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August 1, 2009
Carl Icahn's Obama Prophecy Coming True
Back in May 2008, Carl Icahn predicted how Barack Obama's policies, if Obama were elected president, would impact the economy. So far, Icahn's prophecy is coming true.
According to a May 22, 2008 Bloomberg article by Michael McGee:
Billionaire investor Carl Icahn said Barack Obama would be a "terrible" U.S. president whose election would bring higher interest rates and a loss of international confidence in the dollar.Icahn was spot-on about a “huge spending spree” and “runaway legislation.” Many believe “inflation,” “higher interest rates” and “a loss of international confidence in the dollar” are ahead. And, “devastating” is a looming fear in the minds of many -- maybe even a few who ignored Icahn’s warning and voted for Obama.
"I don't normally get involved in politics, but this time I am," Icahn told an investors conference in New York last night. "I don't think Obama really understands economics."
"I personally think he would be a terrible president," Icahn, 72, said. Obama would probably go on a "huge spending spree" that "the country can't afford right now."
Coupled with the higher tax rates that the Illinois senator has already endorsed, "you would have a loss of confidence in the dollar," leading to accelerating inflation and "much higher interest rates," Icahn said.
Even worse, Icahn said, would be a Democratic president with a veto-proof supermajority of 60 Democrats elected to the Senate.
"It would be devastating," he said. "Then you couldn't stop runaway legislation."