CARL ICAHN WARNS: The red-hot stock market is being supported by an unsustainable earnings mirage

In a new video titled "Danger Ahead," the billionaire Wall Street veteran lays out the major problems coming out of both Washington and Wall Street to argue that what's coming next will be "very dangerous and could be disastrous."

For the financial markets and the economy, the core problem is the Federal Reserve and it's ultra-easy, zero-interest rate policy. While Icahn credit the Fed for using policy tools to get us out of the last crisis, he also argues that it was the Fed that got us into that crisis to begin with.

Icahn observed that while low rates are intended to boost business investment, in reality it actually led corporate managers to employ financial engineering and accounting shenanigans to boost earnings per share.

Icahn offers a very straightforward and chilling summary of what he believes to be an unsustainable and fragile set of circumstances that are propping up the stock market. And in the end we're left wondering if we could repeat what we saw during the financial crisis. Or worse.

Below is a summary of Icahn's warning about the stock market.