Just a few short days since Leon Cooperman took Democratic Presidential Candidate Elizabeth Warren to task over her policies that will destroy the American Dream:
“But this is the f---ing American dream she is s----ing on.”
The hedge fund manager agreed to a lengthy interview with CNBC. It was wide-ranging and pushed the billionaire to tears.
"I don't need Elizabeth Warren telling me I'm a dead beat..."
She is "screwing around with the wrong guy... I want to give it all away... but I want to control the decisions."
"They are in the soundbite business... not real policy discussions"
Warren's wealth tax plan is “morally wrong.”
“I don’t need Elizabeth Warren or the government giving away my money..."
"The wealth tax is a bankrupt concept. There are 14 or so nations that have tried it and they've dropped it. I mean it's a nightmare. The for 50 years, we've been promised, you know, simplification by the irs. This would be a nightmare. It would be a nightmare. Every year you calculate your net worth and give 2% to the government? That's ridiculous. Gold would surge because people would find gold as a place to hide their wealth. It's just the wrong idea."
“I don’t need Elizabeth Warren or the government giving away my money.” Here’s why Leon Cooperman says Sen. Warren’s wealth tax plan is “morally wrong.” https://t.co/WzkhYMajwu pic.twitter.com/bQNrRvGQD8— CNBC (@CNBC) November 4, 2019
On villifying the wealthy in general:
"...people don't hate millionaires, they want to be one"
"This is idiocy, this is appealing to the lowest common denominator by promising everyone free stuff"
"Education is the solution..."
"...there's no free lunch. You can take all the money away from all the rich people and it wouldn't solve the problems"
"The world is upside down..."
"The 2% is not the issue. The issue is get rid of the loopholes. They can't -- the government is paralyzed, get rid of carried interests. Seven years of discussing this and nothing has happened section 1031 get rid of it take the 37% and raise it. Okay on wealthy people. I believe in the progressive income tax structure I believe I’m my brother's keeper I have no problem with any of that I get emotional because it's so stupid, the dialogue. It's very divisive."
On President Trump:
"President Trump needs to change his dialogue and treatment of people, Leon Cooperman says about the possibility of a Trump re-election in 2020.
"...if he is not prepared to change behavior he should take a 'victory lap' and not run again..."
“We need a unifier.”
President Trump needs to change his dialogue and treatment of people, Leon Cooperman says about the possibility of a Trump re-election in 2020. “We need a unifier.” https://t.co/WzkhYMajwu pic.twitter.com/s6PfBkt1B8— CNBC (@CNBC) November 4, 2019
On the media:
"I'm waiting for Walter Cronkite to come back from the grave so I can get my news objectively"
On the market's reaction to Warren:
"...at 3050, the market is assuming a Trump re-election. If it appears that Warren has a reasonable chance of winning, the market will already be down substantially."
On the "fully valued, but disciplined" market:
"The conditions for a big decline as I've said consistently are just not present. The declines come about because of accelerating a problematic inflation, they come about because of a hostile fed in my opinion the fed is too easy, furthest from hostile the market smells an oncoming recession. It comes about because of investor exuberance. The market has been disciplined. I have to give it credit."
On what would trigger a decline:
"The big decline will come if we have a recession or if we see a big change in the washington leadership, we fail to get a deal with china or we see a big spike in the price of oil. China and oil will dictates the near term performance of the market and oil has been very well behaved and china, the president seems intent on coming up with an acceptable deal beyond this year, I have to say I'm becoming concerned I think the aggressive policies that we're pursuing are pulling demand forward."
And then Cooperman got very emotional when discussing the future of America for his kids and grandkids.
As he concluded previously:
"Their stories, and many more like they are the very embodiment of the American Dream. For you to suggest that capitalism is a dirty word and that these people, as a group, are ingrates who didn’t earn their riches through strenuous effort and (in many cases) paradigm-shifting insights, and now don’t pull their weight societally indicates that you either are grossly uninformed or are knowingly warping the facts for narrow political gain."