Perhaps the capitalists at Fox News will listen to a billionaire hedge fund manager.
Wall Street investor Bill Ackman appeared on Squawk Box Monday morning to discuss the Friday-Monday drop in the Dow, which appears directly related to Covid infections spiking in areas where vaccines are low. CNBC reports that “U.S. stocks fell aggressively Monday on concern a rebound in Covid-19 cases would slow global economic growth. The selling picked up as the session continued and the Dow Jones Industrial average was currently headed for its biggest drop of the year.”
Ackman stated the obvious: the economy will improve if more people get vaccinated.
“I hope what it does is that it motivates anyone who doesn’t get the vaccine to get the vaccine. I don’t think it’s going to change behavior to a great extent. You are going to see a massive, in my view, economic boom. … We are going to have an extremely strong economy coming in the fall.”
Ackman also noted that those who SURVIVE the Delta variant should have some antibodies, which should help herd immunity. He hoped not too many people would die of Covid in areas where vaccine resistance is high.
He also said he has three employees who have yet to get the vaccine. He is strongly encouraging them to do so, and may consider a vaccine mandate for his business. He expects many businesses will require their employees to be vaccinated in order to return to work. Ah, capitalism.
Finally, Ackman expected wages to go up and stay up. “I think you’re going to have to pay people to come to work, and I think that’s a long-term positive for the economy.”