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- The Fed 'screwed up' by letting zero interest rates go on for too long, said real estate investor Sam Zell.
- When you spread out free money for years, you create a significant drag, the billionaire told CNBC.
- 'I've been around for 50 years and I've never seen the Fed get lucky,' he said.
The Federal Reserve's mistake when it came to fighting record-high inflation was not acting fast enough and letting zero interest rates linger for far too long, according to real estate investor Sam Zell.