The co-founder of Home Depot has issued a dire warning about the state of the US economy.
Ken Langone, who co-founded the DIY giant in 1978, warned that US debt is spiraling out of control and was a 'scary' indicator for the state of the economy.
'Look at the amount of debt we raise every year,' Langone told Fox Business.
'What is it today? Thirty-six, thirty-seven [trillion dollars], going up a trillion a year in interest alone. That's scary,' he told the outlet.
The billionaire said he hoped Washington would heed his warning that 'we have to be mindful of the importance of our status in the world economy and the world markets.
'If we fritter that away, we're in trouble,' the 89-year-old said.
'Four weeks ago, we couldn't float a 20-year bond. They were unbiased. That's a dangerous signal. That's the beginning,' Langone said referencing recent crises in the bond market.
Poster Comment:
Energy Secretary Grilled By Senate Panel Over Funding Clawbacks
The Energy secretary told a panel that 500 programs allotted $300 billion in loans are being examined, warning, ‘Some will be modified, some will be ended.’
https://www.zerohedge.com/political/energy-secretary-grilled-senate-panel-over- funding-clawbacks