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OAN Staff James Meyers
3:05 PM – Wednesday, September 18, 2024
Billionaire hedge funder John Paulson has claimed he will remove his money from the U.S. markets if Vice President Kamala Harris stays in the White House for another four years in the upcoming November presidential election.
Paulson made the surprising announcement during his appearance on Fox Business’ “The Claman Countdown,” on Tuesday.
“It depends on the policy, if Harris is elected, I would pull my money from the market,” Paulson said. “I’d go into cash and I’d go into gold because I think the uncertainty regarding the plans they outlined would create a lot of uncertainty in the markets and likely lower markets.”
The Paulson & Co. founder noted Harris’ administration would focus more on centralized price controls and new government spending programs.
The billionaire also stated that he believes the American stock market and economy’s success will be based on who wins the election on November 5th.
“It very much depends on who is in the White House and who controls Congress,” Paulson said. “I’d be very concerned if Harris is elected and pursues the tax plans and other economic plans that she articulated.”
“If they do implement a 25 percent tax on unrealized gains, that would cause mass selling of almost everything — stocks, bonds, homes, art. I think it would cause a crash in the markets and a pretty quick recession.”
Additionally, Paulsen confirmed he would sell his liquid equities if the current vice president becomes the president.
He is also known for hosting a fundraiser for the Trump campaign in Palm Beach, Florida, in April that raised more than $50 million, which broke the single-event fundraising record.
However, Paulson believes winning the 2024 presidential election comes down to the middle class.
“I think the middle class is key for this election,” Paulson said. “And who’s gonna do better for the middle class. When you look at the facts, the Trump policy had come out better for the average American.”
“Under his administration of the four years, average real wages grew about 6.5%,” he claimed. “Under Biden, because of the high inflation, real wages have declined from where they were when he started.”
“That’s why so many middle[-class] Americans are having so many difficulties with common expenses like rent and food.”
The billionaire also stated that it’s important to keep inflation down.
“The important thing is keeping it down, and to do that, you need to bring down the deficit, bring down inflation and bring down the interest rates.”
Meanwhile, House Speaker Mike Johnson (R-La.) joked about Harris’ economic agenda, claiming it’s like “Oprah (Winfrey) is running for president.”
“Candidate ‘Comrade Kamala’ Harris — as President Trump is known to call her — now wants to take it to a whole different level,” Johnson said.
In her first 100 days in office, Harris would give $25,000 in federal down payment assistance for first-time homebuyers who paid their rent on time for at least two years and lower- and middle-income families having children.
The speaker criticized Harris’ plans, revealing the Republican’s “very aggressive” first-100-days agenda, if the GOP were to take back the White House and Congress.
“We’ll keep those cuts in place to support job creation, along with the doubled guaranteed deduction and a strong child tax credit,” he promised.
“But unlike the Democrats’ proposal, we will ensure that our tax policy respects the dignity of work and does not pay people more for staying out of the workforce.”
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