David Einhorn of Greenlight Capital spoke to Bloomberg Television this morning about the European debt crisis and the jobs crisis in America.
- 1:05 One of the lessons learned from Lehman by the European authorities was that you can’t let anything fail. Now, nothing is allowed to fail, whether it’s banks or governments, even if they’re involvement. People now have no incentives to make concessions.
- 2:10 We own a fair number of European equities, but we’ve hedged out the currency here, and now effectively own them in dollars.
- 2:45 There is no easy solution to the jobs problem. We would have fixed it already if there was. No Fed, Treasury, or tax action is going to be a fix. We need to think about how we can create a climate where goods and services are worth more than they cost to produce. Does not look at jobs story when he looks at an investment right now.
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