Elizabeth Warren Blames Businesses for Everything

-edited

Businesses are bracing for sweeping changes, none of it any good.

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

Comments (111)
No. 1-37
thimk
thimk

yes we have reached the proverbial "fork in road" . the next election will be pivotal. With Bernie on a gurney and Biden immersed in controversy expect more Warren rhetoric (i.e. moar free stuff, moar government) . of course no real solutions presented .

SHOfan
SHOfan

She will never get any of this through Congress, unless the House and Senate are both Democrat. Even then I doubt enough legislators would vote for these ideas. The whole Congress will have to turn a lot more Socialist.

Stuki
Stuki

" Yet, Warren claims to be "capitalist to my bones.” "

Again, it's just progressivism as usual. Newspeak and nothing but. Just say some words which makes uncritical dunces feel good, and that mythical guy named "We", the one with the equally mythical last name "The People," will cheer for Dear Leader, and Make Hope and Change Great Again.

Of course, her being being flat out illiterate; I suppose it would be too much to expect her to ever ponder, when that similarly mythical bad guy, the one named "The Rich" will control everything else absent her "rules", why won he end up controlling the rules as well?

That's the real world. Rules, and political power and influence is, again like all else, just another perfectly standard economic good. No different from lemonade, housing and gunpowder: All sold to the highest bidder.

I have no doubt such "mindblowing" display of economic literacy, and common sense, is way beyond the comprehension of anyone dumb enough to give this dimbulbita even the time of day, but that is the real world. Compare the number of rules, as well as the resources devoted to fighting over, interpreting and enforcing them, with back when that pesky "The Rich" guy didn't own every breathable air molecule outright as a result of Fed redistribution and, tah-dah, rules! preventing people from simply routing around him. Then tell me how "more rules" are somehow preventing "The Rich" from enslaving the rest again. Even empirically..

lol
lol

She's got a thing for Marines,that MSG detachment better be on patrol for that cougar,she's a freak!

abend237-04
abend237-04

Elizabeth Warren, queen of the water cooler and break room gangs. Yes, the type you couldn't trust with the third shift floor sweepers for six months, unless you were prepared for first shift endlessly bitching at you about dirty floors. Yes, that Elizabeth Warren is sallying forth lambasting your sorry ass for not spending even more of your precious years strapped to a god damn plane going somewhere to pick up the pieces, make apologies, refere cat fights and generally wage war for capitalism in order that airhead demagogues everywhere can run for president on a platform of how shitty and unfair capitalism has been to them. What a country.

CzarChasm-Reigns
CzarChasm-Reigns

The "seriously scary stuff" remains in the White House... with the deaf, dumb & blind support of his party.

I agree with Warren...

QE4ever is a non-functioning market without rules; certainly not pure capitalism.

Private Health Care was a joke from the start: “… the less care they give...the more money they make.”---Ehrlichman to Nixon. Health Care should be socialized.

She won't get everything she wants: a democracy requires compromise.

But a little more de-corporatization... & a little less de-humanization... sounds like a nice policy change in direction.

killben
killben

"This is seriously scary stuff."

Yes it is. But this is exactly what happens when the existing capitalism is about "Privatize profits and Social losses". So if anyone needs to be blamed for the Warrens and AOCs of the world it is the cabal (politicians, central bankers, media, corporate) who have given capitalism a bad name. The present "ism" that we have is definitely not capitalism.

SleemoG
SleemoG

We've become so accustomed to dictatorial presidencies that we've forgotten Congress is a brake on extremism.

Warren is unelectable, there's nothing to worry about from her.

BillSanDiego
BillSanDiego

"Everyone has a right to health care" is one of those liberal truisms that sounds noble and good but which is actually utterly ridiculous. Health care is a service provided by people who provide that service to make their living. What gives anyone a right to the fruits of someone else's labor?

If a doctor decides to quit being a doctor, can he be can he be imprisoned under civil liberty statutes for denying people their rights to health care? These people are nuts.

Latkes
Latkes

Warren is already tied with creepy uncle Joe; even ahead in some polls. One more fake whistleblower with TDS and Biden is done.

bradw2k
bradw2k

She's bad enough it will almost be enjoyable watching her lose to the demagogue. But not really.

Bbbbbbb
Bbbbbbb

Warren is about as much of a socialist as you are, Mish. And, she gots more contributions from billionaires than Biden. That should tell you something. It’s a distinctive mark of the political ignorance in the US, is the reactionary labeling of figures like Warren (or Obama) as socialist.

Six000mileyear
Six000mileyear

Senator Warren does not have the backing of Wall Street.

Stimpson
Stimpson

I think that most Northern European countries show that better healthcare at lower costs is possible in a centralized approach. I think making employers responsible for health care is strange; that's not what they're for. If you want to support people in having good coverage, I think it should be from the government and not from third parties. Mind you, that's an if. (and yes, I personally think government should provide a basic healthcare for all. I see plenty of examples where that is done succesfully. But I am aware that this is a choice, not a given).

El Capitano
El Capitano

Does she really think that having been boned by capitalists when she was young means that she is "capitalist to my bones"?? That conclusion is the only thing supported by any facts.

JonSellers
JonSellers

Sounds like she wants to turn our America into some socialist hell-hole like Germany. Does she expect us to actually make stuff? I say hell no!

Realist
Realist

Labels. You Americans throw them around like it actually means something. I guess for you, they are insults, so that is why you keep using them. You brand someone a Socialist to sow Fear, Uncertainty, and Doubt. You insult each other, because, in your minds, that proves your point, rather than using a cogent argument. “I win, because you are a Socialist!”. I guess you can’t see how pathetic that is.

There are no true Socialists, Capitalists, Communists, etc. Everything is a complex mix, twisted and turned by reality.

And reality is that it makes very little difference who becomes your next President, or which party they come from.

There is so much hatred and animosity in your political system, that little to nothing of significance (for the long term) that ever gets done. Both sides would rather harm the country than agree with each other on anything. You can see that every day in many comments on this blog. Such hatred. Very sad.

Even Mish likes to use these labels. I suspect he does it to generate more comments. And he also tolerates all forms of name-calling, as long as it isn’t directed at him. Then he bans you.

I have been coming here for several years, looking for the “economic analysis”. It’s getting harder to find it as I find myself trying to step around all this political manure.

WarpartySerf
WarpartySerf

When all your country's major corporations sell out their workers, and move all manufacturing to China for profit over patriotism, big business may just be getting the "blowback" they deserve. What goes around comes around, right Mish?

KidHorn
KidHorn

She's going to be the nominee. It's what the DNC has wanted all along. Her or Harris. No way they would allow an old white guy. Biden is out and Sanders too.

The election is likely to come down to Trump vs Not-Trump. So it won't matter what platform she runs on.

Once Texas turns blue, we'll be a one party country and the dems will do whatever they want. The only question is will it happen in 2020 or 2024.

Country Bob
Country Bob

Even after she was caught lying about her native american nonsense, she continued to lie about being "fired" for being pregnant. Even left leaning publications have called her out on another total lie. The cabal of corrupt billionaires backing her makes 3rd world dictators cringe.

Warren has never held a private sector job in her life, and has no idea what capitalism is. Her health scam is even more ridiculous than Bernie's medicare for all -- and Bernie admitted his plan isn't financially viable.

Warren is going to get Trump re-elected in the best case, and she will trigger a civil war in the worst case. George Soros is probably pushing for civil war, which is the reason he backs Warren. Time to put Soros in prison where he should have spent the last few decades

numike
numike

Bourgeois culture, any culture, can only stand if it is rewarded. In prior times bourgeois culture was fundamentally supported by the upper classes, who invested in America, creating vast wealth. They modeled sobriety, hard-work, risk and reward. The working classes modeled the behavior through church and labor unions, standing together for each other and nation. The wealthy have abandoned America, and the working classes have abandoned religion, unions, and each other. Into that void steps cultural anarchy. Bourgeois culture requires hard-work, and discipline. It requires accountability, primarily of the wealthy. I tire of articles that lament the loss of culture without holding those accountable who have abandoned their responsibilities.

ReadyKilowatt
ReadyKilowatt

Hard to believe the choices presented are the best we have. Oh but then again, Hillary is back on the book tour and getting some attention...

The pundits and legacy media outlets (can't really call CNN/Fox News/Big 4 networks "mainstream" when no one under 60 is watching) are keeping the s*** show that is the Democratic Party nomination process alive because they think it is good for ratings, or maybe because they know that Trump is still packing in 50K+ at rallies and want to make sure everyone uses their war chests on TV ads instead of the $100,000 Russian social media spend that somehow got Trump elected.

Meanwhile, in an 11th hour announcement, Clinton will swoop in to "save the party" from itself. Hollywood couldn't write a better third act.

RonJ
RonJ

“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.”

thimk, below, said Warren is worth some $15 million dollars. Never heard that before. If that is true, Warren is one of those rich people that take it all. Hillary said she wasn't that rich despite being worth over $100 million dollars. Now we are hearing about the Bidens allegedly enriching themselves from their government connections.

College has become outrageously expensive since the government meddled in it with student loan guarantees. Warren herself allegedly made some $400,000 on the backs of college students.

Stride
Stride

We survived Obama. We'll survive Pokie as well, if it comes to that.

numike
numike

"Capital is not a thing, but a social relation enforced by the law and the state. With the right legal coding, any object, claim, or idea can be turned into a wealth- or capital-generating asset. In her new book, Katharina Pistor analyzes the evolution of capital over the past 400 years."

numike
numike

Toward Fair and Sustainable Capitalism: A Comprehensive Proposal to Help American Workers, Restore Fair Gainsharing Between Employees and Shareholders, and Increase American Competitiveness by Reorienting Our Corporate Governance System Toward Sustainable Long-Term Growth and Encouraging Investments in America’s Future https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3461924

truthseeker
truthseeker

Elizabeth Warren plans to stop fracking. We frack almost every well we drill.Most people think that oil is black, dark, ugly and even evil! America’s oil industry supports more businesses by far than any other industry. It is amazing how much the environmentalists hate this business without understanding how important it is to our standard of living. I hear people say we now have hybrids, and soon gasoline will be replaced by electric power having no clue where electricity comes from. Unless we begin to once again embrace coal and nuclear power, a fracking ban will shut down just about everything !

Country Bob
Country Bob

Mishtalk is more than 50% of the traffic on moneymaven.io

Too much of mishtalk's traffic is coming from never-do-wells who don't even live in the USA. Another large contingent are Canadian ex-pats living in the 3rd world sh!t hole known as San Fransisco.

None of these people have skin in the game. None of these people can fix there own sh!t holes -- the Canadians in SF are there because they can't get jobs back in Canada.

Scudrunner
Scudrunner

We are looking at a 2nd civil war if this bitch become POTUS!!!!!

Maximus_Minimus
Maximus_Minimus

How many would agree with her if she said central bankers are to blame for everything?

daveyp
daveyp

Capitalism lets shitty businesses die.

Bailing out banks to the tune of trillions because they so severely f.cked up their core business of assessing and pricing risk appropriately is as far away from capitalism as it is possible to be.

The US conservative antipathy towards "socialism" conveniently ignores the fact that hundreds and hundreds of billions worth of jobs are government creations funded by borrowing money the governemnt doeasn't have. Vast military industrial complex. hundreds of billions spent on the ridiculous "war against drugs," hundreds of billions more invested in locking away the biggest proportion of your citizens of any country on earth.

The US simply does by one remove what "socialist" countries do explicitly.

Don't get me wrong, I love capitalism - it works - but you have to let the market do what an unencumbered market does. Failure is an esntial part of that.

And don't even get me started on the unelected, thoroughly unaccountable Central Banks around the world distorting the market unimaginably on an insane, failed theory......

Herkie
Herkie

Is business to blame? I think we are splitting hairs going down that path, but, wealth inequality is going to have to be addressed and there is an easy way to do it, and a hard way to do it, but make no mistake it is going to be done, because the hardest way of all is simply kill all the rich and that is coming if BUSINESS does not start rewarding labor appropriately.

Ah, and for those that claim/lie that the wealthiest pay more than the poor here is a new update for you proving you are either ignorant of the facts or just lying; “In 2018, for the first time in history, America’s richest paid a lower effective tax rate than the working class.”

Saez and Zucman analyzed Americans' effective tax rates since the 1960s. They decided to examine the top 400 families because they have more money than the bottom 60 percent of households combined. They also own 3.5 percent of the country’s assets.

Read that? It was relatively easy to study this now that only 400 families are richer than the lower 60% of us. And the rate at which the gap in increasing is increasing. The wealth gap is going parabolic and as you all know when any chart goes parabolic it is all over. That is why banksters and the 1% want a new cashless society with ANYTHING other than dollars as legal tender. They want anything to stand in the $'s place so when it is introduced you will get that new money to reflect your financial position, that would lock in their wealth while locking out the rest of us. Because a dollar can (and will be) destroyed.

Warren is just a symptom the same as Trump is, the problem is Nazism on the right and socialism on the left, I was against the socialism side till I realized I will be homeless in 2020 unless matters change dramatically before spring. Now, I guess I have no choice but to vote for the left. Maybe I will throw a Great Gatsby themed party on my credit card then flee to Argentina before this shithole goes up in flames.

ABrewton
ABrewton

Scary indeed. Let's continue to bash Trump and ensure Warren wins the presidency in 2020.

Andy X
Andy X

But if the current incarnation of capitalism was as wonderful as all you smug acolytes proclaim, the likes of Warren would never spring up and would certainly not be a threat. So why are you all worried about her?

Sechel
Sechel

Capitalism is a great thing but we don't really have that in this country. Too many industries are ruled by monopolies and oligopolies. big businesses get government subsidies and under a free market there's little incentive for companies not to pollute.

sure if a forestry company owns the land , they have to manage it, but Trump opens up huge swaths of government land in Alaska for private companies to just come in and chop down trees.

Elizabeth Warren recognizes these problems. I don't agree with her solutions but nobody else is even discussing the problem

stillCJ
stillCJ

Editor

"Capitalist to the bone" my ass. Just another in Dizzy Lizzie's long list of lies. She probably does not know she is lying because she does not know what she is talking about.

Casual_Observer
Casual_Observer

Warren wants to break up the big oligopolies and monopolies but no mention of that by Mish. If industries like insurance, banking, tech and even retail were played on a level playing field we would get more productivity growth and better products. What we have today isnt working for sure. No one else has even mentioned the issues Warren has repeatedly stated.