Mamdani’s emphasis on socialism and redistribution of wealth runs counter to Wall Street’s preference for unbridled capitalism and policies that support growth, such as deregulation and low taxes. The 33-year-old has supported taxing the ultra-wealthy, financial transactions and passive income like dividends. He has also endorsed a state-level wealth tax and increased marginal income tax rates on high earners.
Hedge fund magnate Bill Ackman said he woke up Wednesday “a bit depressed” by Mamdani’s victory. The Pershing Square chief said he’s now looking at the logistics for another candidate, not himself, to run.
Lawrence Summers, the former Treasury Secretary and president of Harvard University, also expressed his distaste Mamdani’s nomination.
Guys, Bill Ackman and Larry Summers are sad. 😂
Mamdani’s policies do support growth. If the people have more money, they can spend more, and that stimulates the economy.
Two campers are setting up camp and decide to build a fire. One camper decides that the hest way to keep warm is to throw as much wood on the fire as humanly possible and keep doing that all night. The other says “Hold on won’t we run out of wood really fast if we do that?” The first says “Don’t worry we’ll just find more wood.”
“What if the fire gets out of control and burns the whole camp?”
"Don’t worry about it, the fire will self regulate. If it burns too quickly logs will collapse and slow the fire "
“Won’t that just send burning embers everywhere?”
“WHY ARE YOU ASKING ALL THESE QUESTIONS YOU’RE ANTI FIRE! DON’T YOU WANT US TO BE WARM!?”