Hillary Clinton’s Plans Would Stunt US Economic Growth
$DIA, $SPY, $QQQ, $VXX
Wilbur Ross warned Tuesday that Democratic Presidential nominee Hillary Clinton’s only plan will be to “raise taxes and raise regulations” if she ascends to the Oval Office, which international investors do not see as a true recipe for economic growth.
If Mrs. Clinton is elected, the WL Ross and Co. Chairman predicts that one of her biggest challenges will be passing the Trans-Pacific Partnership (TPP), a global trade deal.
“I think TPP is pretty well dead.” Mr. Ross said Tuesday. “She’s going to have a tough time getting it through the Congress,” he said.
Mrs. Clinton and Republican rival Donald Trump has harshly criticized trade and have battled each other’s stance on the divisive issue on the campaign trail. “I think people are tired not of trade, but of bad trade transaction, bad trade deals,” he said.
He said that anyone who votes for Mrs. Clinton is mistaken to think she has a solid plan to revive economic growth.
“First of all, I think her election will be a negative because the plan basically is raise taxes and raise regulations. I don’t think that’s a formula to get anything jump-started,” he said.
“Immediate country negative, immediate economy negative. How the market will react, who knows? They’ll probably be glad the damn thing is over with I think would be one reaction to it,” he said, referring to one of the most contentious Presidential campaigns in modern memory
“This has had so many twists and turns and probably more to come.”
Wilbur Ross is a force in the steel, coal, telecommunications, foreign investments, and textiles industries. He spent 25 years with Rothschild Inc.’s bankruptcy practice and then founded investment firm WL Ross in Y 2000. It was acquired by Invesco in Y 2006. He has spent the recent years turning around troubled banks, first the Bank of Ireland and then the Bank of Cyprus. As of June 2015, Forbes listed Ross’ net worth at $3-B.
Tuesday, the US major stock market indexes finished at: DJIA +75.54 at 18161.94, NAS Comp +44.01 at 5243.84, S&P 500+13.10 at 2139.60
Volume: Trade was moderate to light with about 742-M/shares exchanged on the NYSE.
- Russell 2000 +7.2% YTD
- NAS Comp +4.7% YTD
- S&P 500 +4.7% YTD
- DJIA +4.2% YTD
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