Investor Michael Burry, known for betting against the housing market before the 2008 financial crisis and his appearance in the non-fiction classic The Big Short and the movie adaptation, has some thoughts on President Biden’s student debt forgiveness policy announced Wednesday.
If you’ve been following Burry’s tweets, you already know he’s not a fan.
The founder of the hedge fund Scion Asset Management warned again about the dangers of too much stimulus.
“With recent spending bills, including the student loan forgiveness, now approaching $2 trillion this year, we have the emergence of the Fiscal Put,” he wrote on Twitter on Thursday, using the finance lingo of “the put,” which refers to a backstop for investors. He added that it’s “not just for COVID anymore. And will be as good for America’s economy as sugar for babies.”