Carl Icahn was born in 1936, three years after the Glass-Steagall Act forever separated commercial and investment banking—for 66 years. Well, Uncle Carl remembers the Great Depression that led to Glass-Steagall, and he's not so sure it's a coincidence that the worst economic crisis since then occurred within a decade of its demise. Even if it means you won't like him anymore.
"I am good friends with a lot of bankers (and they) may hate me for this, but I think the Volcker Rule is fine."
"I think what they should do is go back to Glass-Steagall," he told FOX Business. "A lot of my friends at these investment banks are going to be real mad at me for saying it, but I really think that was one of the problems in '08."
And while he was at it, the political chameleon—who predicted Obama would make a "terrible" president in 2008 and who refused to vote for his reelection in 2012—decided to stick another finger into the eye of Fox's audience.
“Obama could have done a lot more… in investing,” Icahn said. “He stressed ObamaCare too much.”
Icahn clarified that he doesn’t hate the Affordable Care Act. “I think that Obama had to do something like that. I don’t think it’s that bad. I’m no expert on it, but I don’t think businesses should be a medical provider. Look, the CEO has enough trouble with his own business… what the hell is he a medical provider for?”
Icahn calls for return of Glass-Steagall: FOX Business [Reuters]
Carl Icahn Calls for Glass-Steagall to Return [WSJ MoneyBeat blog]
Carl Icahn on ObamaCare: 'Businesses Should Not Be a Medical Provider' [Fox News Insider]