Former Trump economic adviser Carl Icahn, who last November was slapped with a subpoena from the U.S. Attorney’s office in the Southern District of New York related to his work influencing Trump administration energy policy, sounded the alarm on Tuesday about the health of global financial markets.
Icahn, a billionaire investor, called in to CNBC to talk about Monday’s massive drop in the Dow-Jones Industrial Average. While he thought that Monday’s crash was a mere blip, he did say that many institutions are over-leveraged right now just as they were right before the great financial crash of 2008.
“You have way too many derivatives,” Icahn said, referring to financial instruments whose value is backed by underlying assets such as mortgages, currencies or commodities. “It is not really a place for the average person to be playing around in derivatives.”
Icahn said that while he expects the stock market to recover its losses, he thinks that this week’s crash was the “beginnings of an earthquake” that would lead to a bigger crash down the road.
“I think eventually, you get through this little panic thing, but one day, this thing is going to implode because you have too much leverage with too many people buying these things,” he said. “And Wall Street sells them these products, and it’s extremely dangerous.”
Watch the video below.
Trump has committed 6 impeachable offenses: Harvard Law’s Laurence Tribe says ‘the evidence is all there’
Constitutional law expert Laurence Tribe broke down the six impeachable offenses President Donald Trump has committed during a Thursday appearance on MSNBC's "The Last Word" with Lawrence O'Donnell.
Tribe has argued 36 cases before the United States Supreme Court and taught at Harvard Law for 50 years. He co-authored the 2018 book To End a Presidency: The Power of Impeachment with Joshua Matz.
"Everyone was in the loop, it was no secret. That was the testimony from Ambassador Gordon Sondland yesterday as he implicated the president, Secretary of State, White House chief of staff, and former National Security Advisor John Bolton and other administration officials in the plot to bribe the president of Ukraine to publicly launch an investigation into Joe Biden in exchange for U.S. military aid to Ukraine that was authorized by Congress and that the president was withholding," O'Donnell reported.
Rachel Maddow breaks down how public opinion is catching up with the facts of Trump’s impeachment
MSNBC anchor Rachel Maddow on Thursday broke down how the details from the televised impeachment hearings are being reported in local newspapers.
The host read the headlines from multiple newspapers following the damning testimony by Ambassador Gordon Sondland.
The Los Angels Times headlined, "Sonland implicates president." "Envoy says Trump directed effort," was The Wall Street Journal headline.
The St. Louis Post-Dispatch headlined, "'Everyone was in the loop. It was no secret': Defiant Sondland says he followed Trump's orders."
"Trump directed pressure on Ukraine, ambassador says," headlined The Kansas City Star.
Shep Smith blasts autocrats in first public remarks since leaving Fox News — and donates $500,000 to protect journalists
On Thursday, for the first time since exiting Fox News, reporter Shepard Smith gave public comments at the International Press Freedom Awards — and used the occasion to blast autocratic leaders who use their power to suppress journalism.
"Intimidation and vilification of the press is now a global phenomenon. We don’t have to look far for evidence of that,” said Smith. "Our belief a decade ago that the online revolution would liberate us now seems a bit premature, doesn’t it? Autocrats have learned how to use those same online tools to shore up their power. They flood the world of information with garbage and lies, masquerading as news. There’s a phrase for that."