The “shock” of the financial meltdown has passed, now comes, the “awe,” and with it plenty of questions. Primarily, “What’s next?” Is there another bubble brewing? What happens if millions of Americans begin to default on their credit card debt?
Overstock.com chairman and CEO Patrick Byrne, says we are less than 50% of the way through the mess, he predicted the coming of this current crisis many times before, starting 3 years ago, Watch this montage to see Byrne’s predictions beginning in 2005:
Dr. Patrick Byrne has learned at the knee of Warren Buffett, the greatest investor of all time. As a child Byrne’s parents would allow him skip school so he could spend time and get an education from the “Oracle of Omaha.” Byrne founded Overstock in 1999, and in 2007 the company generated nearly a billion dollars in revenue. [social_buttons]
Today Byrne is suggesting one of the following scenarios could occur in the coming years:
- Reagan Recession: A deep retraction reminiscent of the recession under Reagan in the early 80’s.
- The Lost Decade: A protracted recession similar to the one suffered by Japan in the 90’s.
- Great Depression: A severe economic dip on par with the Great American Depression in the early 30’s.
- Mad Max: Not likely, but still possible, a catastrophic breakdown of society with mass shortages of energy, food, and water.
Which way do you think the economy is going? What does this mean for sustainable economics?