Hedge fund manager Bill Ackman / Facebook
Bill Ackman, the billionaire activist investor who runs Pershing Square Capital, has some big concerns about the US economy right now. At the same time, he is still calling on President Biden not to seek reelection. Ackman thinks that Joe Biden is simply too old for the job.
Bill Ackman has said this before, and now he has said it again in an interview with Bloomberg Television’s “The David Rubenstein Show.”
“I think Biden’s done a lot of good things. But I think his legacy will not [be] a good one if he is the nominee,” Ackman said. “I do think the right thing for Biden to do is step aside and to say he’s not going to run and create the opportunity for some competition.”
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In his comments, Bill Ackman joined in on the growing refrain that Joe Biden is not in complete control of his faculties.
“You need to be at your intellectual best. And I don’t think Biden is there,” Ackman said. “I don’t say that, you know, with any derision of the president. But I think he’s clearly past his physical and cognitive peak.”
Ironically, Joe Biden is running against someone who never had an “intellectual best,” nor an intellect. It looks like Donald Trump will be the Republican nominee again and no one has ever accused him of being fully in touch with reality.
President Biden, as of now, has no real competition for renomination as the candidate of the Democratic Party for President of the United States. And the door is closing for anyone to step in and run in the primaries that begin in just a few months.
On the state of the economy, Bill Ackman said that he thinks the economy is “weakening.”
“We’re seeing evidence of that in some of our companies you’re seeing,” he said. “What’s going to be interesting is to see what happens when people have to reprice their debt. And I think that can have sort of a cliff-like effect. And you’re certainly seeing that in real estate on the markets are assuming and the markets are not always right, but the markets are assuming that there’s going to be a Fed cut sometime next year.”
On the matter of an interest cut, Bill Ackman said that he thinks the Federal Reserve will cut rates “sooner than people expect.”
