Democrat front-runner Elizabeth Elizabeth wants to Remake Capitalism From the Ground Up. It would help if she had a clue what capitalism is all about.
A President Warren would seek to regulate big tech companies as utilities, break up big banks and split them from securities dealers, ban fracking of oil and gas, phase out carbon emission from buildings, cars and power plants in eight to 15 years, require big companies to appoint worker representatives to at least 40% of board seats, ban private health insurance and, effectively, for-profit college, and negotiate down drug prices.
Her policies would directly affect companies with sales of nearly $5 trillion and stock-market value of more than $8 trillion, a third of the S&P 500 stock index. Taxes on the wealthy and corporations would rise sharply.
“She could create an environment where it is next to impossible to function” for health insurers, said Vicky Gregg, a former chief executive of BlueCross BlueShield of Tennessee and now partner in a private-equity firm. “There’s no question that keeps you up at night if you’re a health-plan executive.”
Ms. Warren, in laying out her case, has said she is “a capitalist to my bones,” whereas fellow candidate Sen. Bernie Sanders calls himself a “democratic socialist.”
“I love what markets can do, I love what functioning economies can do. They are what make us rich, they are what create opportunity,” Ms. Warren said on CNBC last year. “But only fair markets, markets with rules. Markets without rules is about the rich take it all, it’s about the powerful get all of it. And that’s what’s gone wrong in America.”
Healthcare is a Right?!
Capitalist to the Bones, My Ass
When you start preaching "free" education, "Medicare for all" , ban private insurance, and demand businesses put workers on boards, you are preaching anything but capitalism.
Yet, Warren claims to be "capitalist to my bones.” In what alternate universe?
This is seriously scary stuff.
Mike "Mish" Shedlock