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Billionaire entrepreneur and Dallas Mavericks owner Mark Cuban reacted Wednesday to President Trump’s belief that the U.S. economy is going to be “raging” next year, telling Fox News, “I think it’s all relative.”
“Will we see increases from where we are now? Yes,” Cuban told “The Daily Briefing”. “Will the numbers actually look good? Yes. It’s not inconceivable that we’ll see 15, 20 percent growth or more over this year, but will they be where we were six months ago? No. Probably not close.”
Cuban added that the U.S. needs to create short-term consumer demand to get the economy back on track, and “the only way we’re going to do that is by creating jobs, giving people money to spend.”
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Cuban added that the Federal Reserve “did a good job” with the emergency measures it put in place to try and stabilize the economy, which include holding interest rates near zero, purchasing an unlimited amount of Treasuries and mortgage-backed securities and launching crisis-era lending facilities to ensure that credit flows to households and businesses.
“Interest rates are low, but that doesn’t create immediate jobs and that’s what we need right now,” noted Cuban, who suggested that focusing on helping the most vulnerable who “can’t get outside and do things for themselves” would create “millions” of jobs.
“At some point, do you think that the government, when it’s doing its lending, should try to help save the companies that are actually going to be viable after this?” host Dana Perino asked at one point.
“I’m not opposed to loaning money,” Cuban responded, “but I think taxpayers have to get something in return.”
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“I always use the Warren Buffett template,” he explained, referencing the billionaire investor and CEO of conglomerate Berkshire Hathaway.
“When he helped bail out Bank of America [after the 2008 financial crisis], not only did he get preferred stock in return, but he also got warrants. And we should be doing the same thing with the next tranche of money that we’re creating with these bigger companies because that’s what taxpayers deserve.
“They need somebody to negotiate for them and get the return on that investment,” he continued.