Joe Biden hasn’t won the election yet, but radical left wingers are already demanding that they receive choice positions in the new administration. There are a few jobs that will enable socialists to make a lasting impression on the current status of our country. One of them involves the financial strength of the economy.
Of note, Elizabeth Warren has said she wants to be Secretary of the Treasury. Wow. Talk about the worst person to have in this post in a capitalistic nation. Although that may be the point, to change our way of life from an emphasis on exceptionalism, wealth generation and a rewarding life to having government make all of our decisions.
Warren is against every kind of activity that has made our country great. For instance, she wants to dismantle our banking system. Forget that banks are, and have been, the primary providers of capital to businesses since the birth of America. Small and large companies depend upon the banking system for financial support to increase sales and build factories. This, in turn, results in more jobs and greater compensation for workers. Additionally, banks expedite the movement of trillions of dollars around the world each day, be it a credit card charge of $125 or billions of dollars for a major corporate expenditure.
Warren intends to tear apart banks that effectively afford access to equity investors, bondholders and short-term lenders. She would drag us back in time to the days when banks we’re primarily places to keep one’s money safe. In the end, Warren would re-regulate our banking system to the days before enactment of Glass Steagall. All the creative financial innovation developed over the years would be declared illegal, as would future creative alternatives for heavy users of capital. This would be implemented in part because Warren thinks bankers make too much money.
I’ve wondered why Warren was so averse to entrepreneurs earning great compensation when they are responsible for great innovation. Nobody believes that innovators should not be regulated to some extent, especially when they have great power over the money supply, data, the news, high tech, etc. But regulation should not be foisted on entrepreneurs because they are successful financially. Regulation should protect Americans from abuse and unfair treatment. Politicians are not capable of doing this effectively without input from the industry under review.
Socialists want to force equality on Americans, even as Americans remain competitive and enthusiastic about inventing better widgets. Americans want to earn more money than their peers if they are more productive, a fair trade off. Exceptionalism makes America great and encourages commercial success.
Let’s hope Biden, if he does win, selects a person more friendly to business than Elizabeth Warren to manage the Treasury.