Billionaire Carl Icahn Predicts a Recession or Worse: Says “There Is No Responsibility in Corporate America”

Billionaire Carl Icahn, the founder of Icahn Enterprises, predicted that the US economy could be headed for “a recession or worse.” The famous investor warned of “many problems ahead” and “a hard landing.”

Billionaire Carl Icahn predicts a US recession.

Famed investor and billionaire Carl Icahn said in an interview with CNBC on Tuesday that a recession or worse could be on the horizon for the US economy. Icahn is the founder of Icahn Enterprises, a New York City-based public company and diversified conglomerate holding company. His current net worth is approximately $17 billion.

Noting that rising inflation is a major threat to the economy, he said:

I think there could very well be a recession or worse.

He explained that based on his experience on many corporate boards, “when you come to understand what these boards do, the system needs fixing.” He also noted that at this point, “we have supply chain problems” because “our companies are very poorly managed.”

Icahn opined:

There is no accountability in corporate America. You have some very good companies with some very good CEOs, but too many that are not up to the task that I think will be required.

He proceeded to share his investment strategy. “I have kept everything hedged for the last couple of years and I think now that we have it, we have a strong hedge against long positions where we try to be activist and get that edge. That’s how I see it, but I’m negative, as you can hear. In the short term, I don’t even forecast, ”she detailed.

The Icahn Enterprises founder was then asked if he thinks there will be a soft landing. “I really don’t know if they [the Fed] You can design a soft landing or not, but… I think we have a lot of problems ahead of us… I think there will be a hard landing,” he replied, explaining:

Inflation is a terrible thing when it gets going. You can’t put that genie back in the bottle that easily. We saw it in the ’70s, we saw what happened.

“In the last 20 or 30 years… You had cheap products that came from the Far East, from China, for sure, and even from Russia… I think those days are over, and you have this [Russia-Ukraine] the war is happening now, which adds another problem to its inflationary image, “said the billionaire.

What do you think of Carl Icahn’s comments? Let us know in the comments section.

kevin helms

Kevin, an Austrian economics student, found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in the security of Bitcoin, open source systems, network effects, and the intersection between economics and cryptography.

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