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Net Net: Promoting innovation and managing change

Super Wealthy Finance Guys Think We're Totally Screwed


Fast Money's executive producer, John Melloy, gets the scoopon the depressed animal spirits at Byron Wien's annual Hampton's luncheon.

Byron Wien

"For 25 years, legendary Wall Street strategist Byron Wien, now with The Blackstone Group, has held summer meetings with high net worth individuals to get their outlook on the global economy and investing. This year’s group, totaling fifty individuals and including more than 10 billionaires, was decidedly pessimistic on the U.S. economy, investment opportunities and the Obama administration.

“They saw the United States in a long-term slow growth environment with the near-term risk of recession quite real,” said Wien, in a commentary to Blackstone clients. “The Obama administration was viewed as hostile to business and that discouraged both hiring and investment. Companies and entrepreneurs were reluctant to add workers because they didn’t know what their healthcare costs or taxes were going to be.”

Read the rest of Melloy's piece on the Fast Money page.