Posted on 01/13/2023 6:56:52 AM PST by Oldeconomybuyer
There is a cohort of elected officials in the United States presently engaged in an anti-capitalist crusade against free-market principles. No, they are not socialists. They are congressional Republicans, and they are attempting to prevent financial institutions from allocating capital in accordance with investor preferences and risk management principles. This attempted crackdown is purely ideological in nature — it is an exercise in political pressure to force a gross government overreach into U.S. capital markets.
This campaign, which should offend anyone with even a modicum of pro-market sensibilities, is being championed from within the Republican Party. Republican state lawmakers and members of Congress are attempting to stifle the growth of sustainable investing and to punish corporate efforts at climate-related financial risk management.
If it seems that elected Republicans have very suddenly awakened to the momentum toward climate risk reporting and the popularity of so-called environmental, social, and governance (ESG) investing, and dramatically stepped up their counteroffensive accordingly, that is no coincidence. This is a closely coordinated political effort driven by a network of dark money organizations fronting for climate denial groups and fossil fuel interests.
There is no reason to think Republicans will stop with ESG; next, they could very well be telling investors not to put their money in tech companies or companies with unions. It is a stunning exercise in bald-faced hypocrisy from the party that so often claims to champion free-market values. The intent of their effort is very straightforward: to create a chilling effect and force financial firms to disregard the market’s preferences and regulators to disregard actual risk. Wall Street — and its regulators — must not be intimidated.
(Excerpt) Read more at cnbc.com ...
Capitalism can be great, or it can suck.
This is example of how Capitalism sucks.
More soft fascism from the left.
No, you HAVE to invest in environmentalism, social equity, and other leftie causes or you’re not capitalist.
BS - capitalism means growth of capital and profit.
Forcing people into investments that will lose money is socialism.
BWAAA HA HA HA
( deep breath )
AAAHHH HA HA HA HA.
Wait....
Sens. Sheldon Whitehouse, D-R.I., Brian Schatz, D-Hawaii and Martin Heinrich, D-N.M. were being serious.?
So ridiculous.
Three statists telling us what capitalism is.
There is always Capitalism, it’s a question of how Capitalism is controlled.
Communism was nothing more than State Capitalism, with the State controlling the Capital.
We promote Free Enterprise, which is about Capital being controlled by the individual.
3 of the DUMBEST DEMOCRATS IN THE SENATE WROTE THIS CRAP!
Investing in ESG is a function of government pressure on corporations, which is anti-capitalistic. Corporations have a fiduciary responsibility to invest in which will give the greatest return to the stockholders. ESG does not do this.
Blackrock has every right to offer a ESG fund to market to virtue signalers who want them. Investment funds did that in the seventies with the fad of socially responsible funds that went into the toilet with crappy returns relative to the general market indices and disappeared from the scene. What they don’t have a right to do is offer general stock funds that subscribe to ESG criteria for selecting stocks without advising investors in the prospectus they are employing that criteria and the limitations of their ESG investment criteria.
they are attempting to prevent financial institutions from allocating capital in accordance with investor preferences and risk management principles.
That is not capitalism.
I used to be amazed at how stupid some people could be - but never underestimate the stupidity of politicians. I am certain that one of the requirements to be a politician - especially a 21st Century Liberal Politician is total ignorance of basic economic principles.
Aides to 3 of the DUMBEST DEMOCRATS IN THE SENATE WROTE THIS CRAP!
BS Article.
ESG leads to and contains the seeds of public Social Credit Scoring. CHI COM methods.
And I can show you where companies show the ChiCom connection on their public website. For real. (I despise one of the companies, had really shabby treatment from them 2 years ago.)
Ask and I will give you one clear link. Complete with pretty Chinese lady as seen on Twitter (following everyone who says anything critical of the CCP)
ESG is communism and abdication of fiduciary responsibility for companies that practice it.
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