The appearance by legendary real estate investor Sam Zell on Squawk Box this morning is going to be legendary.
In the first half he talked econ, and he was pessimistic.
In the video below, right at the 2 minute mark, he says that there’s a major lack of confidence, and that it’s hard not to conclude that a recession is imminent.
Then later on, in the second hour starting at 8, Zell went on a huge rant about class warfare politics, and how the politics of envy were destroying the economy.
This exchange — which we’ll post the video for later — was classic and emblematic of the whole thing:
Andrew Ross Sorkin: “There’s no suggestion, at least that I’ve heard, that the reason why people have had a harder time rising through the ranks today is a function of the fact that they are disincentivized to rise through the ranks.”
Sam Zell: “Wait a minute. I think that they are disincentivized by in effect, if you don’t have to pay for your healthcare, that’s another thing you don’t have to worry about.”
And here’s the whole video of Zell’s rant about success and class warfare.
Another great line: “Why is it always assumed that if someone doesn’t succeed it’s because he can’t, not because he doesn’t want to.” He really starts getting wound up around the 3 minute mark.