Yesterday during an interview on MSNBC, presidential candidate Donald Trump said he has some big names in mind for the Treasury secretary if he wins the White House. "I'd like guys like Jack Welch. I like guys like Henry Kravis. I'd love to bring my friend Carl Icahn." He also opined on the economy and the stock market, admitting that the Fed has benefited people like him but that the economy and is in a "big fat economic and financial bubble like you've never seen before."
Moments ago Carl Icahn decided to use his Shareholders' Square Table as the venue in which to respond to his quasi-nomination for Treasury Secretary (he politely declines), and also to opine on Trump's warning that the market is "one big fat bubble" (he agrees).
I was extremely surprised to learn that Donald was running for President and even more surprised that he stated he would make me Secretary of Treasury. I am flattered but do not get up early enough in the morning to accept this opportunity.
There are others much more knowledgeable than I concerning Presidential elections. I will therefore decline to opine on his chances. But I am knowledgeable concerning markets and believe Donald is completely correct to be concerned that we have “a big fat bubble coming up. We have artificially induced low interest rates.”
I personally believe we are sailing in dangerous unchartered waters. I can only hope we get to shore safely. Never in the history of the Federal Reserve have interest rates been artificially held down for so long at the extremely low rates existing today. I applaud Donald for speaking out on this issue – more people should.
Some of us do. And what about AAPL? Is that still a double (pending some $500 billion in stock buybacks)?
And now, time to insert the obligatory reminder about music playing and people dancing.