Finance

Are Left Elites Shifting Rightward?

The vibes are shifting, as the kids these days like to say.

This can even be seen in of all places The World Economic Forum (WEF) which this past week held its annual conclave of the global elite in Davos, Switzerland.

As the would-be masters of the universe discussed the fate of the world, while dining on expensive cheese plates, among the usual progressive platitudes, something unexpected happened: high-profile attendees went off script to make flattering remarks about Donald J. Trump and his MAGA supporters.

Notably, this included JPMorgan Chase CEO Jamie Dimon, who stated during a CNBC interview that Trump had been right about many of the most important issues, including NATO, China, and the economy, which Dimon observed, had grown rather nicely during Trump’s presidency.

Dimon then went on to chastise Democrats and the political left for demonizing Trump supporters, whom he remarked, are just regular American people and are deserving of respect.

It may not seem like much, but to utter such things at a place like Davos was once tantamount to a Catholic priest speaking fondly of the devil from the pulpit.

Nor was Dimon the only to do so, as fellow Wall Street titan, Blackstone Group CEO Stephen Schwartzman too went off script to muse about how long Americans would possibly be willing to accept Biden’s “$2 trillion deficits with no end in sight” and “open borders with 8 million people coming over.”

Certainly, none should expect Dimon or Schwartzman to suddenly start donning MAGA hats, but their comments are indicative of a sea change occurring among the elites, and the conventional wisdom that they so embody.

Dimon and Schwartzman, keen investors both, can see the direction that the political market is heading, especially after Trump’s dominant win in the Iowa caucuses, and now in New Hampshire, and polling showing him running ahead of Joe Biden.

And though they may have been the only ones to vocalize it, they are hardly alone in this regard, as the New York Times reported that the private Davos consensus is that Trump will win the presidency again.

To that end, one could certainly argue that Dimon and Schwartzman are simply shrewdly hedging their bets, (hedging after all has made them both very rich), to put themselves and their businesses in a better position in the likelihood that Trump wins.

But the fact that they even said the quiet part out loud is itself remarkable, as over the past years the left has held a ruthless monopoly over elite thought and opinion.

Power, however, is an ever-fragile thing with one crack begetting others.

For this reason, the left has viciously attacked any prominent and influential mainstream figure that does not tow their line, forcing those that step out, even slightly, to issue groveling public apologies and pay penance — lest other elites, or the common folk, get any ideas.

This has proved extremely effective with many cowered into submission.

The fact then that Dimon, arguably the most influential figure in the financial realm, would suddenly dissent so publicly, and coming on the heels of the recent ousting of Harvard’s president Claudine Gay, once an untouchable high priestess of the left, shows that the dam is breaking.

Indeed, the left is keenly aware of the threat this poses, as it gives permission to other elites, who are by nature subject to groupthink, to follow Dimon and Schwartzman’s example.

And the left is already circling the wagons to discredit Dimon’s comments, and the emerging Davos consensus, to try and stem the tide.

But fear and greed not only rule over Wall Street but the elites generally, and both sentiments are currently moving sharply rightward.

On the fear side, the elites can now see and feel the backlash from regular American people growing against them.

In fact, Kevin Roberts of the Heritage Foundation came to Davos to make this very point directly to their faces, rebuking the elites for being out of step with normal people on issues like immigration, culture, and climate change.

Further, they have witnessed not only what happened to Claudine Gay, but to Bud Light and the Disney corporation’s share price, and have taken note of both and their costly consequences.

While on the greed side, the elites recognize that not only may Trump win again, but that he may in fact be good for business.

The Davos consensus is, as Wall Street would say, a lagging indicator, and while the shift among the elite may yet still be small, the fact that such a shift has even reached them can only mean that below the surface it is becoming practically seismic.

Lee Steinhauer is a strategic policy and political consultant known for his book “The Art of The New Cold War: America vs. China. What America Must Do to Win.” Lee is a frequent guest on Fox, Fox Business, Newsmax, and a published policy and opinion writer for numerous media publications. Read Lee Steinhauer’s Reports — More Here.


© 2024 Newsmax. All rights reserved.



Source link

Related Articles

Back to top button
  • bitcoinBitcoin (BTC) $ 66,763.00 0.21%
  • ethereumEthereum (ETH) $ 3,234.68 1%
  • tetherTether (USDT) $ 1.00 0.09%
  • bnbBNB (BNB) $ 609.66 1.9%
  • solanaSolana (SOL) $ 158.75 2.37%
  • usd-coinUSDC (USDC) $ 1.00 0.01%
  • xrpXRP (XRP) $ 0.551276 1.23%
  • staked-etherLido Staked Ether (STETH) $ 3,235.22 1.13%
  • dogecoinDogecoin (DOGE) $ 0.161760 0.49%
  • the-open-networkToncoin (TON) $ 5.74 4.67%
  • cardanoCardano (ADA) $ 0.504655 2.5%
  • shiba-inuShiba Inu (SHIB) $ 0.000027 1.49%
  • avalanche-2Avalanche (AVAX) $ 38.92 0.54%
  • wrapped-bitcoinWrapped Bitcoin (WBTC) $ 66,781.00 0.35%
  • bitcoin-cashBitcoin Cash (BCH) $ 510.14 0.61%
  • polkadotPolkadot (DOT) $ 7.38 0.86%
  • tronTRON (TRX) $ 0.113320 1.31%
  • chainlinkChainlink (LINK) $ 15.22 0.99%
  • nearNEAR Protocol (NEAR) $ 6.99 2.41%
  • matic-networkPolygon (MATIC) $ 0.735143 1.02%
  • internet-computerInternet Computer (ICP) $ 14.61 3.5%
  • litecoinLitecoin (LTC) $ 85.07 0.94%
  • uniswapUniswap (UNI) $ 8.02 1.03%
  • leo-tokenLEO Token (LEO) $ 5.74 0.38%
  • daiDai (DAI) $ 1.00 0.02%
  • hedera-hashgraphHedera (HBAR) $ 0.126403 40.54%
  • blockstackStacks (STX) $ 2.94 0.26%
  • aptosAptos (APT) $ 9.81 3.81%
  • ethereum-classicEthereum Classic (ETC) $ 28.16 0.56%
  • first-digital-usdFirst Digital USD (FDUSD) $ 1.00 0.02%
  • mantleMantle (MNT) $ 1.18 4.28%
  • filecoinFilecoin (FIL) $ 6.50 0.73%
  • render-tokenRender (RNDR) $ 9.13 2.29%
  • crypto-com-chainCronos (CRO) $ 0.131105 0.52%
  • immutable-xImmutable (IMX) $ 2.36 2.07%
  • cosmosCosmos Hub (ATOM) $ 8.75 1.69%
  • bittensorBittensor (TAO) $ 506.12 1.66%
  • stellarStellar (XLM) $ 0.116226 0.79%
  • okbOKB (OKB) $ 55.59 1.26%
  • renzo-restaked-ethRenzo Restaked ETH (EZETH) $ 3,260.48 0.85%
  • pepePepe (PEPE) $ 0.000008 12.13%
  • arbitrumArbitrum (ARB) $ 1.19 1.86%
  • xtcom-tokenXT.com (XT) $ 3.12 3.17%
  • dogwifcoindogwifhat (WIF) $ 3.07 6.37%
  • vechainVeChain (VET) $ 0.042209 0.38%
  • kaspaKaspa (KAS) $ 0.129866 5.31%
  • the-graphThe Graph (GRT) $ 0.298619 0.97%
  • makerMaker (MKR) $ 2,914.99 0.61%
  • optimismOptimism (OP) $ 2.52 2.06%
  • wrapped-eethWrapped eETH (WEETH) $ 3,352.87 1.07%