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Posts Tagged ‘Leon Cooperman’

Democratic presidential candidate Elizabeth Warren understands economics and political power. She understands democracy, and she understands we no longer have a democracy. We have a plutocracy, which is a government for the rich and by the rich. The rich and their corporations have their power over all three branches of government, and they have used that power to redistribute tens of trillions of dollars from working people to themselves over the last forty years.

This week hedge fund CEO Leon Cooperman sent her a five-page letter complaining that she doesn’t know anything about billionaires, or him in particular. Leon apparently does not know that when you export millions of jobs, the difference between the old higher U.S. compensation and the new low, that is very low, third-world wages with no benefits goes straight into the pockets of the rich while the job losers get unemployment insurance.

This is why three people own more wealth than the bottom half of the U.S. population, This is why the six richest people in the world own more wealth than the bottom half of humanity. This is why 38+ percent of all income in the U.S. goes into the pockets of the 1 percent every year compared to roughly 8 percent as late as 1979. The billionaires have created massive amounts of political corruption and the destruction of United States democracy in the process. Warren understands this.

Leon Cooperman is facing a tax hike if Warren becomes president. Apparently, many billionaires are assuming this is the end of life as they know it.

Warren’s tax agenda has become a lightning rod for criticism by the ultrawealthy, including some, like Cooperman, who identify as political moderates. “What is wrong with billionaires?” Cooperman complained to Politico in a story that appeared last week. “You can become a billionaire by developing products and services that people will pay for.” Warren is not against billionaires who do this. She is against those who have rigged the economy and destroyed U.S. democracy in the process.

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