Billionaire investor Sam Zell gave a wide-ranging interview to CNBC and said that the Federal Reserve keeping interest rates low is “creating this disparity” we’re seeing in the country. “The wealthy are benefiting,” says Zell, “and the nonwealthy aren’t.”
“We have a president,” Zell continued, “who says we’ve got to fight this disparity” but a Fed that’s “encouraging it every day.” Zell’s outlook was generally grim about the future of the stock markets. “It’s almost every company that’s missed has missed on the revenue side, which is a reflection that there’s a demand issue,” he said. “When you got a demand issue it’s hard to imagine the stock market at an all-time high.” He’s not alone in thinking things might look rosier in the financial markets than they are: Zerohedge says that fellow billionaires Carl Icahn, George Soros and Stan Druckenmiller think the same.