Whatever else one may think about Carl Icahn, he makes many excellent points in this refreshingly candid 15 minute video. The observations about Wall Street [and Bay Street] and ETF mammoths (Larry Fink et al) who get rich selling risk to others (every day in every way) is too little said and very little understood by the masses who look to them for financial advice like lambs to the slaughter.
Billionaire investor activist Carl Icahn ramped up criticism of the U.S. Federal Reserve, warning about the unintended consequences of ultra low interest rates on the economy and financial markets.
“They don’t understand the treacherous path they are going down,” Icahn said in an interview with Reuters, in which he also declared his support for Donald Trump as a candidate to be the next U.S. president.
…Icahn said he felt compelled to raise red flags about the state of the financial markets because he believes if more big investors had warned about subprime mortgage market in 2007, the United States might have avoided the crisis that strangled the economy the following year.
In a video entitled “Danger Ahead” and released on Tuesday, Icahn said the Fed’s rate policy had enabled U.S. chief executives – many of whom he describes as “nice but mediocre guys” – to pursue “financial engineering” that he said has exacerbated an already wide gap between rich and poor in America. See: Ichan urges Fed to get off zero .
Here is a direct link to the video.