Tags: Fink | bullish | world | oil

BlackRock's Fink: 'More Bearish on Energy, More Bullish on the World'

By    |   Thursday, 11 December 2014 08:19 PM

The more than 40 percent drop in oil prices that has occurred since late June has positive ramifications overall, says BlackRock CEO Larry Fink.

"The most important thing is this is a massive tax cut for the world. This is really good stuff for the world," he said at a New York conference Thursday, according to CNBC. "[I'm] more bearish on energy, more bullish on the world," he said.

January crude futures settled at $59.95 a barrel on the Nymex Thursday, after touching a five-year low of $59.05.

Fink offered a defense of the Federal Reserve's six-year easing program. "The terror of the 2008-2009 financial crisis is still very much a part of the fabric," he said. "I can't imagine where we would be without that stimulus."

To be sure, he said there is "more [income] inequality than ever," thanks partly to the Fed's record-low interest rates, which benefit stockholders at the expense of those dependent on interest income.

As for oil, CNBC Senior Contributor Larry Kudlow agrees with Fink. "This is a gigantic tax cut for the American economy," he told Newsmax TV.

"It's not a marginal tax rate reduction, I'm just saying it has the same impact. People will have much more disposable income to spend on other goods and services, and the middle class needs that because they've not had big wage gains."

The oil price drop will be a boon for corporate America too, Kudlow said. "Businesses need this. . . . It is very pro-growth."

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The more than 40 percent drop in oil prices that has occurred since late June has positive ramifications overall,says BlackRock CEO Larry Fink.
Fink, bullish, world, oil
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2014-19-11
Thursday, 11 December 2014 08:19 PM
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