Choked-Up Cooperman "Concerned About The Lefties" Running America

Legendary fund manager Leon Cooperman has never been a man afraid to wear his heart on his sleeve and this morning's appearance on CNBC may well be the most emotional of all as he reflected on the state of America.

After giving his thoughts on the economy and the market (see below), the octagenarian's voice began to quiver as he recalled his father's arrival in America at the age of 12 and his own inglorious rise through the Bronx public school system to business school and finally on to Wall Street, where he says "I had no money."

Since then "I have made a lot of money, and I'm giving it all back" the self-made billionaire notes as his philanthropy is as legendary as his investing success. But then he cracks...

"You're concerned about what happens..." the CNBC anchor begins.

Cooperman steps in, holding back tears, "I'm concerned about the lefties," he says, adding that "they don't get it."

"What made me write the book," he says, remarking on his autobiography "From The Bronx To Wall Street: My Fifty Years in Finance and Philanthropy", is that:

"I have three terrific grandchildren and I want them to understand the merits of capitalism," he continued, choking back tears, and "I want them to be capitalists with a heart."

"I just want to keep the system straight..."

Watch the heart-wrenching comments here that we suspect many can ascribe to...

On the market side of things, Cooperman warns "I don't expect we see a new high in the market for a long time." His view is that policymakers have been working against each other.

"We've had very bad policy mix and part of the stress this year has been very stimulative to fiscal policy, restrictive to monetary policy."

“Powell kept interest rates far too low for too long and then raised it very abruptly. The speed of the rise destabilized the system. Plus, he was telling the system the markets were overvalued,” says Cooperman. “I'm highly critical of his performance."

And sees rates going higher (10Y to 5.50%)

"I don't think interest rates are too high. The stock market has been going up," Cooperman notes.

"Ultimately we'll end up with a recession. It will be caused by either QT, the Fed or the price of oil or the dollar. Right now everything is well behaved."