Elizabeth Warren is determined to set herself apart from the rest of the Democrats-for-Socialism candidates running for president.
Rather than an arch-foe of capitalism she’s presenting herself as its savior. Accordingly, in addition to redistributing the wealth of the filthy rich she intends to do the same to corporations, the wealth generators. As such she will introduce her Accountable Capitalism Act tomorrow.
Under her bill corporations with more than $1 billion in annual revenue would be required to obtain a corporate charter from the federal government (currently granted by states). Such charters will mandate that companies not just consider the financial interests of shareholders but also employees, customers, and the cities and towns where those corporations operate. Because why should people who have invested in a company be the only beneficiaries of their profits? I wonder if the bill will also mandate that employees, customers, and the cities and towns where those corporations operate kick in to cover any losses the corporation incurs. Because I can assure you that under Warren’s plan there will be lots of losses to “spread around.”
By the way, Germany – which is more accustomed to state control than America is - has a similar system in place called “codetermination,” which sounds a lot like codependency. And we all know how unhealthy that kind of relationship is.
So, take away point: Elizabeth Warren is 110% in favor of capitalism! As long as she can tweak it a little:
ETA: I forgot to mention that Lizzie’s bill would create a new Office of United States Corporations within the Department of Commerce, which would be responsible for granting (and revoking) the charters – all of which will require the establishment of reams of administrative rules and regulations which in turn will require a huge new bureaucracy. Yay! More government!
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