Posted on 08/16/2018 5:46:35 AM PDT by sickoflibs
Sen. Elizabeth Warren, a Democrat from Massachusetts, introduced legislation on Wednesday that intends to completely upend the idea that companies are only accountable to shareholders.
The Accountable Capitalism Act, as the measure is called, would require corporations with more than $1 billion in annual revenue to get a federal charter of corporate citizenship, which would give it fiduciary responsibilities beyond maximizing shareholder value. As noted by Vox, the senator essentially wants to require corporations to have the same responsibilities under the social contract as the average U.S. citizen.
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A host of experts, however, are taking issue with some of Warrens underlying assumptions, including her understanding of the role of profits.
Profits measure whether businesses are making good decisions and adding value to society, Chris Edwards, director of tax policy studies at the Cato Institute and editor of www.DownsizingGovernment.org, told FOX Business. If American businesses werent earning profits, wed all be in big trouble and our standard of living would fall.
(Excerpt) Read more at foxbusiness.com ...
Flaming socialist on the march.
Sadly, our well-indoctrinated Gen Xers, Millennials, minorities and entitlement takers will chug down her koolaid, like they did Bernies.
Warren said specifically the other day that she was not a socialist. I agree with her. "Industrial Nationalization Act" is full blown communism. I believe she is an evil woman. Nobody that understands a little bit of history will accept anything she has proposed. Leftists are actively kicking the public arena platform out from under conservative thought. We need to fight that tooth and nail and return the favor. They know they have lost the public debate so they are trying to squash all discussion comparing the two ideologies. I am not a hater, except that more and more, I have come to hate the ideology and tactics of the left.
Literal fascism.
Of course, being a typical hypocritical leftist, it's just another example of "do as I say, not as I do".
1. Google
2. Apple
3. Facebook
4. Twitter
5. NYT
6. etc.
Hating is ok
We must hate the left to bring about it’s total destruction
Kumbaya kills
"Elizabeth Warren's Destroy Capitalism Act would force companies to look beyond any hope of profitability."
There, I fixed it.
And no WSJ has gone full fascist
For “Accountable Capitalism Act” read Fascist Control of Industry Act.
does she want dividends distributed to non-shareholders too?
When government dictates how industry conducts its business, with the concomitant industrial return of favors to government, fascism will be in place.
I opposed S 3348 on popvox
In a modern rational economic system, profits and private property are the means and motive of increased aggregate production. Increased production leads to increased supply, which leads to lower prices in relation to wages, which leads to higher standard of living for the average worker, which is what commie Warren should want.
A Democrat using the word “accountability”...
Achtung!
Facisim IS socialism.
They advocate socialism and communism yet complain that Trump is turning “our democracy” over to Putin. Well isn’t that what they want?
Bet ya a shiny nickel that there’s a “flow down” requirement the would impose the same rules on smaller companies within the supply chain.
Profits are bad she says.
Samuel L. Gompers, a BIG union guy says:
“The worst crime against working people is a company which fails to operate at a profit.”
Things like this really need to be tested before making it a law across the land. We should test it on companies NEA pensions have the biggest investments in. /sarc
Rather see Trade Unions be held accountable.
Hey Liz, how about the Accountable Politician Act? Or the Accountable Government Worker Act?
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