Legendary Investor Stanley Druckenmiller on Bidenomics: "If I Were A Professor, I'd Give Them An 'F'
Billionaire investor Stanley Druckenmiller on Tuesday blasted the Treasury and Federal Reserve for failing to slow inflation and said his overall grade of "Bidenomics" would be "F" during an interview Tuesday morning on CNBC's "Squawk Box."
"I think it’s dumb politically because it’s causing inflation and it doesn’t take a genius to figure out that the average American is getting hurt by the inflation," he said.
"It seemed to me the Fed was in a perfect position. Inflation was coming down, financial conditions were tightening... To some extent, I feel like they fumbled on the five-yard line."
"Bidenomics, If I was a professor, I’d give him an F," he said. "Basically, they misdiagnosed Covid and thought [the economy] was going into a depression. The Fed did, too... Treasury is still acting like we’re in a depression. They’ve spent and spent and spent, and my new fear now is that spending and the resulting interest rates on the debt that’s been created are going to crowd out some of the innovation that otherwise would have taken place. We've got a 7% budget deficit at full employment, it's unheard of."
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