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Tags: Jim Chanos | Obama | Economy | Amazing

Jim Chanos: Economic Strides Under Obama Have Been 'Pretty Amazing'

Jim Chanos: Economic Strides Under Obama Have Been 'Pretty Amazing'

By    |   Tuesday, 13 October 2015 05:59 AM EDT

Billionaire hedge-fund manager Jim Chanos says economic improvement in the last eight years, mostly under the Barack Obama administration, has been “pretty amazing.”

"Of all the major economies right now, we're the place to be," legendary short seller Chanos told CNN.

"The strides we've made the last eight years are pretty amazing," said Chanos, founder of Kynikos Associates.

For evidence supporting his theory Chanos says the stock market is near all-time highs, corporate profits have shattered records, there's universal healthcare andgasoline prices are near $2 a gallon, CNN reported.

Chanos helped to raise more between $200,000 and $500,000, according to OpenSecrets, for Obama's re-election campaign, CNN reported.

Chanos, who predicted the collapse of Enron and also China's current economic woes, said the U.S. still faces many hurdles, such as gun control and income inequality.

Meanwhile, others say the government is to blame for placing the U.S. economy in the fast lane to disaster.

Newsmax Finance Insider Stephen Moore says that Washington doesn't understand what went wrong in 2007 and 2008, so the Fed, the White House and Congress are recreating the very same conditions for another financial bubble.

"If it pops, we could replay the same devastating effects as occurred during the first bubble in 1999 and 2000," he wrote.

"Government and politicians have no learning curve. All of the conditions of financial wreckage are reappearing. This is why congressional Republicans absolutely should put up a fight on the debt ceiling by requiring more budget discipline as a condition of higher debt levels," he advised.

"They should be urging the Fed to restore sound money by gradually raising short term interest rates. And the presidential candidates should start warning voters that Washington is rebuilding another financial house of cards," he wrote.

"If they don't, when the financial crash comes and Americans see their life savings disappear, the media and the history books will again blame Republicans for the destruction from the rampant financial negligence of government."

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StreetTalk
Billionaire hedge-fund manager Jim Chanos says economic improvement in the last eight years, mostly under the Barack Obama administration, has been "pretty amazing."
Jim Chanos, Obama, Economy, Amazing
348
2015-59-13
Tuesday, 13 October 2015 05:59 AM
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