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January 1, Billionaire Investor Sounds Serious Alarm on Looming US Debt Crisis
Billionaire investor Leon Cooperman is raising serious concerns about a looming crisis as our nation’s lawmakers continue to ignore the skyrocketing debt crisis.
Leon Cooperman, chairman and CEO of Omega Family Office, has flagged what he calls “very serious issues” stemming from the country’s ballooning debt, which is spiraling out of control under the current leadership.
“I think we’re heading to a potential financial crisis due to the enormous buildup of debt in this country. And neither candidate is addressing that,” Cooperman highlighted during his appearance on “The Claman Countdown” recently.
He pointed out that both former President Trump and Vice President Kamala Harris are essentially competing to see who can boost spending more. “Neither one of them is focused on reducing our debt level or cutting down the deficit,” he added.
Cooperman’s views echo the concerns of many Americans as our NATIONAL DEBT now stands at a staggering $35 trillion and counting. This should alarm every taxpayer.
He attributed this reckless spending to a lack of strong leadership in Washington. “We have a system of government that has evolved. It’s supposed to be about leadership in a crisis. I had tears in my eyes watching the Reagan movie recently. We just don’t have any real leadership today,” he lamented.
Cooperman stressed the need for principled people to take charge. “That’s my view, and I could be dead wrong,” he caveated, noting that the deficit issue is not just a “timing device” but a ticking time bomb expanding by $2 trillion annually.
“Ultimately, we’re going to face a crisis where the debt doesn’t matter anymore,” Cooperman warned, emphasizing the urgency of the situation.
Despite both candidates’ lack of concrete plans to tackle the debt crisis, Cooperman praised former President Trump’s economic policies, stating they’re “far superior” to what Harris has to offer.
“I suspect that Donald Trump would be better for my pocketbook. No question about it,” Cooperman admitted.
However, Cooperman also acknowledged his reservations about Trump’s behavior. “I’m more aligned with the Republican platform, but not the candidate,” he confessed, revealing his centrist nature but leaning more towards Republican ideals.
Interestingly, Cooperman announced that he has no intention of voting for either Trump or Harris in the 2024 presidential election, a sentiment that underscores the frustration of many Americans seeking competent leadership.
It’s about time our leaders wake up and address this dire financial issue before it reaches a breaking point.
As our loyal readers, we encourage you to share your thoughts and opinions on this issue. Let your voice be heard and join the discussion below.
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David
September 23, 2024 at 7:37 pm
Donald Trump has already explained what he plans to do about the national debt – greater import taxes, cutting excessive, unnecessary parts and waste of the Federal government, getting U.N. nations to increase their payments owed for support of the Eastern block, etc. It is an error to say that neither candidate has proposed plans to lower the national debt.
Stephen J Thomas
September 23, 2024 at 7:42 pm
If you do not vote for either candidate, you are part of the issue. I really don’t want to hear what you have to say. We need to STOP spending money on every pie-in-the-sky idea that comes down the halls of congress.
Trying to reign in my own finances, I have stopped spending on many items not deemed a neccesity. Car, home and health insurance is up… and so is electricity, natural gas and auto repairs.
Interest on loans is higher, even for those with really good credit.
There is not one metric that improved over the last 3.75 years… when you figure in inflation.
Maybe Trump is not the perfect candidate, but he is light years ahead of the Hyena.
Sim
September 23, 2024 at 8:48 pm
“The powers or financial capitalism had (a) far-reaching aim, nothing less than to create a world system of financial control in private hands able to dominate the political system of each country and the economy of the world as a whole. This system was to be controlled in a feudalist fashion by the central banks of the world acting in concert, by secret agreements arrived at in frequent meetings and conferences. The apex of the systems was to be the Bank for ‘International Settlements in Basel, Switzerland, a private bank owned and controlled by the world’s central banks which were themselves private corporations. Each central bank…sought to dominate its government by its ability to control Treasury loans, to manipulate foreign exchanges, to influence the level of economic activity in the country, and to influence cooperative politicians by subsequent economic rewards in the business world.”
Prof. Carroll Quigley in his book Tragedy and Hope
“In a small Swiss city sits an international organization so obscure and secretive….Control of the institution, the Bank for International Settlements, lies with some of the world’s most powerful and least visible men: the heads of 32 central banks, officials able to shift billions of dollars and alter the course of economies at the stroke of a pen.”
Keith Bradsher of the New York Times, August 5, 1995
“Banking was conceived in iniquity and was born in sin. The Bankers own the earth. Take it away from them, but leave them the power to create deposits, and with the flick of the pen they will create enough deposits to buy it back again. However, take it away from them, and all the
great fortunes like mine will disappear and they ought to disappear, for this would be a happier and better world to live in. But, if you wish to remain the slaves of Bankers and pay the cost of your own slavery, let them continue to create “deposits.”
Sir Josiah Stamp – President of the Bank of England in the 1920’s, and the second richest man
in Britain.
“The Federal Reserve Bank of New York is eager to enter into close relationship with the Bank for International Settlements….The conclusion is impossible to escape that the State and Treasury Departments are willing to pool the banking system of Europe and America, setting up
a world financial power independent of and above the Government of the United States….The United States under present conditions will be transformed from the most active of manufacturing nations into a consuming and importing nation with a balance of trade against it.”
Rep. Louis McFadden – (Chairman of the House Committee on Banking and Currency) quoted in the New York Times (June 1930)
“(The Great Depression resulting from the Stock Market crash) was not accidental. It was a carefully contrived occurrence….The international bankers sought to bring about a condition of despair here so they might emerge as rulers of us all.”
Rep. McFadden testified in Congress (1933). There were at least two attempts on his life bygunfire. He died of suspected poisoning after attending a banquet.
“The Federal Reserve (Banks) are one of the most corrupt institutions the world has ever seen. There is not a man within the sound of my voice who does not know that this Nation is run by the International Bankers.”
Rep. Louis McFadden
“This is a staggering thought. We are completely dependent on the commercial Banks. Someone has to borrow every dollar we have in circulation, cash or credit. If the Banks create ample synthetic money we are prosperous; if not, we starve. We are absolutely without a permanent money system. When one gets a complete grasp of the picture, the tragic absurdity of our hopeless position is almost incredible, but there it is. It is the most important subject intelligent persons can investigate and reflect upon. It is so important that our present civilization may collapse unless it becomes widely understood and the defects remedied very soon.”
Robert H. Hemphill, Credit manager of Federal Reserve Bank, Atlanta, Georgia
“Nothing did more to spur the boom in stocks than the decision made by the New York Federal Reserve bank, in the spring of 1927, to cut the rediscount rate. Benjamin Strong,Governor of the bank, was chief advocate of this unwise measure, which was taken largely at the behest of Montagu Norman of the Bank of England….At the time of the Banks action I warned of its consequences….I felt that sooner or later the market had to break.”
Money baron Bernard Baruch in Baruch: The Public Years (1960)
“Thus corporations finally claimed the full rights enjoyed by individual citizens while being exempted from many of the responsibilities and liabilities of citizenship. Furthermore, in being guaranteed the same right to free speech as individual citizens, they achieved, in the words of Paul Hawken, ‘precisely what the Bill of Rights was intended to prevent: domination of public thought and discourse.’ The
subsequent claim by corporations that they have the same right as any individual to influence the government in their own interest pits the individual citizen against the vast financial and communications resources of the corporation and mocks the constitutional intent that all citizens have an equal voice in the political debates surrounding important issues.”
David C. Korten, in his book, When Corporations Rule the World
“Permit me to issue and control the money of a nation and I care not who makes the laws…”
Mayer Amschel Rothschild (1744-1812)
“Give me control over a man’s economic actions, and hence over his means of survival, and except for a few occasional heroes, I’ll promise to deliver to you men who think and write and behave as I want them to.”
Benjamine A. Rooge
“All the perplexities, confusion, and distress in America arise, not from defects in the Constitution or Confederation, not from want of honor or virtue, so much as from (PEOPLE’S) downright ignorance of the nature of coin, credit and circulation.”
President John Adams
John Percival
September 23, 2024 at 10:56 pm
We had the opportunity to get a real GOP candidate with Greg DeSantis and BLEW it . Shame on the GOP.
Roger L Meyer
September 24, 2024 at 12:26 pm
Unfortunately whatever Trump announced as a economic policy, no matter how good it would be, would IMMEDIATELY be attacked by EVERY media outlook and the DNC, twisting it into unrecognizability, inorder to make Trump look bad.
It is better to say nothing than to give the enemy more ammunition.
Also, the sad truth is that a non-vote for Trump is a vote for Harris.