“A decision between sickness and death.” Wall Street goes off the hook on Warren

This well written  article about the woman who will be President on January 20, 2021,  Elizabeth Ann Warren dissects the angst sweeping Wall Street. A link to the entire piece is attached.

Excerpted from Vanity Fair – William Cohan 10.11.2019

You can tell Wall Street is getting more than a little worried that Elizabeth Warren may become the next president of the United States when research reports start popping up about what her presidency might mean for the financial markets. Spoiler alert: It’s not good.

At least she’s a capitalist, unlike Bernie. And in a pick-your-poison election, many Wall Streeters see her as much, much better than Trump and his chaos.

A Wall Street bigwig and longtime Democratic Party stalwart likes to use a football metaphor when it comes to figuring out who the Democratic nominee will be. He thinks Warren has one spot in the Democratic Super Bowl locked up; the other spot looks like it will go to Biden but there are a host of more centrist Democratic candidates—Kamala Harris, Pete Buttigieg, Cory Booker, Amy Klobuchar—who are going to use the next debate, scheduled for October 15, to try to displace Biden as the inevitable challenger to Warren. But they can’t go after Biden directly. “People have already been burned by that stove,” he says. He says they will go after Warren, instead of Biden, in order to displace Biden as Warren’s challenger. It’s a subtle strategy. “It’s a little bit of a bank shot,” he continues, “but you’re going out to be the alternative to Elizabeth Warren. Elizabeth Warren, on today’s facts, has a spot at the Super Bowl. That could change.

The trick here is for someone to basically say, ‘I am the person who can take on Elizabeth Warren. Let’s get down to the two of us or three of us.’” And what are his Wall Street brethren thinking about Warren? “They’re all whiny,” he says. “Every time they open their fucking mouths, they probably gain Warren another 50,000 votes.”

Senator Elizabeth Warren holds town hall at Laney College

Another  longtime Wall Street banker who has also been involved with Democratic politics has been impressed with Warren’s political skills. “She’s putting together a great campaign,” he says. “She has a great message. She’s resonating. She is smart politically, smarter than the rest of them.” He likes that she doesn’t “sugarcoat” things. And many parts of her message are resonating with him. In small groups, he says, she tones down her anti–Wall Street rhetoric and she’s becoming more moderate. “She’ll [now] put it differently,” he says, “which I don’t disagree with, which is ‘Do you think our country would be better off if we had less inequality?’ Well, I can’t argue with that. Of course, the answer is yes.” He seems genuinely impressed by her. “I think she’s incredibly smart and much more reasonable towards what she wants to do for this country than people think,” he continues. “A lot of what she does is against my own personal interest, but I think she has the greater interest at heart. And I like that. Okay. And she does not talk crazy.” He thinks she can win if she focuses her message on having wealthy individuals pay higher taxes than they are now, rather than talking about remaking capitalism by attacking corporate America. (He also thinks Tom Steyer, the billionaire and former hedge fund manager, is someone to watch at the next debate.)

https://www.vanityfair.com/news/2019/10/wall-street-tries-to-get-its-mind-around-a-warren-presidency?mbid=nl_th_5da3b25a466db300099951c6&CNDID=50715996&utm_source=nl&utm_brand=vf&utm_mailing=VF_Hive_101419&utm_medium=emai