Investment guru Ken Langone contends the U.S. economy is "fabulous" and have fully recovered from the 2008 financial crisis.
"We have a fabulous economy. We have capital market system that works. We've proven that again and again and again," Langone recently told CNN.
Langone gave the American economy a grade of "B." The entrepreneur who helped launch Home Depot four decades ago credited the robust economy to President Donald Trump.
Langone cited Trump’s quest to eliminate the mountain of regulations enacted by President Barack Obama.
"There were so many regulations that were arbitrarily put in that serve no benefit to anybody, least of all the American people,” Langone told CNN. Langone applauded Trump’s red-tape rollback, saying “That's helped. Big time it's helped. And he's gonna do more of it."
Langone also said he's extremely bullish about the outlook for the U.S. economy and stock market “over the very long term.”
"How do I feel about the market? It's American. I love it," he said.
"I'm optimistic. I think, frankly, over the next 25 years, America owns the world," he said, adding "don't ask me what's gonna happen 25 days from now! But over 25 years, I think we're gonna be fit as a fiddle."
Although many in the retail industry are struggling to survive, Langone offered an insight into his personal winning formula.
"The most important thing about winning is recognizing who your customer is and making sure they understand nobody matters in your business setting more to you than them," Langone said.
Meanwhile, other economic gurus depict a much more gloomy future for the global economy.
A surging dollar and a capital flight from emerging markets may lead to another “major” financial crisis, investor George Soros said, warning the European Union that it’s facing an imminent existential threat.
The “termination” of the nuclear deal with Iran and the “destruction” of the transatlantic alliance between the EU and the U.S. are “bound to have a negative effect on the European economy and cause other dislocations,” including a devaluing of emerging-market currencies, Soros said in a speech in Paris on Tuesday, Bloomberg reported.
“We may be heading for another major financial crisis.”
For his part, Trump has taken to Twitter to tout the economic accomplishments of his administration.
"Best economy in decades, lowest unemployment numbers for Blacks and Hispanics EVER (& women in 18years), rebuilding our Military and so much more. Nice!" he recently tweeted.
(Newsmax wire services contributed to this report).
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