‘War on Wall Street’? Billionaires Declare Themselves a Persecuted Minority – Astute News
The 2020 election may trigger a “war on Wall Street and wealth,” too-big-to-fail bank Citi has warned its clients in a letter quoted by Bloomberg this week. The bank laments that the rich these days are merely seen as a cash cow for “re-distributional policies, including further tax relief for low- and middle-income persons” – never mind that the primary beneficiaries of Trump’s 2017 tax cuts were the same rich individuals who received Citi’s letter, as well as the corporations they own. The pitchforks are coming out, and Citi wants its customers to be prepared.
The Citi letter is far from an isolated case of billionaires declaring themselves a persecuted class. The wealth tax floated by Democratic presidential candidates Bernie Sanders and Elizabeth Warren to pay for a much-needed reinforcement of the country’s tattered social safety net has clearly struck fear into the hearts of the super-rich, combined as it is with an upsurge in populist rhetoric and the gradual realization in other parts of the world that neoliberal capitalism isn’t all it’s cracked up to be.
But it was one particular complaint of Cooperman’s that epitomizes the billionaires’ panic. “The idea of vilifying wealthy people is so bogus – they’re appealing to the masses!” he cried, as if appalled that any politician would speak to voters rather than the donors who typically fill their war chests. Big-time Democratic donors have even threatened the party with the removal of their support if Warren (or Sanders, who famously threw down the gauntlet with “I don’t think billionaires should exist,” now a bumper sticker) gets the nomination.