Join BI PrimeBillionaire Paul Tudor Jones, the founder of $21 billion Tudor Investment Corp., compared the coronavirus pandemic to decades-old film "The Day The Earth Stood Still" in a call hosted by the Economic Club of New York.
"I've never seen anything more challenging — and I guess intellectually stimulating also," he said in front of a star-filled sky background on a Zoom call. Jones, the founder of $21 billion Tudor Investment Corp., admits he had to eat "some humble pie" as the markets have surged since they bottomed out in March, despite unemployment at a higher percentage of the country than during any time during the financial crisis.
But the paradox that is confounding Jones is the most is that, thanks to aggressive payroll protection programs from Congress, people have more cash and personal income to spend after "the shortest recession ever" than they did coming into it. "We've got Modern Monetary Theory in practice," he said of the fiscal and monetary policies used to offset the pandemic.
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The influx of gamblers turned day traders had had a huge effect on the market rally. With sports books and casinos virtually out of biz gambling money found a home in the market.
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The FED has corrupted everything. They were doing emergency repos and lowering rates before the virus. Such BS.
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