The average household no longer has any practical wealth, says billionaire investor Carl Icahn, who also said inflation is the worst thing an economy can have.
Responding to the Silicon Valley Bank fiasco, Icahn pointed out the American economy is “breaking down.”
“We’ve been on a spending spree and the rising tide the tide lifts all ships, but a lot of people in our economy are not doing well obviously,” Icahn said on Tuesday. “The net worth of the median household is nothing basically and you you just look at what is going on, I think Powell really has to raise interest rates sooner or later.”
“Inflation is the worst thing an economy can have, and I think people underrate that,” Icahn added. “…You’ve gone out on a binge, you’ve spent the family wealth, and you just keep spending.”
“At the end, you pay the price for it, and that’s what this country has done.”
During another appearance on Fox Business, Icahn warned that the SVB collapse was a sign of things to come.
“When things are good, the rising tide lift all boats. But when things start going down, then you see who’s naked,” he told Fox Business on Monday. “You’re going to see a lot of nakedness.”
This episode is also available as a blog post: https://globalreportage524084185.wordpress.com/2023/03/15/inflation-wiping-out-families-as-economy-breaks-down-says-carl-icahn/
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