Hedge fund billionaire John Paulson said he would pull his money out of the stock market and go into cash and gold if Kamala Harris wins the election.
The Paulson and Co. founder and CEO has been called “one of the most prominent names in high finance.” He’s best known for making billions by betting against the subprime mortgage lending market in 2007.
Paulson appeared on Fox Business’s Claman Countdown and told Liz Claman that he would be “very concerned” if Harris wins the White House and pursues the tax plans and economic policies she’s outlined.
Harris has floated several economic policies on the campaign trail, including raising the corporate tax rate from 21 to 28 percent, taxing unrealized capital gains, and banning grocery “price gouging.”
“I think the uncertainty regarding the plans they outlined would create a lot of uncertainty in the markets and likely lower markets.”
Paulson said the proposed tax on unrealized capital gains on individuals making $100 million or more was particularly troubling and “would cause mass selling of almost everything – stocks, bonds, homes, art – I think it would result in a crash in the markets and an immediate, pretty quick recession.”
When Claman pressed him, Paulson reiterated that he would pull money from the liquid assets from the market and go heavy into gold.
“I think if Harris was elected, I would pull my money from the market. I’d go into cash, and I’d go into gold.”
Paulson is a prominent fundraiser for the Trump campaign, and there is speculation that would be a candidate for Secretary of the Treasury in a Trump administration.