Two months ago, Leon Cooperman assured us that coronavirus was no big deal because “the great minds of the world” would have it figured out within three months, four tops. In any event, it wouldn’t be as bad as a Bernie Sanders presidency.
Two months later, there’s definitely not going to be a Bernie Sanders presidency, but old Coop is sounding a bit more like his erstwhile Stalinist adversary.
“When the government is called upon to protect you on the downside, they have every right to regulate you on the upside,” Cooperman said. “So capitalism is changed….”
“Quickly if Biden wins, slowly if Trump wins, but taxes have to go up. So things like carried interest, capital gains taxes, the ability to roll over real estate sales tax-free, all that stuff is going to have to be eliminated. For the good, by the way,” Cooperman said….
“If you think of a sporting event or a concert, I can’t imagine they’ll come back until we have a vaccination,” he said.