Billionaire Chamath Palihapitiya says the Fed and Treasury’s actions at the start of coronavirus were a 6-week-long ‘drunken binge’
- Billionaire Chamath Palihapitiya said actions of the Treasury and the Fed in pumping trillions of dollars of stimulus into the economy were just a “drunken binge”.
- “It will play out in ways that will have a lot of unintended consequences,” he said on Bloomberg’s “Odd Lots” podcast this week.
- The founder and chief executive of Social Capital said he would have preferred a “bottom up” approach, such as giving firms incentives to carry out research and development.
- Visit Business Insider’s homepage for more stories.
Since the outbreak of COVID-19, the Fed and Treasury have poured trillions of money into trying to insulate the US economy from the worst of the pandemic, but billionaire Chamath Palihapitiya said it was just a six-week-long “drunken binge” and will have a lot of “unintended consequences.”
Speaking on Bloomberg’s “Odd Lots” podcast, the outspoken venture capitalist said: “Just to know we are going to deal with a tailwind many years long because of the activity of the Treasury and the Fed which was just 4-6 weeks of a drunken binge.”
He added: “It will play out in ways that will have a lot of unintended consequences.”
Palihapitiya used the airline industry as an example, and …continued .
[Source: Business Insider]