Hedge Fund Billionaire Phil Falcone: Today's Crash Is Just A Knee-Jerk Reaction To Europe

Before Phil Falcone started talking about his huge bet on a new wireless network, CNBC asked him what he thought of today’s huge market crash.

Falcone isn’t worried.

“It’s just a knee jerk reaction to what’s going on Europe,” he said.

There are always opportunities out there, he said. The U.S. is still the best market in the world. “America is the most powerful country and that’s going to continue. There’s a lot of work to do but it’s an economy I would put my money in.”

“The one way that the United States is going to pull ourselves out of this is innovation and technology.”

We’ll have more on what he said about LightSquared, the new wireless network soon. CNBC just said they’ll be talking to competitors like AT&T about the venture later, which should be interesting.

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