Investment icon and Vanguard founder John “Jack” Bogle disagrees with President Donald Trump on restricting trade and immigration.
Bogle also told CNNMoney that he is alarmed by the hate crimes and growing inequality in America.
"We're all children of immigrants. Open immigration is good for the economy," he says. "I don't mean just open the doors and let floodgates in. I do think discipline is required, but I don't think it should be based on religion."
He's calling on politicians to do something about inequality.
"Anything that increases the gap between rich and poor is bad for our society. It's bad for our society and bad for our economy and stock market," he said.
"Anything that puts impediments to free international trade is also bad for our society and bad for our economy," he said.
the 87-year-old founder of Vanguard told CNNMoney in a phone call.
In a wide-ranging interview, Bogle said:
1 He doesn’t "feel super confident in the stock market. By any historical standards, it's pretty fully valued," he said. : "I don't think it's a bubble. I think it's a significant high valuation, but not a bubble."
"Own American business and hold them forever at the lowest cost you can possibly hold at. It's an extraordinarily simple strategy and the mathematics are enduring."
"The economy will have difficulty growing more than 2.5% this year," he predicted as Trump has promised 4% growth.
On inequality: "Anything that increases the gap between rich and poor is bad for our society. It's bad for our society and bad for our economy and stock market."
On being called a "hero" by fellow investment icon Warren Buffett: "I don't consider myself a hero, but maybe, just maybe, it may take a hero [like Buffett] to know a hero. The remark has gotten a lot of attention. Nobody has written me to say I'm a jerk."
Bogle isn't the lone voice of dissent against Trump's immigration crackdown.
Trump's immigration policies threaten to crack a foundation of the American economy: the residential real estate market. Legal and otherwise, immigrants, long a pillar of growth in homebuying, are no longer feeling the warm welcome and optimism necessary for their biggest purchase, Bloomberg reported.
Meanwhile, recent raids by U.S. immigration authorities targeting undocumented immigrants are creating a wave of distress through America’s agricultural sector, an industry that’s heavily dependent on foreign workers.
Hundreds of arrests have been made in at least six states over the past week. That’s left undocumented workers afraid to travel and farmers pondering whether they can risk hiring them, according to organizations representing both groups, Bloomberg reported.
Farms in the western U.S. have already dealt with a dwindling labor supply, partly because of tightened border security for years, said Pete Aiello, general manager at Gilroy, California-based Uesugi Farms. He worries that things will get worse this year and his company may not be able to find enough contractors.
(Newsmax wire services contributed to this report).
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