Marc Lasry, Avenue Capital Chairman & CEO, clarified that VP Kamala Harris’ economic plan is much better than Trump’s inflationary deficit exploding plan. Wall Street for Kamala?
Why does this Wall Street mogul support Harris?
Podcasts (Video — Audio)
In the era of hyper-partisan politics, it’s often assumed that the wealthy elite, particularly those embedded in Wall Street, align themselves with Republican candidates due to their pro-business, deregulation stance. However, recent developments in the 2024 race suggest otherwise, with prominent figures from the financial world, such as Marc Lasry, CEO of Avenue Capital, throwing their weight behind Vice President Kamala Harris. Lasry’s endorsement represents more than personal preference; it reflects a growing realization among business leaders that Donald Trump’s return to power would pose a clear and present danger to the U.S. economy and global stability.
Marc Lasry’s support for Harris is based on more than just party loyalty or personal relationships. In an interview, he highlighted how the U.S. economy has flourished in recent years, growing at a stable 2-3%. He expressed concern over what a Trump presidency would mean for that stability. “What markets care about is stability,” Lasry said. “And if Trump were to return, you’re going to have issues like higher tariffs, more instability, and a general unpredictability that businesses hate.” Lasry, a seasoned financier, understands that stability is the foundation of successful economies and markets, and his view contrasts sharply with the right-wing belief that Republicans are inherently better stewards of the economy.
The idea that Republicans, especially Trump, are the party of economic prowess is one of the great myths of modern American politics. Trump has repeatedly portrayed himself as a business genius despite a long history of bankruptcies and failed ventures like Trump University and Trump Steaks. His most recent failure, Truth Social, is reportedly on the brink of collapse, much like his previous enterprises. As Lasry noted, the data does not support the notion that Republicans are better for the economy. Instead, the Trump administration was marked by chaos, market volatility, and self-serving trade wars that harmed American businesses and consumers.
Under Trump’s leadership, the U.S. faced unprecedented instability. His reckless tariffs led to trade wars that disproportionately harmed American farmers and manufacturers, and his capricious approach to foreign policy isolated the U.S. on the global stage. These actions undercut the international cooperation essential for global markets to function smoothly. Lasry emphasized this point, arguing that Trump’s destabilizing influence is not limited to economic matters but extends to foreign policy, where instability in regions like Russia and Ukraine has had far-reaching consequences.
One of the most pressing concerns for many Americans is the potential chaos Trump could unleash if he loses the 2024 election. Lasry addressed this scenario, expressing confidence that, while Trump would complain and stir up controversy, the election results would ultimately stand. However, the fact that this is even a discussion underscores the fragility of democracy in the Trump era. The peaceful transfer of power, a cornerstone of American democracy, was thrown into question during Trump’s last days in office when he incited a violent insurrection in a desperate bid to cling to power. The prospect of a repeat in 2024 is terrifying for many.
Despite his Wall Street credentials, Lasry’s endorsement of Harris speaks to a broader trend of business leaders recognizing the need for responsible governance and stable leadership, which Harris offers. According to Lasry, her economic plan is not just better for the markets but for everyday Americans, promising continued growth and equity, as opposed to Trump’s erratic and self-serving policies.
For progressives, supporting figures like Lasry might seem like a double-edged sword. On the one hand, aligning with a Wall Street mogul could be seen as compromising on core values. On the other hand, pragmatism dictates that building a broad coalition is necessary to defeat Trump and ensure a stable future for the U.S. and the world. After all, progressives have previously accepted the support of unlikely allies, such as Liz Cheney, in their efforts to protect democracy from the authoritarian tendencies of Trumpism.
The real challenge for progressives will be ensuring that once Harris is in office, they do not allow Wall Street influence to steer her away from the progressive values she champions. Lasry may support her now, but it will be incumbent on progressives to continue to apply pressure to ensure that her administration focuses on uplifting the middle class, protecting the working poor, and curbing the excesses of the financial elite. The struggle to ensure that wealth is not transferred to “parasites at the top,” as the transcript mentions, will continue, and Harris must be held accountable to those promises.
In conclusion, the endorsement of Kamala Harris by a prominent Wall Street figure like Mark Lasry is a clear signal that Trump’s erratic and dangerous policies are seen as a threat not just by everyday Americans but also by the financial elite. While some progressives may feel uneasy about embracing such support, defeating Trump and ensuring a stable, equitable future for all Americans must take precedence.