Bernie Sanders the Best Candidate to Help Normal Americans Stuck in Neverending Recession

3/12/2016

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Asher Edelman, investment banker and art financier who pioneered the "leveraged buyout," said on CNBC's Fast Money that "80% of Americans have been in a recession for at least 15 years," and that Bernie Sanders is the best presidential candidate for the economy, "no question." Edelman is a Wall Street icon who was one of the inspirations for Gordon Gekko of the film Wall Street.

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Artnet News reported speaking with Edelman via phone and said that he "wasn't highy impressed with the show's so-called experts."

"These same people were the big fans of the mortgage markets in 2005 to 2007," Edelman said to artnet. "They were saying that they were making Wall Street and the world rich again. For a group that is responsible for bringing economic news to the public, their level of economic understanding was limited-to-nonexistent."

Edelman gave CNBC talking heads a Cliff Notes version of Bernie Sanders' famous "real world" questioning of Fed Chair Alan Greenspan.

They ask Edelman, "You say that we’re currently in a recession. Every Fed official who speaks to us tells us that we are not in a recession. What are they missing?"

Edelman was feeling the Bern: "I think it’s pretty straightforward. The average American has not had an increase in pay in 15 years, but things have cost more in the marketplaces. The average American has been in a recession for 15 years. Nothing has changed for him (average American). Up at the top, we’re not in a recession. But 80% of the Americans have been in a recession for at least 15 years."

Who is the best candidate for the economy?

"Bernie Sanders...no question," Edelman replied.

"Well, I think it’s quite simple again if you look at something called velocity of money.

Bernie Sanders had choice words for the Fed Chair in 2003: "Come with me to Vermont. Meet real people. The country clubs and the cocktail parties are not real America." Sanders then rattled off problems with the American economy that elicited indifference from the Fed Chair. Greenspan later admitted to having a flawed worldview in 2008.

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You guys know what that is, I presume. That means how much gets spent and turns around. When you have the top 1% getting money, they get 5 to 10% of what they earn. When you have the lower end of the economy getting money, they spend 100 to 110% 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. So from an economic point of view, it’s straightforward."

Host: "So how does that translate into investing, into the stock market? Recession? Nobody realizes that we are in one and certainly nobody realizes we’ve been in one for 15 years."

Edelman: "Who is your nobody? I’m talking about money and economics. People can buy less for what they have now than they could 15 years ago. In their lives that’s a recession...

And you are of course aware that we have fewer people as a percentage of the population employed today than we did in 2007?"

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The CNBC hosts also tried to put a positive spin on the American job market, citing growth of service sector jobs in place of those in manufacturing, to which Edelman replied:

"And you are, of course, are aware that we have fewer people as a percentage of the population employed today than we did in 2007? And then if you take into account the people who are working in McDonalds who used to run a computer for somebody else, it’s even worse than that."

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Edelman describes velocity of money and further explains why the United States is in a recession in the video below: "When you go to Reaganomics and you try to release money to the rich in the hope that it'll trickle down to the others.. We have proven time and time again, this is nonsense. It doesn't trickle down anywhere. The man with a million dollar income who makes another $100,000 is more likely than not not to spend it, and he generally invests it in a secondary investment, not a primary investment. He will create no jobs with it. He will create no consumption with it, normally.

The man who earns $30,000 a year, or right now, nothing, and has some money added to that will spend the money added to that because he needs to spend the money added to that. And that will create velocity of money in the marketplace. And that will create the beginnings of a recovery.

Conceptually, we don't get it. If inflation is 2%, but 60% of the inflation figure has to do with labor, who of course are shrinking in terms of salaries and income, then inflation is actually 6%. If inflation is actually 6% and at the same time, growth is 2%, we are in a recession. We're actually shrinking at 4% in terms of goods and services circulating in the country."

"You should watch very carefully for the possibilities of social unrest in this country unless Washington wakes up."

Terence McKenna: "At the top of the culture, it's profoundly intellectually bankrupt. There is no plan except to keep peddling stuff, basically until the forests are gone and the oceans polluted... it's not malevolent, it's simply... they are clueless. They have run out of steam. And so the answer is to try and keep the game going as long as possible... while the people at the top are saying, sooner or later the shit is gonna hit the fan. Sooner or later, the dam will burst. Well they say, let's be sure that it's later, not sooner, cause I've got 2 kids at the Sorbonne, I'm paying off a Mercedes, and I need to get this taken care of before it all falls apart."

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