Gordon "Greed is Good" Gekko remains an enduring symbol of Wall Street greed, corporate lawlessness and 1980s excess. That’s why it’s pretty surprising that the guy on whom the Wall Street character was based—former corporate raider Asher Edelman—says Bernie Sanders is the strongest presidential candidate. Appearing on CNBC’s "Fast Money" this morning, Edelman responded immediately when asked who he thought the best candidate for the economy would be.
“Bernie Sanders,” Edelman said, without missing a beat. “No question.”
Asked to elaborate, Edelman stated his case.
“Well, I think it’s quite simple," he began. "If you look at something called ‘velocity of money’—you guys know what that is, I presume—that means how much gets spent and turns around. When you have the top one percent getting money, they spend five, 10 percent of what they earn. When you have the lower end of the economy getting money, they spend 100, or 110 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. So from an economic point of view, it’s straightforward.”
Watch the clip of Edelman explaining himself, and big-upping Sanders, below.