Accountable Capitalism as defined by government, sounds like an oxymoron (a combination of incongruous words!). Accountable Capitalism is though, the title of legislation currently being introduced (August 15th, 2018) in the US Senate by Elizabeth Warren.
The legislation attempts, by law, to establish obligations of large US corporations such as the vague requirement that US corporations must create a “material positive impact on society”. Also included in this bill are requirements that would mandate at least 40% of a large corporation’s directors be elected by the corporation’s employees.
Government should create simple and effective laws and regulations for both its citizens and businesses. Our current politicians should be more concerned about addressing our huge government debt and runaway spending than trying to fix something that is already working…..capitalism. Politicians should work towards “Accountable Government”.
For a great article on this proposed legislation see the Barron’s article “Elizabeth Warren Gets It All Wrong” by Matthew C. Klein:
To read the full Bill:
I was talking with a client of mine the other day and he shared with me something pretty interesting about the medical profession. He told me that if I had a great doctor I should chain him to my garage now and he is likely right.
Regardless of the opinion you have on the new health care act no one seems to have given a lot of thought as to who will provide care for all of the new individuals that will be covered by this health care act (let alone how this will really be paid for).
There was a great article in the Parade Magazine today about a small town country doctor (what a great individual this must be). In the same article a projection is cited by the American Medical Colleges, that the U.S. will be short 45,000 primary doctors by 2020.
I now better understand my client’s comment. I have a great doctor but he is in a lot better shape than I am. I guess I better get back to exercising and buy some chain……
Here we are already into a new year and the dysfunction in Washington D.C. continues. Congress passed tax legislation in 2013 containing 2012 provisions. This makes tax planning difficult. My New Year’s toast to this incompetence (both parties) is taken from the cover of a recent Business Week.
It is really sad that our Country’s debt was downgraded by S&P. What makes this exceptionally frustrating is we could see this coming and were not able to do anything about it. Continue reading
I read a recent article from Bloomberg’s Business Week about the residential real estate problems in Las Vegas entitled “Foreclosure Hits Las Vegas’s High End”.
Residential real estate valuations have been rapidly dropping and home owners (even those who can afford to continue to make the payments) are letting their houses go. Some enter short sales, others just move out regardless of their ability to pay their mortgage and let the banks foreclose. Should this be allowed without repercussions for those who can still afford their home? Continue reading