Super wealthy afraid of this election. Senators Bernie Sanders and Elizabeth Warren have made ever widening income inequality a central theme to their campaigns. “I don’t think that billionaires should exist”, Sanders recently said, citing the “immoral level of income and wealth inequality” that has only deepened under the Trump administration. One billionaire bid for the White House has already flamed out. Howard Shultz, Starbuck’s former barista in chief, ended his run almost as soon as it had begun chased away by angry crowds who labeled him an “egotistical billionaire ***hole”. That hasn’t stopped another billionaire, hedge fund mogul Tom Steyer, running for the Democratic nomination. And now former New York Mayor Mike Bloomberg, founder of the eponymous media empire, is also making moves to enter the race, fired up by the billionaire bashing. Ironically, Bloomberg (Net worth $52.3 billion) signaled his intention to get in the race by getting his name on the ballot in Alabama, one of the poorest states in the union with a median household income of $48,123. Super wealthy afraid of this election.

Kevin Kruse, professor of history at Princeton University and co-author of “Fault Lines: A history of the United States Since 1974”, believes there will be more to come. “The Trump candidacy made a lot of them think, “Well, if this guy with his inherited wealth, who went bankrupt all the time, if he can do it, why not me ?”  The mistake they make is ignoring Trump’s charisma and “huckster showmanship,” said Kruse. “They think because they have even more money they will have more charisma. That’s not the case, it wasn’t with Schultz, it isn’t with Steyer and it’s not going to be with Bloomberg,” he said. “The idea that Mike Bloomberg is going to do well in Alabama is insane.”  That’s not what the billionaires think. As Warren and Sanders have stepped up their attacks, a host of plutocrats have gone public with their anger at all this billionaire bashing, and some are already coming out for Bloomberg. For them this is personal. Super wealthy afraid of this election.

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