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While now in retirement, I hope he keeps offering up his opinions:QuoteFEBRUARY 13, 2017
Bob Rodriguez: Trump Might Be Acting; Huge Financial Crisis Still Looming
The legendary money manager, recently retired, is as candid as ever in an interview with ThinkAdvisor
In 2009, you said that if nothing was done about the fiscal situation, weíd be facing a huge crisis with total debt outstanding of about $20 trillion to $24 trillion by 2018. Still think so?
Well, weíre at $20 trillion right now; and by the time the presidential election of 2020 occurs, current budget estimates say the U.S. debt is going to be at least $23 trillion ó without anything that Trump does. Over the next five to 10 years, if deficits continue to rise and the debt continues to expand, will that lead to the 4% GDP growth that he envisions? I think itís a low-odds outcome. This is a ticking time bomb.
The president says he wants to spend money on upgrading the nationís infrastructure. If he does, how can he keep the deficit down?
If you donít have sufficient money in your family budget, you make choices about what youíre going to spend and not spend on. Thatís whatís going to happen [regarding the U.S. deficit]. If not, the debt will explode beyond what it already is.
Whatís your take on the Federal Reserve?
I wouldnít give [chair] Janet Yellen the responsibility of managing a hot dog stand! Sheís as clueless as [chairs Ben Bernanke and Alan Greenspan] were. With the Fedís insane monetary policy and distortion of the financial system for the last eight years, they havenít accomplished any real economic growth.
What have they done?
Repression of interest rates has helped the budget in the sense that itís keeping rates low and has driven the financial markets. But itís going to end with many unintended consequences. Is this a sustainable outcome as youíre quadrupling the debt of the United States? The odds are..."
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