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- Biden’s spending plan could cause market crash akin to 1929 - Hedge fund manager
Biden’s spending plan could cause market crash akin to 1929 - Hedge fund manager
CNBC reports that according to one hedge fund manager, President-elect Joe Biden’s Covid spending plan could recreate the financial conditions seen in the run-up to the 1929 Wall Street crash, with rising inflation potentially responsible for popping an “epic” stock market bubble.
David Neuhauser, managing director of Livermore Partners, said that Biden’s spending plan appeared to be an attempt to mimic the “roaring 20′s” by getting people back into the workforce quickly.
“But beware, the ’roaring 20’s′ led to the 1929 stock market crash and the Great Depression. So, be careful what you wish for,” he added.
If passed by the new Democratic-controlled Congress, the “American Rescue Plan” includes $1 trillion in direct relief for households, $415 billion to tackle the virus and roughly $440 billion for small businesses.
When asked whether investors should be concerned that the president-elect’s spending plan could lead to an event like the 1929 stock market crash, Neuhauser replied: “I think so.”
In the wake of the stock market crash of Oct. 29, 1929, the S&P 500 fell 86% in less than three years and did not pass its previous peak until 1954.
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