Tuesday, July 04, 2017

FAKE FISCAL NEWS

The guy who spotted the Enron fraud thinks Trump's infrastructure plan is "fake fiscal news".

It's just the public-private partnerships that have saddled the British people with ridiculous debts while the corporations run off with any profits.

Jim Chanos, the short-selling investor who was one of the first to spot the fraud that would become the Enron scandal, called President Trump's infrastructure plan "fake fiscal news" in an interview published Friday.

Chanos dismissed the idea that Trump's much-touted infrastructure plan would create economic growth.

"That's just another sort of fake fiscal news, if you will. It's going to be public-private partnerships," Chanos told Lynn Parramore of the Institute for New Economic Thinking in an interview.

CNBC highlighted the short-seller's comments.

"Because private investors need high rates of return, these deals generally haven't been good deals for anybody," Chanos said. "We're told that the private sector will be able to do this better. Well, they might be able to do it better and faster, but only for a small number of projects."

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