Tags: Wien | Billionaires | Pessimistic | Economy | byron

Wien: Billionaires Pessimistic on Economy

By    |   Monday, 13 Sep 2010 08:53 AM

Wealthy individuals polled by Blackstone vice chairman Byron Wien hold a markedly negative view about the U.S. economy, financial markets and President Barack Obama’s policies.

Wien spoke with about 50 wealthy clients, including more than 10 billionaires, CNBC reports. In the past he has polled investment icons George Soros, Julian Roberson, and James Chanos

“They saw the United States in a long-term slow growth environment with the near-term risk of recession quite real,” Wien wrote in a report to clients.

“The Obama administration was viewed as hostile to business, and that discouraged both hiring and investment. Companies and entrepreneurs were reluctant to add workers because they didn’t know what their healthcare costs or taxes were going to be.”

The sentiments expressed by the wealthy are no surprise, Jim Iuorio, a trader with TJM Institutional Services, told CNBC.

“From the start of the campaign that led up to the ‘08 election, the wealthy have been depicted as villains by the Democratic party. Even though the political tide seems to be turning, real change is months or years away.”

Many wealthy Americans are upset about President Obama’s proposal to let the Bush tax cuts expire for those with income of more than $200,000 a year.

Peter Orszag, recently departed head of the White House Office of Management and Budget, offers a compromise solution: extend the tax cuts temporarily.

That would boost the economy now, while trimming the budget deficit later, he writes in The New York Times.

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Wealthy individuals polled by Blackstone vice chairman Byron Wien hold a markedly negative view about the U.S. economy, financial markets and President Barack Obama s policies. Wien spoke with about 50 wealthy clients, including more than 10 billionaires, CNBC reports. In...
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2010-53-13
Monday, 13 Sep 2010 08:53 AM
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