Every once in a while the mask slips.
In this case it’s Massachusetts Senator Elizabeth Warren, who’s “Accountable Capitalism Act” would literally nationalize every major business in the USA:
Senator Elizabeth Warren of Massachusetts has one-upped socialists Bernie Sanders and Alexandria Ocasio-Cortez: She proposes to nationalize every major business in the United States of America. If successful, it would constitute the largest seizure of private property in human history.
Warren’s proposal is dishonestly called the “Accountable Capitalism Act.”
Accountable to whom? you might ask. That’s a reasonable question. The answer is — as it always is — accountable to politicians, who desire to put the assets and productivity of private businesses under political discipline for their own selfish ends.
It is remarkable that people who are most keenly attuned to the self-interest of CEOs and shareholders and the ways in which that self-interest influences their decisions apparently believe that members of the House, senators, presidents, regulators, Cabinet secretaries, and agency chiefs somehow are liberated from self-interest when they take office through some kind of miracle of transcendence.
Under Senator Warren’s proposal, no business with more than $1 billion in revenue would be permitted to legally operate without permission from the federal government.
The federal government would then dictate to these businesses the composition of their boards, the details of internal corporate governance, compensation practices, personnel policies, and much more.
Naturally, their political activities would be restricted, too.
Senator Warren’s proposal entails the wholesale expropriation of private enterprise in the United States, and nothing less. It is unconstitutional, unethical, immoral, irresponsible, and — not to put too fine a point on it — utterly bonkers.
Of course what makes her proposal silly is it wouldn’t work. Most major corporation would simply relocate to other, more hospitable places:
It is a fairly easy thing for an established American business to move its corporate domicile to some other country, as with all those corporate inversions in the pharmaceutical industry that gave the Obama administration the willies a few years ago.
It is also a fairly easy thing for a new business being founded by Americans to incorporate in some other country from the beginning.
There is no insurmountable reason for, say, Microsoft or Altria (formerly Philip Morris) to be domiciled in the United States.
Silicon Valley’s competitive edge comes from people, and people are mobile.
Nearly half of the total sales of the S&P 500 businesses come from overseas customers.
Many big U.S. manufacturers such as Caterpillar get more than half of their sales from abroad. Exxon, the target of a political jihad being conducted by Senator Warren’s party, gets more than half of its revenue from overseas sales.
You can serve the growing Asian markets as easily from Singapore as from California or Virginia.
Watching American cities scurry around to prostrate themselves before Jeff Bezos (pbuh) in the hopes of attracting the new Amazon campus has been amusing.
Imagine Apple or Google doing that in a global search for a new home
Why anyone who works for a living in the private sector would ever vote for a Democrat is beyond my comprehension.