(Patriot.Buzz) – Billionaire hedge fund manager John Paulson has warned that he will withdraw his investments from U.S. markets if Kamala Harris defeats GOP presidential nominee Donald Trump in the upcoming November election.
Himself a major Trump donor and founder of Paulson & Co., Paulson disclosed his plans on Fox Business’ “The Claman Countdown.”
“It depends on the policy. If Harris is elected, I would pull my money from the market,” he stated.
“I’d go into cash and I’d go into gold because I think the uncertainty regarding the plans they outlined would create a lot of uncertainty in the markets and likely lower markets.”
He pointed out that Harris’ campaign policies, which include increased price controls and new spending programs, could disrupt economic stability.
Economists have estimated these plans could cost upwards of $1.7 trillion.
Paulson, who gained fame in 2007 for his profitable bets against the subprime mortgage market, argued that the election’s outcome could deeply influence the U.S. stock market and economy.
“It very much depends on who is in the White House and who controls Congress,” he explained. “I’d be very concerned if Harris is elected and pursues the tax plans and other economic plans that she articulated.”
He also highlighted potential market chaos from proposed taxes on unrealized gains.
“If they do implement a 25% tax on unrealized gains, that would cause mass selling of almost everything — stocks, bonds, homes, art. I think it would cause a crash in the markets and a pretty quick recession.”
Paulson, who recently hosted a $50 million fundraiser for Trump in Palm Beach, believes the middle class will be key in the 2024 Presidential election.
“And who’s gonna do better for the middle class. When you look at the facts, the Trump policy had come out better for the average American,” Paulson explained.
He compared economic performances, noting, “Under his administration of the four years, average real wages grew about 6.5%.” He then blasted the current administration’s impact on inflation and real wages.
Meanwhile, House Speaker Mike Johnson criticized Harris’ economic strategies for basically being celebrity giveaways as if “Oprah (Winfrey) is running for president.”.
Johnson also outlined the Republican agenda for the first 100 days, promising to support job creation, maintain tax benefits and respect the dignity of work.
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