election 2020

Capitalism Is Rallying Behind Joe Biden

When Sanders starts losing, the wealthy start winning.
March 4, 2020, 4:55pm
joe biden michael bloomberg
MARK RALSTON/AFP via Getty Images

Joe Biden, a man who definitely knows which one is his wife and which one is his sister, came back into the frontrunner spot after a strong showing on Super Tuesday. Moderate Democrats like Pete Buttigieg and Amy Kloubchar coalesced around Biden to help prop up his campaign and set up a firewall against Bernie Sanders.

But it’s also become clear in stark terms that over the past few days, capitalism has been rallying against Sanders and behind Biden.

First we have Michael Bloomberg, an oligarch worth $60 billion dollars, who failed to buy the election and has instead turned to the second-best thing: endorsing Joe Biden.

And then there are the Silicon Valley venture capitalists who declared that they wanted anyone but Sanders—even Trump. From The New York Times on Monday:

“I’m trying to balance what socialism means versus four more years of Trump, and honestly it feels like which is the worse of two evils?” said Venky Ganesan, a partner at the venture capital firm Menlo Ventures, whose disaffection with the presidential field has led him toward the Common Sense Party.

He said the vast majority of his venture capital industry colleagues had the same dilemma. “Eighty percent are thinking the same thing, but many do not speak out,” Mr. Ganesan said.

In what is perhaps the purest illustration of exactly who Sanders poses a threat to, after Biden’s Super Tuesday wins, stocks for health insurers shot up:

When Sanders starts losing, the wealthy start winning. It’s clear who thinks Biden is on their side, and that side is probably not yours.

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