Billionaires & Obama's $3.7 Trillion Budget Make Economist Angrier Than He Got During A Fight With A Hedge Fund Manager

Last year, hedge funder Hugh Hendry slammed Columbia professor Jeffrey Sachs for “not living in the real world,” and not being worthy of having an opinion because he’s not accountable. 

(See the photo of them fighting at right.)

Hendry responded to Sachs’ saying that there’s no European bank crisis by saying,

“Was Jeffrey skiing two months ago? I was working, Gillian [Tett, who was also on the show] was working. So we can tell you about the real world.”

And it was so offensive that the host has to jump in and say, “Now that’s just a low blow.”

Sachs got pretty angry too. He said:

“Please watch your language, it’s just ridiculous. Watch your rhetoric a little bit.”

But compare Sachs when he has to defend himself against Hendry in May last year (click here to watch) to Sachs when he talks about Obama’s freezing the budget at emergency levels – $3.7 trillion – and how there’s “more wealth and billionaires in this city (New York) than you can conceivably count.”

The video isn’t embeddable, so here’s what he says that really gets him worked up. Essentially, the U.S. is at risk of becoming another Egypt because the state of America today is that you have billionaires and then you have “half of the population with no voice at all” (click here to watch).

Here’s a transcription (starts in the video around 2:30):

“This is absurd what were doing! The rich have had 20 years of the greatest boom in the history of this world. There’s more wealth in this city than one could concievably count. There are more billionaires, there are more people that have sheltered their income. And we’re turning around and we’re going to just keep driving down the poorest of the poorest of the poor. And that’s where we are. This is a game that’s going to come to an end in a bad way.

“Do we really need to have our own Egypt here in the U.S.? Or are we going to actually understand that we have a country where half of our people have no voice at all.”

Hat tip @creditplumber

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