What do you think about the Accountable capitalism Act?

[msc545]

Please do not just dismiss this without reading it because Sen. Warren introduced it. here is a brief summary:

https://www.theguardian.com/us-news/2024/dec/11/elizabeth-warren-capitalism-accountable-senate-bill

[emeraldsaphire]

Lots of buzz words "accountable" "capitalism" "Profit" Honestly I don't think Warren knows what any of these words mean. I think it's a bit concerning that only 50% of households own stocks (Though I'm curious why they don't use the statistic for individuals) Many companies offer stock options for there employees so they can become share holders and get some of those sweet dividends.

I also disagree with this either or thing. I don't think maximizing profits means sacrificing workers. Shareholders can use there dividends to buy more stocks which the company could use to invest in it's self. Hiring more people getting new equipment etc. And this is largely what's happened. I also think it's important to know that when you work for a company you get payed in more then just your salary. Health insurance ( which has skyrocketed in price) retirement, pay roll taxes and other stuff depending on the job.

This is not to say that I think Corporations are all great and wonderful. I have my complaints, but it's a complicated topic. And I don't think it's a good idea to have the stupidest people in are society have a say in how businesses work.

[WowGIrl4ever]

That is scary to me, and extremely unfair to everyone.

[Anonymous]

wow that is as much of an unmitigated disaster of a bill as I thought from Elizabeth Warren...

She wants to create a "federal" incorporation law with new federal company requirements like 40% employee vote on the board robing the owners of their property, and strongly discouraging employing anyone.

All because American workers predictably have too little bargaining power to demand higher wages.

What on earth did Warren expect would happen when she force Americans to directly compete with the similarly skilled population of the world willing and allowed to work for pennies on the dollar?

Like everything labor is a commonality, its only worth what people are willing to and able to buy it for. You add more labor for lower wages to the market you reduce the market rate for everyone's labor!

[lightbulb27]

My mind is open to it, but this is a tough sell. That cut the stock market down, drive capital out and cause some serious deflation. ok fine...

it have to apply to all. And when do this, how do they compete globally? There needs to be some fair metrics as to the distribution of corporate wealth to employees vs management stakeholders and owners. If there was more communication, maybe be easier to see.

As it is, employees CAN receive the wealth, by investing in the companies they work for.

A bigger issue seems to be the pay packages for executives which is way out of proportion to employees. Then again, I'm not applying for the Intel CEO job...

[WindAtMyBack]

More socialist bullshit. It's all show. She knows damn well that it won't pass. It won't even make it through committee. It's only purpose it to point the finger and anyone who votes against it.

What about protection of the shareholders? If she wants something socialistic, we already have it - it's called the stock market. That's why they are called "PUBLIC" corporations.

[Sevenpointfive]

i don't like the stock exchange. i don't like my bank requiring a $1000 minimum to hold an account while they share it freely for profit and give me a 3% kickback at most.

but this sounds more like she's trying to get more labor unionizations which could empower the people. i like that even if those union reps are going to turn into people that aren't working for the working man after they get their job as union rep.

what a fucking cycle we live in!

[jshm2]

Long overdue, Switzerland and others already do something similar.

Why the fuck do you think it "ok" for company owners to maximise profits, while paying staff minimum wage? You know it's the staff making them those profits, right?

[exitseven]

So why would anybody invest in the stock market if the shareholders get the short end of the stick?

I give myself credit for reading this article. You almost lost me at the mention of the fake Indian.

[msc545]

Not sure this will disproportionately affect share prices, but even if it does, so what? They become more affordable and more attractive to people other than institutional buyers.

[exitseven]

If the stock price does not go up nobody will want to buy it. There will be other vehicles like real estate or Bitcoin that will be more popular or else since foreign companies will not participate in this then the largest share of investment capital will go overseas.

[msc545]

Then they will. Still better than a few greedy people hoarding every dollar in the system which is what happens now.

[exitseven]

The same greedy people will still invest in companies. The difference will be that they will invest in foreign owned businesses. Th businesses that the fake Indian supposedly wants tom help will not be able to expand and will eventually fail and all those people will be unemployed.

[msc545]

I am not so sure it goes that far.

[exitseven]

@msc545 Politicians sit in their offices in DC and come up with policies that affect people s livelihoods. They make a bad decision and they could ruin the lives of thousands of people. They get to retire with a nice pension and thousands of people have to deal with poverty.
When the government forced small businesses to close during covid and forced people in healthcare and education to get a vaccine they didn't want or else they got fired, this ruined lives. The highway that runs through my town there are ten or 12 strip malls. Every one of them has at least one empty storefront. Many restaurants never reopened. The politicians allowed big box stores to remain open but forced smalll businesses to remain closed.

[msc545]

All true. Nobody likes politicians.

[exitseven]

@msc545 They all suck but some more than others. I just want the government to plow the streets in the winter and stay the hell out of my life.

[CaptainSmartass]

And all large companies will leave the US, and register elsewhere, as well. My bet is Mexico, as it would be more business friendly, not to mention nice and cheap.

[msc545]

Some of us want more than that - we pay them enough.

[BoopBoopBeep]

Shares area already affordable to all those employees. You can buy $5 of a $5 stock or $5 of a stock that costs 3000 per share. Fidelity and others have long offered fractional share purchasing. Pension funds and 401k are also invested in shares that most people don't consider when they are asked "do you have any shares?" They'll say no, but if the market tanked tomorrow they'd sure see a hit to their 401k funds.

[BoopBoopBeep]

I haven't been in the private sector for quite some time, but every job I ever had offered some sort of stock purchase plan for the employees at a discount.

In other news, send a boop to my buddy A.

[NaultD]

This would slow down nepotism where someone has a namesake gets in board members. More corporate democracy.

[CaptainSmartass]

I'd rather see accountable activism.

Simples...

[Anonymous]

I wouldn't dismiss it because Warren sponsored it. I'd dismiss it based on the name.

[beefcakebradybatson]

Love it, but it may be a bit too late.

[msc545]

True.

[Pterodon]

Socialism