Yahoo Finance Trump is a 'wannabe autocrat' who's 'destabilizing to business': Anthony Scaramucci
The S&P 500 has rallied by almost 50% since President Donald Trump took office. But one of the president’s former advisers calls the president a “wannabe autocrat” who is “destabilizing to business.”
Former White House Communications Director Anthony Scaramucci, once a staunch Trump supporter, turned against his former boss last year. Since then, Scaramucci has been actively speaking out and supporting the election of former Vice President Joe Biden.
“What's made the United States the commercial engine that it is, is that the rest of the world sees great predictability in our legal system, and in our contract law,” Scaramucci told Yahoo Finance Live. “And so when you have somebody at the top that is acting like a wannabe autocrat, that is very destabilizing to business.”
One organization that tracks the health of democracies around the world said in September that the United States was reaching a tipping point that can lead to autocracy — led by a single individual with absolute power. According to the group, Varieties of Democracy, nations that have slid into autocracy in recent years include Hungary and Turkey.
Scaramucci said the model is bad for business.
“There's a rim of plutocrats around the autocrat, and there's a lot of kleptocracy for those people. But they, by and large, eliminated meritocracy and what's made the country so great,” he said.
Scaramucci’s closing argument on Trump: “He made the country sicker. He made it weaker, and he made it poorer and it's time for him to leave the stage.”
Julie Hyman is an anchor on Yahoo Finance Live, 9am-11am ET.
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