Marc Lasry, an American billionaire businessman and co-founder and chief executive officer of Avenue Capital Group speaks during a Reuters investment summit in New York City, U.S., November 4, 2019.
Billionaire investor Marc Lasry told Fox Business on Wednesday that investors should stay long through the election because both parties will spend trillions of dollars, which will benefit the economy and market. The Avenue Capital Group CEO said that regardless of who wins the election, “trillions of dollars are going to be spent on this economy.” Congress has been deadlocked on passing the next stimulus bill that would propel this spending. Visit Business Insider’s homepage for more stories.Investors thinking about pulling out of the market before the election should stay long, according to billionaire investor Marc Lasry.The Avenue Capital Group co-founder and CEO told Fox Business on Wednesday: “Trillions of dollars are going to be spent on this economy, because of this you want to be an investor and you want to be long.”Regardless of the party that wins the election, Lasry said he believes both parties will be spending money and that will be beneficial for the market. However, Congress has been deadlocked on passing the next stimulus bill that could provide more money to businesses and consumers.Read more: UBS says the chances of a Democratic sweep have risen to 50% as Trump and Biden square off in their first debate. These 9 assets will help investors profit if a blue wave comes crashing in.
House Democrats are putting their $2.2 trillion stimulus package to a vote on Wednesday evening and the chamber is expected to approve it. But it likely faces staunch opposition in the GOP-controlled Senate. Earlier today Senate Majority Leader Mitch McConnell told reporters on Capitol Hill: “We’re very, very far apart on a deal.”