Legendary investor Carl Icahn has certainly never been one to mince words. In a phone interview with CNBC this weekend, Icahn explains why he believes that the art, real estate and high-yield bond markets may soon be facing a catastrophe similar to the one that the U.S. housing market faced back in 2007.
The Cause Of The Crisis
Icahn believes that the prolonged environment of historically-low interest rates has created bubbles in several markets, including real estate, and that it is hard to predict what will happen when rates start heading back up.
“We do know when we did it a few years ago it caused a catastrophe, it caused ’08,” Icahn explained.
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