Hedge fund billionaire Bill Ackman has a solution to end the coronavirus threat and prevent the US economy from total collapse: shut down everything for a month.
Hedge fund billionaire Bill Ackman has a solution to end the coronavirus threat and prevent the US economy from total collapse: shut down everything for a month.New York (CNN Business) "The interests of the economy and the interests of the health care system are really identical here," Ackman told CNN's Christine Romans in a new episode of the CNN podcast series"Coronavirus: Fact vs Fiction.""The economy will recover quickly if we can shut down the virus. And the way to shut down the virus is the ultimate in social distancing, i.e. a total country shutdown."Ackman said the proposal isn't radical: Many states are already implementing stay-at-home orders, except for essential businesses, such as grocery stores and hospitals. But Ackman believes that should be implemented across the country."What I'm proposing is a 30-day lock-in to the entire country, a coordinated 50 state lockdown," he said."It allows companies to plan for the future as they don't need to fire employees, particularly with the government backstop.... I call it the rip-the-Band-Aid-off strategy."Ackman said he's spoke with CEOs of large banks, asset managers and food businesses, and they are unanimous in their support for this plan. Read MoreHis strategy is similar to President Donald Trump's, who has pledged to open the US economy for business after Easter. Ackman's plan would keep the economy closed for a couple more weeks. And it would mandate stay-at-home practices across the entire country, rather than leaving those mandates up to the states. But both Ackman and Trump said they're concerned shutting down the economy for too long would ultimately hurt people more than the coronavirus."You know, the president himself said he doesn't want the cure to be worse than the problem," Ackman noted."Do we risk sort of dragging this out and really crushing capitalism if we can't fix it now and then move on and have it behind us? Yes. So the president is right."The problem with that strategy is epidemiologists are unconvinced that a couple weeks or a month is sufficient time to control the outbreak. Parts of China, for example, were in lockdown for longer, and critics have said the country's decision to ease restrictions could cause the virus outbreak to run rampant again. Those fits and starts could pose an even greater threat to the US economy than if stay-at-home orders were put in place until scientists agreed it was safe to return. If the country had to re-enter lockdown, the American economy could plunge into a Great Depression, some economists argue.Ackman, however, is hopeful. He said he and his hedge fund, Pershing Square Capital Management, have been buying up stocks -- about $2.5 billion worth -- in the past week, as values have plummeted in a sharp sell-off. "We bought a large hedge that became much more valuable when markets declined," Ackman said."And over the last 10 days or so, we've been aggressively buying stocks that have been marked down. So we've been, you know, betting that the economy is going to recover and that great companies like a Starbucks ... and other consumer type franchises that we've specialized in are going to are going to recover from here." Read more: CNN
CNN uncritically repeating the rhetoric of a PROFITEER who's been making massive profits off others' suffering during this crisis. BoycottCNN Fear mongering short seller - he should hope we never meet. 'Hedge Fund Billionaire' betting AGAINST the economy. NOT a shocker; that's how he made his money. This is what I have been saying all along. We need to follow in China’s footsteps.
Including short trading ? You Are Right 👍👍👍 He must be investigated and probably indicted! TheJusticeDept FBI The obvious thing to do, but what about Wall Street? The LOVE of money is a strong disease. It’s a little late to stop this medicine from being needed. Probably should have “Trickled Down” some of that wealth. Now, they can’t afford to stay home... And they’re poorly educated... Again, No Trickledown
Holy fuck, he's brilliant, why didnt anyone else think of that Despicable.
Billionaire Bill Ackman Made 100-Fold Return On Coronavirus Hedge That Yielded $2.6 BillionBillionaire investor Bill Ackman made $2.6 billion on a $27 coronavirus hedge. On Monday, he cut the hedge and used the cash to buy Starbucks, Berkshire Hathaway and Lowe's. Cant afford a brush The important word here is 'hedge'! Let's see the losses in his underlying portfolio and net them off before talking about 'making' money.
What's everything because we have to eat no matter what. Even if all bills came a abrupt halt. We still need food and somewhere to get it. and pharmaceuticals for those who actually need them to stay alive Arrest his A$$ ..market manipilation Why on earth would CNN even think an article like this is valuable to ordinary people. This reflects poorly on CNN more than some asshat Billionaire who could live on his interest for 4 lifetimes
sounds good！ Yeah right. Stupid. Selfish. Shut down the stock market for a few weeks. Stop the panic sell off. Says the billionaire I agree I wonder if, He will Pay ALL My Bills Should have been done in January-
Bill Ackman exits market hedges, uses $2 billion he made to buy more stocks including Hiltonits ok, everybody make mistakes. We will prevail! The sinful leveraging was last gasp failed KillsShot to take down USA/Trump. As USA markets are headed to test 2008 lows—The rippling damage has been done...in a thinning of the herd. Smart money was out early & now nibbling back on the way down. Lying sack.
Yeah while he was selling short two months ago and now is a buyer Makes sense. 'I've already got billions of dollars. A month long shut down won't bother me. And I don't care about how it will affect the little people.' Easy for him to say. He can go on a vacation for a month to a nice exotic place and come back like nothing happened. Someone go loot his house and businesses please 😒 also CNN is FakeNewsMedia
Would be a rather “valeant” move if it wasn’t already happening in other countries 🤷🏾♀️🤷🏾♀️🤷🏾♀️ Hes right....we need to come together right now...If Trump wont listen to doctors maybe he will listen to his fellow elites Old story. But he is looking to buy stocks lower than now. So he’s rooting bearish.
Bill Ackman detailed a $2 billion bet he made on coronavirus recovery - Business InsiderAckman redeployed 'substantially all' of the proceeds from the hedges by adding to existing investments, he said in a letter to shareholders.
Sen. Dick Durbin on coronavirus stimulus billSen. Durbin: 'Now, we have a timely reporting, 7 days to Congress, 14 days to the public, so we’ll know how this money is being spent. That to me, that transparency and accountability are essential.' Every Dime & Nickel is spent wisely please.
NY State Senate Bill S8125Suspends all rent payments for certain residential tenants and small business commercial tenants if such tenant has lost employment or was forced to close their place of business and certain mortgage payments for landlords of such tenants in the state for ninety days following the effective date of this act in response to the outbreak of coronavirus disease 2019 (COVID-19).
A case for not exempting Trump's businesses from stimulus bill.JoeNBC: “It’s extraordinarily important that Donald Trump’s own companies are not exempted from this bill, from this relief because by exempting Donald Trump’s companies you give him the worst incentives to re-open this ... country quickly.” JoeNBC We need to make sure none of Biden’s family gets anything out of this. There’s the real crime the corporate media don’t want to talk about. JoeNBC He can use his tax bailout money. JoeNBC Oh yea Morning_Joe let’s just allow Mnuchin (who got rich thru fraud with BERNIE MADOFF) dole out bailout money to trumps bank account. Thatll end well. Honestly why does keep that idiot on the air?!