Socialism is the Fyre Festival of economic systems: Former investment banker

Socialism has been growing in popularity within the Democratic Party as many of its newest members and 2020 presidential hopefuls extol the virtues of the far left economic system.

Proposals such as the Green New Deal and "Medicare-for-All" are rooted in socialist policies, and have been championed by Democrats such as freshman New York Rep. Alexandria Ocasio-Cortez and 2020 presidential candidate Vermont Senator Bernie Sanders.

However, not everyone in the Democratic Party has jumped on the socialism bandwagon including Chicago's Mayor Rahm Emanuel.

Emanuel posted an op-ed in The Atlantic advising his fellow Democrats on "How not to lose to Donald Trump."

“Earth to Democrats: Republicans are telling you something when they gleefully schedule votes on proposals like the Green New Deal, Medicare for all, and a 70 percent marginal tax rate,” Emanuel wrote. “When they’re more eager to vote on the Democratic agenda than we are, we should take a step back and ask ourselves whether we’re inadvertently letting the political battle play out on their turf rather than our own. If Trump’s only hope for winning a second term turns on his ability to paint us as socialists, we shouldn’t play to type.”

Some believe that Democrats need to support these programs but avoid labelling them as socialist in hopes of winning in the 2020 election.

“I think that this is a very tough conversation inside the party,” Robert Wolf, a former Obama economic adviser, said on FOX Business’ “Bulls & Bears” Tuesday. "Medicare-for-All is very different than saying healthcare is a right. Why we did well as a party in the midterms was not because of where the party has been moved over the last two months, it's because we flipped red to blue in moderate areas with moderate candidates.”

Former investment banker, Carol Roth, echoed Wolf's sentiments saying this will be a make or break decision for Democrats.

"Socialism is the Fyre Festival of economic systems," Roth said, comparing the economic system to the now infamous event planned by rapper Ja Rule. “I think it's an important thing for Democrats to be having these discussions or they are going to lose in a landslide.”


While Sanders and Ocasio-Cortez embrace the title of Democratic socialists, other key members of their party have rejected the label such as Senators Kamala Harris (D-Calif.) and Elizabeth Warren (D-Mass.) though they have supported socialist policies.