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Clinton's '3rd term' of Obama would lead to US recession, argues billionaire Wilbur Ross

Hillary Clinton's policies — including her proposal to raise taxes on the wealthiest of Americans and large corporations — would hurt the economy, said billionaire Wilbur Ross, a senior policy advisor to the Donald Trump campaign.

The chairman and CEO of distressed asset specialist WL Ross & Co. told CNBC's "Squawk on the Street" on Election Day Tuesday: "I think the equivalent of third term Barack Obama means that we will go into a recession within the next two years."

"We're already pretty long in the tooth, even though this recovery is the weakest we've had in decades and decades," he said.

The stock market, which has been favoring a Clinton win, would warm to a Trump presidency, said Ross. "As soon as Trump announces his Cabinet choices, the market will feel better."

He said Trump has a record of making good personal choices, citing as examples the Republican nominee's proposed list of Supreme Court picks and bringing Indiana Gov. Mike Pence on board as his vice presidential choice.