What To Know
- CNBC host Andrew Ross Sorkin claims many high CEOs are afraid to publicly criticize President Trump.
- Sorkin factors to latest high-profile mergers as examples of firms being cautious to keep away from upsetting the Trump administration.
- He predicts {that a} market crash is inevitable, emphasizing that lack of confidence can set off it out of the blue.
CNBC’s Squawk Box co-anchor Andrew Ross Sorkin has predicted a market crash is coming whereas claiming many CEOs in America are “very scared” to criticize President Donald Trump.
“Most CEOs in America today are very scared to speak out publicly about anything,” Sorkin mentioned in a latest 60 Minutes interview with correspondent Lesley Stahl, per Huffington Post. “They are so worried that they are going to be potentially attacked by the administration or regulated. They’re going to have a merger in front of some agency that’s not going to be allowed to go through.”
Over the previous 12 months, we’ve seen mergers between the likes of Paramount and Skydance, which required approval from the Trump administration. Some critics have claimed Paramount made strikes to appease Trump, resembling canceling The Late Show. Paramount’s puchase of Warner Bros. Discovery may even require regulatory approval from the Department of Justice.
Sorkin added, “They are so nervous about criticizing anything that’s going on with this administration.”
When Stahl requested Sorkin for his ideas on economists who say Americans “should feel secure” as a result of Trump “ties his success to the success of the market,” the CNBC host mentioned, “I think it’s hard to know how things get out of control. When confidence disappears, it happens like this.”
Sorkin, who was on the present to promote his new e-book, 1929: Inside the Greatest Crash in Wall Street History — and How It Shattered a Nation, was requested whether or not the U.S. will ever face an financial crash just like the one in 1929.
“The answer is, we will have a crash,” he replied. “I just can’t tell you when, and I can’t tell you how deep. But I can assure you, unfortunately, I wish I wasn’t saying this, we will have the crash.”
60 Minutes, Sundays, 7/6 c, CBS