Douglas Kass, President of Seabreeze Partners, a hedge fund that shorts the market, told CNBC’s “Squawk Box” that he believes the bear will wake from his slumber and soon growl at increasingly sour market conditions.
He called higher gas prices the “functional equivalent of a tax increase on the consumer” and said it will hurt consumer spending.
Kass said the housing decline is not in its “second leg” and the “slow motion decline in consumer spending is quickening.”