Pabrai Thinks Fiscal Cliff Concerns Are Massively Overstated
- He thinks the fiscal cliff is a non-event.
- Both political parties have too much to lose for them not to come to some sort of compromise that at least kicks the can down the road.
- Pabrai thinks unemployment is a bigger concern.
- He thinks real unemployment is actually over 10%.
- American car fleet is on average 11 years old (which is a record old fleet), and we have low interest rates. So we are seeing the automotive industry rebound.