Asher Edelman founded Mack, Bushnell, and Edelman in 1969, and served as CEO. Edelman’s Wall Street businesses included investment banking, money management, and derivatives trading. In 1988, he taught a course called “Corporate Raiding – The Art of War” at Columbia Business School, using as his textbook Sun Tzu’s The Art of War. The character of Gordon Gekko in Wall Street was based in part on Edelman.
Asher Edelman explains in simple terms why Bernie Sanders is better for the economy
Asher Edelman, a Wall Street financial expert, explains with economics in very simple term why Bernie Sander is better for the economy. It was evident that he caught some of the wards of the plutocracy on the panel by surprise.
One of the panelists confronted Edelman’s past statements that America has been in a recession for 15 years. His response was irrefutable.
“I think it is pretty straightforward,” Asher Edelman said. “The average American has not had an increase in pay in over fifteen years. But things cost more in the marketplaces. He has been in a recession for fifteen years. Nothing’s changed for him. On the top, we are not in a recession. But eighty percent of Americans have been in a recession for at least fifteen years.”
One of the panelists then stated that nobody realizes we are in a recession. Adelman hit back. “Who is your nobody,” Adelman asked. Another panelist attempted to come to her rescue implying that Adelman was trying an economic justice argument and not a strictly economic argument.
Adelman would have none of it. “That’s a social issue,” Adelman responded. “I am talking about money and economics. People can buy less for what they have now than they could fifteen years ago. In their lives, that’s a recession.”
The panelist then asked who would make the best candidate for the economy; he responded that Bernie Sanders is the best candidate. He proceeded to school the panelist, the gatekeepers of the plutocracy a simple lesson in Economics 101.
“Well I think it is quite simple again,” Edelman said. “If you look at something called velocity of money, you guys know what that is I presume; that means how much gets spent and turned 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. 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.”
It is that simple. Asher Edelman isn’t the only wealthy guy that has a heart or has begun growing a heart. Morris Pearl and his Patriotic Millionaires are doing their part as well.