Wall Street CEOs want Elizabeth Warren 'stopped,' says Mad Money's Jim Cramer
It looks like the 2020 Democratic presidential campaign—specifically Elizabeth Warren's steady rise in the polls and increasingly large crowds—is getting American CEOs nervous about their take-home. On Tuesday, Mad Money host Jim Cramer discussed Wells Fargo's struggle to find a new, permanent CEO on"Squawk on the Street.
It's not just Warren's focus on banks' bad behavior that could spell trouble for America's executives. A new study by French economists Emmanuel Saez and Gabriel Zucman, both professors at the University of California, Berkeley, found that if Warren's proposed wealth tax had been in place as early as 1982, then the 15 richest Americans would be worth half of what they are today.
Warren proposed a plan with a two percent tax on assets above a taxpayer's first $50 million, and a three percent tax on assets that exceed $1 billion. And that's become a rallying cry for her supporters on the subject of corruption and wealth inequality; crowds starting chanting"two cents! two cents!" at both the Iowa State Fair and New Hampshire Democratic Party State Convention.
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