Business, Professional, Union and Wall Street Democrats, typically power players in presidential politics, are fretting among themselves at work meetings, gatherings and industry events about the fear of Elizabeth Warren, the 2020 candidate.
Democrats on Wall Street are feeling the pressure of a potential Warren administration. Some Democrats have discussed not voting in the general election if Warren wins the nomination, lawyers and bankers said. They joke about being on the “ABW train,” or “anybody but Warren.”
Four years ago, Senator Warren made some noise in a crowded Democratic field running for President. Now in the midst of a new election season and on the back of a polarizing administration, the Massachusetts Senator is the clear Democratic frontrunner, a fact that terrifies many in the business sector. The fears shared by bankers, lawyers, and unions alike have reached across the aisle.
Warren believes in “corporate accountability”. She would require companies to draft new corporate charters that oblige the government and employees to make business decisions, rather than shareholders. Corporations would be required to serve the interests of “the government and community”, not its’ investors or shareholders.
The result is that every shareholder would be desperate to sell their shares- and everybody else would be trying to do the same. Stocks would plummet, as would retirement savings — for every union, teacher, fireman and cop. Investments built over a lifetime would be sold in a fire sale, with limited alternatives purchased in panic buying.
Warren also believes in decriminalizing unauthorized border crossings and she also favors abolishing the death penalty and the Electoral College, two more proposals strong majorities oppose.
Beyond these specifics, a larger question looms: Are the American people discontented enough with current conditions to embrace a candidate who unabashedly favors expansive, federal programs that raise the annual budget by fifty-percent (50%), from $4.4 trillion to $6.6 trillion? Will they believe that a candidate who advocates raising taxes dramatically on the wealthy, businesses and large corporations by many trillions of dollars leave the middle class untouched?
It was left to opposing candidate Beto O’Rourke during the October 15th debate to directly address to Warren a key issue – Warren’s aim is to blame and punish. O’Rourke stated that Warren is not interested in “lifting people up”. Instead she is “more interested in being punitive and pitting one part of the country against the other.” Warren states that the nature of business is “evil” – she believes there is nothing decent or worthy about them.
The senator’s passion is not growth – her virtue is singling out wrongdoers and punishing them. Warren deems any businesses or individuals that grow or thrive to be wrongdoers, so now the government’s role should be to take from them – she refers to this as holding them “accountable.”
Warren’s anti-business policy has found its foothold. In the year 2018, 44 percent of the population paid no income tax. Warren’s vision is take from those who earn or have dollars, and give to those who don’t. In fact, take many dollars from any businesses or individuals who earn or have them, the government shall hold and control those dollars, and then rely upon Warren’s new, heavily regulated government managed by persons who did not earn or have the dollars, to decide how to spend those dollars. And with this new type of government, there is no need for growth – because many dollars and wealth already exist.
20,000 people attended Warren’s Washington Square Park rally in mid-September. Warren’s message of holding business to the fire is certainly gaining her a sizable share of the poll numbers, but her message TERRIFIES unions, professionals, businesses and Wall Street. The real question is will Warren learn to care and play ball with them – – or will her name continue to terrify capitalists everywhere?
By James Notaris