Some Democrats who work on Wall Street said they will sit out the 2020 election if the Democrats nominate Sen. Elizabeth Warren (D-MA).
They even threatened to help reelect Donald Trump if the person who “created much of the intellectual foundation” of Occupy Wall Street is the party’s standard bearer.
Brian Schwartz reports at CNBC:
Wall Street Democratic donors warn the party: We’ll sit out, or back Trump, if you nominate Elizabeth WarrenDemocratic donors on Wall Street and in big business are preparing to sit out the presidential campaign fundraising cycle — or even back President Donald Trump — if Sen. Elizabeth Warren wins the party’s nomination.In recent weeks, CNBC spoke to several high-dollar Democratic donors and fundraisers in the business community and found that this opinion was becoming widely shared as Warren, an outspoken critic of big banks and corporations, gains momentum against Joe Biden in the 2020 race.“You’re in a box because you’re a Democrat and you’re thinking, ‘I want to help the party, but she’s going to hurt me, so I’m going to help President Trump,’” said a senior private equity executive, who spoke on condition of anonymity in fear of retribution by party leaders. The executive said this Wednesday, a day after Speaker Nancy Pelosi announced that the House would begin a formal impeachment inquiry into Trump.During the campaign, Warren has put out multiple plans intended to curb the influence of Wall Street, including a wealth tax. In July, she released a proposal that would make private equity firms responsible for debts and pension obligations of companies they buy. Trump, meanwhile, has given wealthy business leaders a helping hand with a major corporate tax cut and by eliminating regulations.
Of course, Warren is reveling in this news:
Just last week, a wealthy and influential investor had a similar message about the prospect of a Warren presidency.
Shawn Langlois reported at Market Watch:
Billionaire investor on Elizabeth Warren as president: Market might not even openThat’s Leon Cooperman, the billionaire boss at Omega Advisors, joking to a crowd at the Delivering Alpha conference in New York this week about what a win for the left could ultimately mean for investors.He wasn’t joking, however, in his belief that somebody like Elizabeth Warren in the White House would be disastrous for the stock market.“The Democratic Party seems to be leaning towards the left on policies, which is very harmful for the economy. I don’t like the shift to the left,” he explained to CNBC, adding that the market, of course, will open, but it won’t be pretty.“It would be a bear market and they go on for a year and go down 25%,” he said. “You don’t make the poor people rich by making rich people poor.”
As I’ve said before, I think the Democrats vastly overestimate Warren’s appeal on a national stage.
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