You hear it. You hear it from the nobodies. You hear it from the low-energy whiners. You hear it from the paper-pushing haters.
Stan Druckenmiller said the risk-reward calculation for equities is the worst he’s seen in his career, and that the government stimulus programs won’t be enough to overcome real world economic problems…. “I pray I’m wrong on this, but I just think that the V-out is a fantasy,” the legendary hedge fund manager said, referring to a V-shaped recovery….
In the future, he said he wouldn’t be surprised if the Trump administration’s response to the coronavirus outbreak becomes the “poster child for the worst public policy decisions ever made from a cost-benefit analysis.”
You hear it from the losers who hate America and want it to fail.
“For the year I think you’re going to see U.S. GDP down somewhere between 7% to 10% in real terms,” as a result of the COVID-19 pandemic and the government’s efforts to contain the spread of the virus with business shutdowns, and “10% is an economic depression,” said the founder of hedge fund Hayman Capital Management, in an interview.
Well, President Trump is hearing it, too. And he knows these people, because he is a so-called rich guy, too. And just as with his own pronouncements and those of his always spot-on economic team, you’ve got to remember that the things they say are often very self-serving, unfair and untrue.
Ah, yes, the barely legal: Another topic on which the president is an expert from experience.
Trump warns that ‘rich guys’ could be talking down stock market to profit [CNBC]
Druckenmiller Says Risk-Reward in Stocks Is Worst He’s Seen [Bloomberg]
Investors should prepare for a U.S. ‘economic depression,’ warns Kyle Bass, but China’s fate could be even worse [MarketWatch]