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Wilbur Ross: Hillary Victory Would Have 'Immediate Negative' Effects on Economy

(AP/Mark Lennihan)

By    |   Tuesday, 18 October 2016 02:30 PM

 


Wilbur Ross warns that Democratic nominee Hillary Clinton’s only plan will be to “raise taxes and raise regulations” if she wins the White House, which the international investors doesn’t see as a true recipe for economic growth.


If Clinton is elected, the WL Ross and Co. chairman predicts that one of her biggest challenges will be passing the Trans-Pacific Partnership (TPP), a global trade deal.

“I think TPP is pretty well dead.” Ross told the Fox Business Network. “She’s going to have a tough time getting it through the Congress,” he said.


Clinton and Republican rival Donald Trump has harshly criticized trade and have battled each other’s stance on the divisive issue on the campaign trail. “I think people are tired not of trade, but of bad trade transaction, bad trade deals,” he said.

He said that anyone who votes for Clinton is mistaken to think she has a solid plan to revive economic growth.

“First of all, I think her election will be a negative because the plan basically is raise taxes and raise regulations. I don’t think that’s a formula to get anything jump-started,” Ross said.

 

“Immediate country negative, immediate economy negative. How the market will react, who knows? They’ll probably be glad the damn thing is over with I think would be one reaction to it,” he said, referring to one of the most contentious presidential campaigns in modern memory

“This has had so many twists and turns and probably more to come.”
 

An investor and businessman who made his billions advising bankruptcies and restructuring flailing companies, Ross was No. 20 in Newsmax's 100 Most Influential Business Leaders in America.

Ross is a force in the steel, coal, telecommunications, foreign investments, and textiles industries. He spent 25 years with Rothschild Inc.'s bankruptcy practice and then founded investment firm WL Ross in 2000. It was acquired by Invesco in 2006. He has spent the recent years turning around troubled banks, first the Bank of Ireland and then the Bank of Cyprus. 

 

Ross successfully bet on the Irish banking system when it was on the ropes. Ross is known for restructuring failed companies in industries such as steel, coal, telecommunications, foreign investment and textiles. As of June 2015, Forbes listed Ross’ net worth at $3 billion. 

(Newsmax wire services contributed to this report). 

© 2020 Newsmax Finance. All rights reserved.


   
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Wilbur Ross warns that Democratic nominee Hillary Clinton's only plan will be to "raise taxes and raise regulations" if she wins the White House, which the international investors doesn't see as a true recipe for economic growth.
wilbur ross, hillary clinton, donald trump, economy
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2016-30-18
Tuesday, 18 October 2016 02:30 PM
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