Bernie Sanders is receiving some unlikely support as of Wednesday. Asher Edelman, the inspiration for Gordon Gekko in Oliver Stone’s Wall Street was asked on CNBC’s “Fast Money” who would be his choice for the next President of the United States. He quickly responded, “Bernie Sanders… No question.”
When pressed for further explanation, he began setting up his answer by saying, “I think it’s quite simple again. If you look at something called ‘velocity of money… That means how much gets spent and turns around…” and then continued:
“When you have the top one percent getting money, they spend five-ten percent of what they earn. When you have the lower end of the economy getting money, they spend a hundred, or a hundred and ten percent of what they earn. As you’ve had a transfer of wealth to the top, and a transfer of income to the top, you have a shrinking consumer base, basically, and you have a shrinking velocity of money.”
“Bernie is the only person out there who I think is talking at all about both fiscal stimulation and banking rules that will get the banks to begin to generate lending again as opposed to speculation.”
Edelman concluded by saying, “So from an economic point of view, it’s straightforward.”
Edelman bought and sold distressed companies for 30 years and made a name for himself working in high-end investing, becoming famous enough to inspire the character of Gordon Gekko. He is considered one of the “Godfathers of Wall Street” and to him, it’s “straightforward economics” — Bernie Sanders is the candidate America needs to get itself on a solid financial track
Furthermore, Sanders will not put us back on the crooked track the U.S. has been bumping along on for far too many years, but an entirely new one capable of helping every American aspire to something greater, regardless of class.