An Elizabeth Warren presidency could be a disaster for investors—which includes middle-class Americans with 401[k]s and pensions.
If Elizabeth Warren becomes U.S. President, the stock market will enter a bear market, hedge-fund titan Leon Cooperman told CNBC.
Hedge fund titan Leon Cooperman said he’s concerned about a move to the left in the political landscape, which could harm the economy and the stock market.
“You don’t make the poor people rich by making rich people poor,” Cooperman said. “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.”
They’ll open the market if Warren wins, it will just be “a hell of a lot lower,” Cooperman later said on CNBC. “It would be a bear market and they go on for a year and go down 25%,” Cooperman said.
Since many middle-class Americans have 401[k] or pensions for their retirement—most of which are invested in the stock market—a drop of 25% in the stock market would undoubtedly impact many middle-class Americans.
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