March 12, 2019 / 9:33 PM / 2 months ago

DoubleLine's Gundlach calls Modern Monetary Theory a "crackpot" idea

March 12 (Reuters) - Jeffrey Gundlach, the chief executive of DoubleLine Capital and Wall Street's Bond King, called the increasingly popular theory backed by progressives - the Modern Monetary Theory - a "crackpot" idea.

Gundlach, who oversees more than $123 billion, said on an investor webcast on Tuesday that Modern Monetary Theory is "complete nonsense" being used to justify a socialist program. (Reporting by Jennifer Ablan and Trevor Hunnicutt Editing by Phil Berlowitz)

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