Liz Warren's "Accountable Capitalism Act"

[Aba Incieni]

Sounds like an idea that will really catch on with Americans. Those Dems sure have their fingers on the pulse.

 

[Hiryuu]

In fact, it says more about the people in the industry that knew what was going on and didn't do anything about it. If you want to claim you are in the industry and knew how to fix it, and didn't do what was necessary to accomplish that

Not at all, businesses exist to make money according to whatever the laws or regs are. It's not their responsibility to solve anything, that's totally on the gov't. It is also the responsibility of the media/press to identify and publicize what's going on and create public scrutiny on whatever the issue is. You should not be blaming private enterprise for the failures of gov't and/or the media.

Perhaps in your world, but in mine I can take a shit and wipe my ass without the government telling me to. If you observe behavior that is counterproductive to the ensuring the appropriate accountability within the workplace, and do nothing, you are the problem. Don't wuss out and try to blame anyone else, take some responsibility, because the government isn't going to do anything other than screw everyone in the longrun.

 

[Hiryuu]

I'm not claiming anything, I'm just pointing out what happened and what could have prevented it.

I know these facts don't match shallow partisan talking points, but that's not my problem.
.

I haven't posted anything partisan. I have posted that if they could have been stopped, they should have been stopped. Any suggestion that they weren't , identifies the people that knew were guilty in not stopping it. That's the fact.

 

[task0778]

In fact, it says more about the people in the industry that knew what was going on and didn't do anything about it. If you want to claim you are in the industry and knew how to fix it, and didn't do what was necessary to accomplish that

Not at all, businesses exist to make money according to whatever the laws or regs are. It's not their responsibility to solve anything, that's totally on the gov't. It is also the responsibility of the media/press to identify and publicize what's going on and create public scrutiny on whatever the issue is. You should not be blaming private enterprise for the failures of gov't and/or the media.

Perhaps in your world, but in mine I can take a shit and wipe my ass without the government telling me to. If you observe behavior that is counterproductive to the ensuring the appropriate accountability within the workplace, and do nothing, you are the problem. Don't wuss out and try to blame anyone else, take some responsibility, because the government isn't going to do anything other than screw everyone in the longrun.

And who gets to determine what "appropriate accountability" is, or what constitutes "behavior that is counter-productive"? The federal gov't? Fuck that, what Warren's legislation ultimately does is ramp up the crony capitalism where the big guys buy as much support as they can from the pols.

In my world, businesses already have accountability, you make a profit or you're out of business. You better make a decent product for a decent price, or nobody is going to buy it. You think we don't already have all sorts of agencies to make sure the product is safe to use or consume? And in the workplace, we've already got plenty of rules, laws, and regulations to protect the workers and also the customers and competitors from unfair business practices and unsafe conditions. And on top of that, we've got the media who will scream and holler about environmental concerns or which CEO gets a compensation package that appears to be more than he's worth.

You amaze me, man. You say "the government isn't going to do anything other than screw everyone in the long-run", and yet you want these guys sticking their noses into the running of private businesses? The gov't fucks up everything it touches, makes it harder and more expensive to do anything. What do you think a big company or corp is going to do if/when Congress says no, you ain't getting a charter? They're going to haul ass for Mexico or Ireland or somewhere else. What Warren is talking about is the beginning of socializing American business; not all at once, but step by step. The good news is, this shit ain't going nowhere. If it ever does, we are really and truly fucked.

 

[Hiryuu]

And who gets to determine what "appropriate accountability" is, or what constitutes "behavior that is counter-productive"? The federal gov't? Fuck that, what Warren's legislation ultimately does is ramp up the crony capitalism where the big guys buy as much support as they can from the pols.

In my world, businesses already have accountability, you make a profit or you're out of business. You better make a decent product for a decent price, or nobody is going to buy it. You think we don't already have all sorts of agencies to make sure the product is safe to use or consume? And in the workplace, we've already got plenty of rules, laws, and regulations to protect the workers and also the customers and competitors from unfair business practices and unsafe conditions. And on top of that, we've got the media who will scream and holler about environmental concerns or which CEO gets a compensation package that appears to be more than he's worth.

You amaze me, man. You say "the government isn't going to do anything other than screw everyone in the long-run", and yet you want these guys sticking their noses into the running of private businesses? The gov't fucks up everything it touches, makes it harder and more expensive to do anything. What do you think a big company or corp is going to do if/when Congress says no, you ain't getting a charter? They're going to haul ass for Mexico or Ireland or somewhere else. What Warren is talking about is the beginning of socializing American business; not all at once, but step by step. The good news is, this shit ain't going nowhere. If it ever does, we are really and truly fucked.

People know what they should be doing, and most know when things are wrong. Those people are one that will make a difference.

You are correct about business maybe leaving, maybe not. The corporations can split into smaller entities and stay below the cap for a little while. I have no idea why someone thinks a pseudo union (workers electing board members) is a good idea, unless they are just trying to key the legislation to the socialist movement.

 

[Mac1958]

To me the issue is not the number of the regulations, but the nature and scope of each individual regulation. So I'm not real fond of that two-for-one thing. Two whats for one what? What is the actual net trade-off here?

JP Morgan did a study a few years ago that concluded it is now harder to start a business in America than it is in France.

France.

They concluded that America now ranks in the lower half of the OECD in the ease of starting a business.

That's not entirely government's fault. Much is also due to the licensing and self-regulations of industry. The example they used was that it now takes three certifications and regulatory approvals to start a nail care business in the state of Georgia.

But government regulation of business is certainly a big part of it.

Business formation has been anemic compared to past decades.

Yeah, not good if that's true. And I think it would be a good idea to keep tabs on that kind of thing an ongoing basis, especially for people who are just getting started. What concerns me is that we just wipe out regulations just to wipe them out and throw the baby out with the bathwater.

The point of many regulations is to protect the consumer and markets (as opposed to some, which appear to be to keep bureaucrats employed). Look at financial services, holy shit. But also look at all the holes that still exist, some that you could drive a freaking truck through.

I just look at the Meltdown, the role that either deregulation or a lack of regulation played. That taught me a lesson, and it changed my view on this. The problem is keeping a handle on it, as in your point.
.

 

[Claudette]

Wow, Lizzy. All I can say is cowabunga!

That has got to be the most insane idea I have ever heard.

Warren has got to be out of her ever lovin mind.

 

[EverCurious]

99% of employees are selfish bastards who have no give a fuck for the money that went into the business they work for, nor for the future of that business. The other 1% of employees become well paid CEO's and managers who's opinions and direction/guidance the businesses become dependent upon for survival. IF the 99% could handle "regulating socially proper" businesses, they'd be CEO's and managers already - there's a damned good reason they are not - see first sentence. The fact that these 99% incompetent selfish twits think they know best for either businesses or society, or the economy at large, just makes me laugh.

 

[JimBowie1958]

The political process is HOW we control the grotesquely wealthy corporations. They have no right of self defense.

Why do you think they need controlled?

Their historical track record of abuse, cutting corners on safety and profiteering on people with no restraint is why I say that.

Guess how rich the man was that invented the TV and why, and that should give you a Birds Eye View on corporations.

 

[JimBowie1958]

99% of employees are selfish bastards who have no give a fuck for the money that went into the business they work for, nor for the future of that business. The other 1% of employees become well paid CEO's and managers who's opinions and direction/guidance the businesses become dependent upon for survival. IF the 99% could handle "regulating socially proper" businesses, they'd be CEO's and managers already - there's a damned good reason they are not - see first sentence. The fact that these 99% incompetent selfish twits think they know best for either businesses or society, or the economy at large, just makes me laugh.

Then that company is foolish for hiring such Nimrods.

Most places I have worked, the workers wanted to keep their jobs and understood that for that to happen the business had to remain profitable.

 

[JimBowie1958]

Warrens ideas dont go far enough.

... CEO and other officers that have more than 40x the average salary of their own workforce should have a special 50% windfall income tax.

That's very leftist of you, Jim.

One of the greatest weaknesses of Capitalism is that Capitalists are so damned greedy.

They will over hunt a species into extinction and put themselves out of business or havce to sail twice as far out to get inferior fish compared to what they had.

Capitalists will strip mine a mountain and leave a valley full of pollution.

Capitalists will abhuse their employees until they form unions or go full Marxist and then lose repeatedly at the polls.

Capitalists will bribe rating agencioes like Moodys to just give their crap AAA ratings and pass it on down full well knowing the damage it would later cause the markets.

Capitalists are hungry swine that bring us bacon but you have to cull the herd to get to it.

 

[basquebromance]

she's trying to solve income inequality. government cant do that!

 

[basquebromance]

the only way Warren gets elected president and re-elected is if America stays poor. she's not gonna be elected by a rich country. with the economy booming, she has no chance in 2020

 

[Mac1958]

Warrens ideas dont go far enough.

... CEO and other officers that have more than 40x the average salary of their own workforce should have a special 50% windfall income tax.

That's very leftist of you, Jim.

One of the greatest weaknesses of Capitalism is that Capitalists are so damned greedy.

They will over hunt a species into extinction and put themselves out of business or havce to sail twice as far out to get inferior fish compared to what they had.

Capitalists will strip mine a mountain and leave a valley full of pollution.

Capitalists will abhuse their employees until they form unions or go full Marxist and then lose repeatedly at the polls.

Capitalists will bribe rating agencioes like Moodys to just give their crap AAA ratings and pass it on down full well knowing the damage it would later cause the markets.

Capitalists are hungry swine that bring us bacon but you have to cull the herd to get to it.

Yep. That's why it needs careful, efficient, flexible, effective regulation to reach its best potential.
.

 

[basquebromance]

they've got to padlock the revolving door between big business and big government. this new agency will watch government like a hawk and give us a clean government that works for everyone

 

[dave p]

More of that "democratic socialism"

No thanks....and her act doesn't have a prayer

If we let these corporations to run around unfettered by regs or law, the people of our country will increasingly reject capitalism. 2008 has done irreparable harm to the image of capitalism and we need to hobble these CEOs so they dont do even worse.

Corporations don’t “ run around “ unfettered by regulations. 2008 wasn’t about capitalism.