Elizabeth Warren made a big announcement this week in introducing her new bill called the “Accountable Capitalism Act.” Her bill aims to “eliminate skewed market objectives” and return America to an era in which “American corporations and American workers did well together.” It’s unclear when the utopia like conditions were according to Warren; however her website lists the 1980’s as the time period in which corporations shifted focus to maximizing shareholder returns. In any business college, it is taught that the job of a CEO is to maximize shareholder wealth. Senator Warren wants to shift this mentality with her new bill. In the statement on her website, she asserts that the “shift” has led to booming profits and less reinvestment into the companies themselves. She claims that wages have not increased despite booming corporate profits. Elizabeth Warren then moves to make the argument that the top 10% owns 84% of American stock and only 50% of households own stock. Thus, she claims, that this reinforces a cycle of the rich getting richer. This is a growing socialist sentiment that poor people, and even middle class, are incapable of affording stock. The main bullet points are outlined below. Read the text of the bill here.
Office of United State Corporations (more government!)
The bill creates a new administration within the Department of Commerce. Corporations earning more than $1 billion in revenue are required to obtain a charter from the federal government, per this new created office. The charter obligates these large corporations to consider the interests of all stakeholders. Failure to obtain this permit to exist results in loss of corporation, which in business terms mean, it would no longer be treated as a separate entity. Therefore there would be no liability protection. The Director of this office would be a Presidential appointee and requires Senate confirmation. The term last four years. Warren seeks to create a new and powerful tentacle of the Federal government.
Employee Chosen Board of Director
Employees, not shareholders, will have the ability to choose no less than 40% of a company’s board of director. This bullet point is perhaps the most ridiculous and anti-capitalist. Company boards serve to set goals for the company. The board is usually chosen by investors. In the world of private investment, the board of directors is a bargaining chip for control of the company, as opposed to just percentage of stock. Warren’s bill doesn’t outright say it, but she wants unions to control company boards. Meaning instead of the company’s interest, the board will be powerful weapon of the union. Boards start out as founding members, investors and their appointees, and neutral parties because entrepreneurs and investors craft such interesting deals. Insisting that 40% must be elected by employees renders a board relatively useless for small investment worthy companies or inflates company boards well beyond what they should be for their size (ie small company with GM size board.) This will possibly lead to more empowered officers and weakened boards so that CEOs can perform their fiduciary responsibilities without a labor union threatening their disposal. This could also make companies more risk adverse because undoing mistakes, laying off workers, and other rainy day measures are now more difficult to undo. Ultimately this would empower worse CEOs, ones who aren’t as interested in shareholder wealth. The Securities and Exchange Commission along with the National Labor Relations Board are responsible for enforcing this part of the act, as further indication that this applies to all corporations. Stiff daily fines are to be imposed for failing to comply.
Government control of stock options
Elizabeth Warren claims top executives are compensated mostly with stock options. Her bill restricts these executives ability to sell their shares for five years so that they can focus on long term company success. Basically these executive will be given stock, but will have no real ownership of that stock. This would be the government restricting private property. These types of issues are best left to corporations and shareholders who already impose vesting periods to ensure the same exact goal.
Supermajority for political expenditures (not for unions)
This is a jab at Citizens United because Elizabeth Warren and others are butthurt about the outcome of a critical first amendment case Supreme Court case. It forces company shareholders to vote in order for a corporation to make any political expenditures. It imposes a 75% supermajority threshold. Conspicuously absent from this requirement are labor unions.
Revoking of charter
The corporate charter resembles a “rule of club” for large companies. If they don’t meet the requirements of their charter or have a history of illegal activity, they will have their corporation status removed in time. The question is how political will the enforcement of these charters be? Will there be a separate set of rules for democrats and republicans? If the rest of government is any indication, the answer is clearly foreshadowed.
The socialist movement wants to fundamentally change the purpose of starting a business and running a company. This would most certainly lead to lower caliber CEOs. The bill makes no mention of labor unions yet it’s intentions are clearly to empower them in companies that still allow them and to create politics in organizations that do not. This ideas pressed fourth in this bill are sure to gain traction, just as “Medicare For All” became a socialist rallying point. It brings about questions of how business literate politicians like Senator Warren are? Do they fundamentally misunderstand what a corporation is, or do they not care? The bill aims to reduce a shareholder’s power and return on investment which will only hurt our economic growth. While Elizabeth Warren’s bill isn’t socialist, it is heavily anti-capitalist.
Dan Bongino: The more we find out about Michael Avenatti, the creepier he becomes
One of the best parts about Dan Bongino was noted by Tucker Carlson in the beginning of this video. Bongino is one of the most clear speakers on television with zero “ums, likes, or stutters” as he delivers his vast understanding of the world of politics. He’s easy to listen to, which is important considering how much influence he’s starting to gain in the world of conservative media.
Speaking to Carlson about this crazy week in news, Bongino led off with a very clear truth: porn lawyer Michael Avenatti is as creepy as they get. He’s up there with James Comey on the strangeness scale and he’s beyond Joe Biden on the creepy scale. Nobody comes close on the sleaziness scale.
The funny part, as Bongino points out, is he’s actually been a regularly on most left-leaning shows from lowly podcasts to CNN and MSNBC programs, including… wait for it… Reliable Source. Avenatti is just a punchline now.
Biden to announce next week
Former Vice President Joe Biden is going to announce his candidacy for the Democratic nomination for President next week according to multiple reports. This comes as no surprise to most who have been paying attention as his elevated presence in the media and at speaking events led many to believe he was going to announce soon.
Biden has run for President twice before, bowing out in 1988 and 2008 but eventually landing on the latter ticket with President Barack Obama.
Some thought a report of inappropriate touching that came out last month may thwart his efforts once again, but the controversy has died down and the memes are getting old.
Now, it seems like the announcement is imminent.
Looks like Joe Biden will run. Recent @MULawPoll of Democratic presidential candidates shows Bernie Sanders and Joe Biden are top choices among WI Democrats or independents. Sanders at 32% and Biden at 29%. https://t.co/rROIfhm6ob
— Charles Benson (@CharlesBenson4) April 19, 2019
The far-left wing of the Democratic Party doesn’t want to see Biden run. They’ve been able to pull every other major candidate to accept and appreciate socialism to one degree or another and they fear Biden might be too moderate.
This is true in some ways, but don’t be fooled by Biden’s centrist history. He’s not going to allow himself to be painted as a moderate. He will proudly point to his progressive record and tell the people he’s the champion on the far-left they need.
It may be enough to win him the nomination.
“My intention from the beginning was if I were to run would be the last person to announce. We’ll find out whether I can win in a primary.” – Joe Biden
It’s hard to tell which rich old white guy the President would rather face, Biden or Sanders. Personally, I’d like to see Joe win the nomination as his gaffes will make for a fun general election show.
Dear Democrats, bring on the impeachment!
There is no doubting how accurate a previous column by our own EIC, JD Rucker, was. Its very title captured the reactions before the report was public. But perhaps the Mueller Report enhancing the public’s preconceived biases was low hanging fruit. However, I daresay the intensity of the Democrats’ reactions were underestimated, and I further argue that we should escalate their emotions for the sake of political expediency. So please Democrats, go fourth with impeachment proceedings. It would be like their Battle of Crécy.
If you are a Trump-hating leftist or NeverTrump former-Republican, the report will give you days, perhaps weeks of ammunition you can hurl at your Trump-supporting friends and across your social media profiles. Your wildest dreams will be confirmed by whatever mainstream media outlets you love the most, and you will feel both vindicated for thinking the President has always been a lawbreaking bad guy who stole the election and deserves to be impeached before checking into jail.
#ImpeachTrump was all the rage on Twitter, with prominent fresh faces in Congress latching on to the movement of their social media base. The brightest minds of the Left at The Atlantic and The Intercept claim to have a roadmap to impeachment. Rep. Rashida Tlaib has begun the impeachment resolution and their brightest star AOC, has signed on.
Mueller’s report is clear in pointing to Congress’ responsibility in investigating obstruction of justice by the President.
It is our job as outlined in Article 1, Sec 2, Clause 5 of the US Constitution.
— Alexandria Ocasio-Cortez (@AOC) April 18, 2019
Battle of Crécy
The French are famous for executing some of the worst military blunders in history. Among them is their repeated charges during the Battle of Crécy. King Edward III during his campaign across the channel found himself pursued by the French army of King Phillip VI and his auxiliaries. King Edward mounted a defense outside the town of Crécy on high ground. The French first engaged with crossbowmen who were at an inferior position compared to the English longbowmen. The French knights pummeled their own crossbowmen in a show of elitism as they charged to win the battle. But the charge failed. So, they charged again and again and again and again. It is said the French knights charged at least fifteen times, until it became too dark. During the earlier charges the French followed the blind King John of Bohemia.
It’s not enough to be wrong once. They have doubled, tripled and quadrupled down on what was an outlandish conspiracy from the beginning that only had an investigation because people in the FBI abused FISA warrants and the opposition media peddled these lies. No, Trump’s subsequent interview after firing James Comey did not warrant a special counsel. So if the Democrats want to charge yet again, this time believing they have reasonable findings of high crimes or misdemeanors then by all means charge once more. Following AOC is like following King John of Bohemia, if her Green New Deal debacle is any indicator. Meanwhile Don Jr. earned his spurs.
Conservatives are poised to win and each wave of attacks will only create mounting losses. This is a battle Conservatives might as well have. It would not simply be a political victory, it would be demoralizing. If Rachel Maddow cried upon hearing “no collusion,” can’t wait for the leftist tears after this impeachment assault fails. So go ahead Democrats, use King Phillip VI as inspiration for political strategy. Republicans will look like adults, on their high ground outside of Crécy, while the Democrats increasingly become infantile.
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