The heated feud between 2020 Democratic candidate Sen. Elizabeth Warren D-Mass., and top Wall Street banker Jamie Dimon got hotter as Rep. Alexandria Ocasio-Cortez D-N.Y. jumped into the fight Wednesday.
Fox Business Network host Stuart Varney said that the dust-up reveals a lot about the upcoming presidential contest.
"It really is socialism versus capitalism, and it looks like the 2020 election," Varney saidon the latest edition of Fox Nation's "My Take" on Wednesday.
The JPMorgan Chase CEO attracted Warren's ire in an interview on Tuesday by saying that the Massachusetts Democrat, "uses some pretty harsh words, you know, some would say vilifies successful people... I don’t like vilifying anybody. I think we should applaud successful people."
Warren snapped back on Twitter, writing, "It's really simple: Jamie Dimon and his buddies are successful in part because of the opportunities, workforce, and public services that we all paid for. It's only fair that he and his billionaire friends chip in to make sure everyone else has a chance to succeed."
On Wednesday evening, Ocasio-Cortez got involved by tweeting, "Y’all, the billionaires are asking for a safe space - you know, in addition to the entire US economy and political lobbying industry."
Varney said that the roots of this fight date back to 2011.
"This really started in the summer of 2011 when Warren famously laid out her socialist position," he observed, pointing to a video of Warren speaking at an event in Andover, Mass., prior to launching her U.S. Senate campaign.
In that now-viral video, Warren expounded on her economic theory of income distribution.
VARNEY: MEDIA 'PANIC' OVER ELIZABETH WARREN'S 'MAJOR GAFFE THAT CANNOT BE TAKEN BACK'
"There is nobody in this country that got rich on his own. Nobody," Warren said. "You built a factory out there? Good for you. But I want to be clear: You moved your goods to market on the roads the rest of us paid for; you hired workers the rest of us paid to educate; you were safe in your factory because of police forces and fire forces that the rest of us paid for. You didn’t have to worry that marauding bands would come and seize everything at your factory, and hire someone to protect against this, because of the work the rest of us did."
In his interview Tuesday, Dimon took specific exception with Warren's proposed Accountable Capitalism Act, which would require America's largest corporations to consider the interests of employees and local community groups in business decisions, as well as allow employees to elect at least 40 percent of company directors.
Dimon said that would change “the complete nature of how you run a corporation.”
"He's right," said Varney. "If you have to ask the government permission to operate, and you are forced to change the way your company is governed and the government tells you who takes the profits and which workers to hire, you really have fundamentally changed American business."
Varney commended Dimon for pushing back against the alleged vilification of some Americans.
"Financial success gets no respect," argued Varney. "The socialists of this world peddle a harsh message of jealousy and confiscation. 'You've got more than me. It's not fair. We'll take it off you.' The socialists make us all victims. It's good to see Jamie Dimon pushing back. Successful people should not stand quietly by and let the socialists destroy our prosperity."
To see Stuart Varney's full remarks on "My Take", and for more episodes of his daily commentary, visit Fox Nation and join today.
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