Famed VC investor Chamath Palihapitiya told CNBC that a lot of the first round of economic stimulus was"wasted" because companies didn't allocate it properly and still laid off hundreds of thousands of employees.
"The longer we wait to realize that, and the more money we give to zombie companies, we're just going to push the can down the road and it's all unnecessary," he said.Billionaire Chamath Palihapitiya told CNBC on Tuesday that the US economy is"not in a great place" and much of the first round of the COVID-19 relief stimulus was"wasted" and"not functionally useful.
Palihapitiya also said that it's unnecessary to give money to"zombie" companies, or companies that cannot pay off their debts without borrowing more because their profits are near zero.Fred Stanske's fund is crushing the market using a Nobel-winning approach that exploits his rivals' biases. He told us 2 common errors investors should watch out for, and 3 indicators that will set them straight.
"It's consumption that drives growth in the United States. It drives jobs and capital allocation, and the more money in individuals' hands, the better they can be to support businesses, to buy different products, and that's how we grow ourselves up," Palihapitiya said.
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