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Bloomberg's ex-campaign manager: Investors see Warren, Sanders as 'bad for stocks'

Katie Krzaczek
Associate Editor

The Iowa caucuses are only three months away, and as many voters are looking at the Democratic candidates’ platforms on health care, the wealth tax, and climate change, Wall Street is looking at who might have the most effective impact on the economy.

Investors break down the Democratic field into “three categories,” according to Bradley Tusk, who runs advisory firm Tusk Ventures and who was campaign manager for Michael Bloomberg’s third mayoral campaign. Bloomberg filed paperwork with the Federal Election Commission on Thursday declaring that he was seeking the Democratic nomination for president.

“There’s someone like a [Michael] Bloomberg, a Deval Patrick, maybe a [Tom] Steyer, who they think: this person would be genuinely good at dealing with the economy,” Tusk told YFi AM, referring, respectively, to his former boss, the former Massachusetts governor, and the billionaire anti-Trump crusader.

“The people they think are probably somewhat harmless ... that’s a [Pete] Buttigieg, a [Joe] Biden, a [Cory] Booker,” he said, referring to the South Bend, Indiana, mayor, the former vice president, and the New Jersey Senator.

“Who they think are really harmful are [Elizabeth] Warren and [Bernie] Sanders,” he added, explaining that the two left-leaning U.S. senators are seen as “bad for stocks.”

Democratic U.S. presidential candidates South Bend Mayor Pete Buttigieg, Senator Elizabeth Warren and former Vice President Joe Biden listen as Senator Bernie Sanders speaks during the fifth 2020 campaign debate at the Tyler Perry Studios in Atlanta, Georgia, U.S., November 20, 2019. REUTERS/Brendan McDermid

The ideal candidate for the economy?

“If there was a world where somebody like Mike Bloomberg was president, they would love that,” Tusk said. Tusk said he’s currently advising Bloomberg’s presidential campaign in an unofficial capacity.

Bloomberg, of course, was not in Wednesday night’s debate, which took place in Atlanta, Georgia, and even if his candidacy does gain momentum will not feature in any future debates, due to the Democratic National Committee rules. For this debate, the organization had a “grassroots fundraising threshold,” requiring a campaign to receive donations from at least 165,000 unique donors, with a “minimum of 600 unique donors per state in at least 20 U.S. states, U.S. territories, or the District of Columbia.”

“Unless the DNC changes its standards, Mike’s never going to qualify because he only has one donor: himself,” Tusk said.

“I think he’d rather be in the debate than not...but he’s running an unconventional campaign in an unconventional year...going much more for the bigger states later on,” Tusk explained, going on to say that he believes the DNC will have to “change its rules eventually” if Bloomberg begins to pull ahead down the line.

Follow Katie on Twitter: @hashtagkatie.

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