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“Remember, Obama said elections have consequences?” Belfort asked. “Here are the consequences.”
He pointed out that “this is a self-inflicted gunshot wound,” noting it “starts with energy policy, which created a cycle of inflation, among other things.”
“It’s really been a poorly managed economy for the administration and this is what we’re seeing,” he added.
Jordan Belfort (Photo by Jono Searle/Newspix/Getty Images)
Belfort told Watters that he believes inflation will get worse.
“I think inflation persists,” he said.
“I lived as a young kid through 20%-plus inflation, when interest rates were at 22%,” said Belfort. “I don’t know if we’re going back there, but I think there’s going to be pressure on the market because of inflation. Until that corrects itself, you’re probably going to see a lower stock market versus a higher stock market.”
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