are struggling until their home values come back a little bit.â€
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