Billionaire investor Carl Icahn said astute investors on Wall Street are right to be worried about the markets and the economy because there’s something fishy going on when stocks and bonds behave nearly alike. His comments came during a wide-ranging interview on the FOX Business Network’s Cavuto Coast-to-Coast.
“Many of the guys I really respect are really concerned,” Icahn told host Neil Cavuto.
The billionaire went on to explain part of the problem for the slow-growing U.S. economy is corporate America’s regulatory environment. He said current tax burdens and the sheer number of regulations get in the way of companies looking to make money.
“I respect a lot of guys in Congress, a lot of Senators are smart guys. But we have to do something about this. We already have major troubles. [Fed Chief] Janet Yellen and the Fed are holding this economy up by a thread, which is causing huge bubbles already,” Icahn explained.
While Icahn declined to handicap his expectations for which candidate will win the U.S. election in November, he said Democratic nominee Hillary Clinton’s stance on corporate taxes and regulation would be more burdensome to American businesses.
“Our companies are spending no money. There is no capital spending. And she says that, and in the next breath says we’re going to tax them and keep regulating them,” he explained.
He said while regulations are good for businesses and consumers alike – especially when it comes to ensuring consumer safety – there are too many agencies and too many regulations companies have to abide by.
“Some [regulatory agencies] are good, doing their job, and I respect them. But in some cases, they’ve gone off the reservation,” Icahn said.
Earlier in the election cycle, Icahn was rumored to have been courted for a cabinet-level position in a possible Donald Trump administration. However, the billionaire businessman put those rumors to rest on Tuesday when he said he would be happy to serve in an advisory capacity, but he would decline an invitation to join in an official capacity.
“I’d be willing to talk to [Trump], advise him, and discuss things with him. But I’m not going to Washington. It’s too late in the day for me to go to Washington and report to anyone,” he said.