REUTERS/Rick Wilking
- The Fed's sluggish interest-rate increases have led to out-of-control inflation, Ken Langone said.
- Home Depot's billionaire cofounder warned a "severe financial crisis" appears unavoidable.
- Langone urged the Fed to rapidly hike rates until it crushes inflation, even if unemployment surges.
The Federal Reserve missed the mark by not crushing inflation early on — and now it's courting an economic catastrophe, Ken Langone told Fox Business on Wednesday.
"I would classify the Fed as 'the gang that can't shoot straight'," the billionaire investor and Home Depot cofounder said, nodding to a 1971 crime-comedy film about bumbling gangsters in Brooklyn.