If we do not correct the
trade deficit.
"A country that is now aspiring to an 'Ownership Society' will not find happiness in - and I'll use hyperbole here for emphasis - a 'Sharecropper's Society.' But that's precisely where our trade policies, supported by Republicans and Democrats alike, are taking us."
Update [2005-3-6 15:23:4 by BlueSpace]:
And, if the bankruptcy bill passes, many of us will be sharecroppers with MBNA as the massah, no?
Buffet made 10% return on investment and his company now holds $43 billion in cash, much of it invested in foreign currencies.
ABC News online briefly mentions worries about trade and ignored the sharecropper quote altogether.
Berkshire owned about $21.4 billion in foreign currency spread among a dozen countries at the end of the year. Buffet said this hedge against the U.S. dollar does not mean he is unpatriotic, but he voiced a warning about the nation's growing trade and fiscal deficits.
Voiced a warning? Memo to ABC: "sharecropper society" is a wee bit stronger than that.