ED HENRY (CO-HOST): Democratic Senator Elizabeth Warren unveiling a shocking new proposal that would nationalize every major business in America. The new legislation called the Accountable Capitalism Act would constitute the largest seizure of private property in human history. So what would it do to our economy? What would it look like with the government in charge of our largest corporations? Let's ask the CEO of Walzer Wealth Management, Rebecca Walzer.
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What's your immediate reaction to this idea that all of the sudden the government would nationalize all these companies?
REBECCA WALZER (WALZER WEALTH MANAGEMENT CEO): Well, I'm glad that she's bold enough to actually tell us exactly what she wants because now we can call a spade a spade. This is definitely socialism because socialism is public ownership of companies where all the profits are actually redistributed to stakeholders instead of shareholders. And --
HENRY: Yeah, let me just break down the bill for you and then we can let you pull it apart. So this is what Elizabeth Warren says because, as you point out, she's being direct, she's being blunt about saying I want socialism. “The Accountable Capitalism Act restores the idea that giant American corporations,” she writes, “should look out for American interests. Corporations with more than a billion dollars in annual revenue would be required to get a federal corporate charter.” She says the bill “also would give workers a stronger voice in corporate decision-making at large companies and employees would elect at least 40 percent of the directors to address self-serving financial incentives in corporate management.” That's what she says is in the bill. What's your reaction to that?
WALZER: You know Ed, it's just simply unnecessary. Corporations already answer to the American public. Look at the rise of social media. When somebody is not happy with something that corporations are doing, it's all over Twitter. There's boycotts. We already have really ownership of private corporations through boycotting. If you don't like what they're doing you don't go there. So what she's trying to do is really say let's take the profits of these corporations and let's use them for our purposes, and so what we have to look at is how good is the government at taking resources and effectively using them, and so the VA comes to mind, Medicare comes to mind, Social Security comes to mind. These are all financially inept systems and American businesses reach a billion dollars because they are privately managed and with regulation, already government regulation, they are free to do what they do.
