Trump: Fed Stimulus is Creating ‘Phony Numbers’

September 14, 2012

By: Justin Menza,

The Federal Reserve’s decision Thursday to buy $40 billion in mortgage securities each month is creating “phony numbers,” real estate mogul Donald Trump told CNBC’s “Closing Bell.”

Trump said the Federal Reserve’s move to keep interest rates low and provide additional stimulus “will not ultimately benefit the economy.”

“The dollar will go down in value and inflation will start rearing its ugly head,” he said of the effects of this third round of quantitative easing. (Read More: Fed Pulls Trigger, to Buy Mortgages in Effort to Lower Rates.)

It also will do little to spur additional activity in the housing market. “Mortgage rates are already very low,” he said, “but the banks aren’t lending. So it doesn’t make any difference.”

In addition to mortgage rates, these phony numbers are showing up in the stock market. But Trump said he’s benefiting. Trump rattled off a list of stocks he’s bought over the past two years, including Bank of America, Deere, Caterpillar, Procter & Gamble and Johnson & Johnson.

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