CEO Leon Cooperman warns that the U.S. is heading towards a financial crisis, arguing that "nobody" knows when it will hit

Cooperman's blunt assessment of the U.S. economy comes after a thorough examination of the nation's "massive debt," which he deems "out of control." He attributes the current state of the system to both Republicans and Democrats, emphasizing a crisis in the government's leadership.

Speaking on "The Claman Countdown" with FOX Business' Liz Claman, the chairman of Omega Family Office characterizes the country's leadership as too comfortable with existing policies. He anticipates that cooperation will only emerge when the nation faces a crisis.

Acknowledging the looming crisis as a factor influencing his perspective, Cooperman discloses his avoidance of "overvalued" U.S. government bonds. He highlights the stock market's "extraordinarily bifurcated" nature.

Despite signals from the Federal Reserve indicating the possibility of interest rate cuts in 2024, Cooperman is skeptical. Dismissing the idea of six rate cuts, he suggests that seeing three reductions would be considered fortunate.

Expressing his viewpoint on interest rates in the 10-year sector, Cooperman contends that they are not sufficiently high. He finds a conundrum in the market, citing the speculative nature of the stock market, overall market levels, and the real return as factors shaping his perspective.