Behind every billionaire there is a story!

Icahn: Danger Ahead for the US economy

“It ain’t over till it’s over,” Yogi Berra famously said, and Carl Icahn agrees. Unlike many of his Wall Street colleagues, the billionaire investor didn’t greet Uncle Sam’s bailout of mortgage giants Fannie Mae and Freddie Mac with newfound optimism. Nor does he share the belief prevalent in some quarters that the beleaguered market is nearing a bottom after an 11-month plunge in which it lost about $3 trillion in value.

Why such a gloomy Gus? “Because we’re far from out of the woods and it remains a tough, dangerous market,” Mr. Icahn says. “The subprime loan problem is still on bank balance sheets, it has to be fixed and the economy is trending downward, which means,” he tells me, “you have to be extremely cautious.”

His words clearly suggest that Mr. Icahn, who manages a $7 billion hedge fund and boasts an estimated net worth of about $14 billion, believes the downside risk is high even despite the substantial market decline. “It has been a tough year,” he says

read the rest published by NY Sun here:

http://www.nysun.com/business/icahn-danger-ahead/85724/