Leon Cooperman promotes capitalism in his latest appearance where he claims to be a classic rags-to-riches story.

The octogenarian billionaire investor recalls emotionally, here, his father’s arrival in America at the age of 12 and his rise through the Bronx public school system to business school and finally on to Wall Street, where he says “I had no money.”

“I had no money”

LEON COOPERMAN

Since then “I have made a lot of money, and I’m giving it all back” the self-made billionaire notes as his philanthropy is as legendary as his investing success. But then he cracks…

“You’re concerned about what happens…” the CNBC anchor begins.

Cooperman steps in, holding back tears, “I’m concerned about the lefties,” he says, adding that “they don’t get it.”

“What made me write the book,” he says, remarking on his autobiography “From The Bronx To Wall Street: My Fifty Years in Finance and Philanthropy”, is that:

“I have three terrific grandchildren and I want them to understand the merits of capitalism,” he continued, choking back tears, and “I want them to be capitalists with a heart.”

“I just want to keep the system straight…”

“I have three terrific grandchildren and I want them to understand the merits of capitalism”

LEON COOPERMAN

Leon Cooperman promotes capitalism as evidence of systemic breakdown

You know internal conflict and social coercion are near breaking point when you have an iconic investor no longer talking about investing and instead making an emotional appeal promoting the merits of a capitalist system.  

Four revolutions will make over 90% of the workforce redundant. The Capitalist system may no longer be compatible where there is an inequality of human abilities coupled with technological advancements in AI.  

If only 5% of the working population survives the AI and robotic onslaught, it could be the beginning of the end of the current political, monetary and economic system as we know it. 

“There is something evil about developing technology which destroys jobs and deprives people of a living” – Leon Cooperman

A streamlined education system where more able and capable students are in the top tier, then the less academically inclined are in the lower tier, is a system catering to all with varying abilities.

Similarly, a harmonious economic system provides work for everyone with varying abilities, ambitions and goals. If automation displaces millions of transportation jobs and other menial jobs, how will these people survive?

There is something evil about developing technology which destroys jobs and deprives people of a living, but also in a competitive world, if businesses don’t employ cost-saving technologies, they will go out of business. The current Great Power struggle will accelerate cutting-edge technology, which could create a worse internal conflict between the political left and right.

Leon Cooperman promotes capitalism, but has this brave new world evolved beyond any previous system we know?

Everything has a finite life, even systems with short-term and long-term cycles. The current political, economic or monetary system could be near the end of its lifecycle. 

What emerges from the great reset is anyone’s guess. Crybaby capitalists won’t change much.