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CNBC’s Andrew Ross Sorkin called out President Donald Trump for turning the U.S. economy into “state-sponsored capitalism” akin to China’s system.
Sorkin appeared on the MeidasTouch podcast Thursday — where he said Americans are questioning the very foundation of capitalism now that Trump has scared CEOs into kowtowing to his administration.
“I do think it’s raising questions, frankly, about capitalism, and whether capitalism works,” Sorkin said. “I’m a believer that it does work, but I’m a believer it works only when the right rules are in place. I fear that we’re getting to a place where they’re not.”
Sorkin proclaimed that the U.S. system has morphed into “state-sponsored capitalism.”
“This is not really capitalism. Everything runs through 1600 Pennsylvania Avenue now. This is completely and utterly new.”
He continued:
We have never had a time where CEOs and business leaders are making their decisions daily—their strategy is based on whether their strategy is going to be in line with the strategy of this president, whether he’s going to agree or disagree, come out in favor or not, or decide to sue or not over whatever you’re doing. That is a fundamental reshift, and that is something that’s more akin to places like China, frankly.
Sorkin said that the threat of retribution if they aren’t on Trump’s good side has CEOs doing whatever it takes to keep their businesses afloat.
“I have a level of sympathy and empathy for this situation insofar as I think they’re justifying and rationalizing in their head that they’re doing this for their shareholders,” Sorkin said. “And, they think to themselves, if I stand up and raise my hand and say, ‘I don’t like what’s happening here’ or ‘I’m doing it differently,’ can they still fight another day, or do they lose their job? Or does something happen to the company? I think there’s sort of an existential nature to this this time around.”
The post CNBC’s Andrew Ross Sorkin Calls Out Trump for Turning US Economy Into ‘State-Sponsored Capitalism’ Like China first appeared on Mediaite.
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