October 10, 2019

WE’LL RUN OUT OF EVERYTHING BUT “UNEXPECTEDLYS”: Elizabeth Warren Vows to Remake Capitalism. Businesses Are Bracing. “The Democratic Party’s favored presidential candidate has proposed sweeping changes to how business operates; many executives expect she would tack center.”

No front-runner has proposed such sweeping changes to how businesses operate. 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.

That, in turn, has led to nervousness among some executives. “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.”

Fear will keep the local executives in line, to borrow a phrase.

The real goal of course isn’t to “remake” capitalism. Rather, it’s to create opportunities for corruption and graft.

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