Billionaire financier Ken Langone is known for his outspoken views on economic policy, so today he appeared on Bloomberg TV to discuss generational theft — the idea that the old are stealing from the young to pay for entitlements and retirement.
Langone, 77, believes this idea. He told Eric Schatzker that “we’re stealing from the young.” He even said that the government should “start with me” in terms of where to cut entitlements for the elderly.
“If I had to pay for my own health insurance, that’s OK. I can afford it… by the way I think ti’s going to turn up that way with Obamacare.”
His point was that everyone needs some skin in the game.
That’s when Langone pulled a… Langone. Bloomberg anchor Sarah Eisen took the other side of the argument, noting that economist Paul Krugman believes Americans needn’t worry about the deficit.
Langone countered that while Krugman is brilliant, he doesn’t know about profit margins or businessmen.
“The thing about 1% like me there’s a limit. What’s the limit 100% of my income. Unless you say now he’s got no income let go after his assets. We may get there… The money either comes from taxes or other activities… or a willing and compliant Fed saying how many bars you got? $1 billion? Turn the presses on! This is simple stuff! My problem with the Krugman’s of the world is that they’re brilliant… they just may be too brilliant… Losing weight is not a very scientific endeavour you consume less calories than you burn you lose weight… so let’s stop all this crap with all of these high fallutin’ thoughts and ideas. You know what happens to people their eyes glaze over, I don’t know what the hell he’s saying.”
He went ont to say that he really respects investor Stanley Druckenmiller because he applies practical maths to these problems, adding that if Krugman and Druckenmiller were to brawl it would be “TKO in about 5 seconds.”
Watch a clip below:
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