Asher Edelman inspired the character Gordon Gekko in Oliver Stone’s 1987 film, Wall Street, played by Michael Douglas. The infamous stockbroker, who made a fortune buying and selling companies in distress, was recently asked on CNBC’s Fast Money, who he would endorse for Bernie Sanders. His answer was surprising, but his reasoning is not:
“Bernie Sanders, no question,” said Edelman. , “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. 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.”
Edelman argued redistributing wealth, especially at the point we are at now with levels of income and wealth inequalities continually growing, is what is best for the economy. Greed and corruption may allow the wealthiest to gain short term profits, but as the middle class disappears and the working class becomes ever burdened, the economy begins to sputter into stagnation.
Senator Bernie Sanders’ economic policies aren’t radical, socialist, or unrealistic. They are simply what is needed to be implemented to fix a broken, rigged economy. Edelman may be a member of the top one percent, but he is intelligent enough to realize trickle down economics doesn’t work, and the Republicans who insist on perpetuating economic policies surrounding that myth continue to damage the United States economy.
The rich getting richer don’t create jobs, customers do. If there aren’t any customers to purchase goods and services, such as a middle and working class who earn enough to have disposable income, the economy will falter.
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