Rep. Alexandria Ocasio-Cortez (D-N.Y.), who has joined Warren in warning of

[BeckyDem]

the downsides of private equity on workers and consumers, expressed frustration toward the end, saying she was "quite upset" by many of the initial questions at the hearing.

"I wasn't sent here to safeguard and protect profit," she said. "I was sent here to safeguard and protect people."

https://www.politico.com/news/2019/11/19/warren-private-equity-house-hearing-071649

[beachbumbob]

1. It's not an either/or issue

[comradebillyboy]

2. In other words the Democrats aren't going to abolish capitalism just to

make AOC happy.

[BeckyDem]

5. lol

[Turbineguy]

3. There are a number of things

that are in place to transfer the wealth of many to the pockets of a few. They all need to be looked at.


One interesting thing: I don't know how things are now, but for many years in Italy, car taxes were based on engine displacement. This lead to Italian car manufacturers developing high performance, small displacement engines. There's a lot you can do with tax policy.

Basically with private equity, the rules were that you could loot a company's pension fund without restriction. What Mitt Romney referred to "harvesting profits" in his days with Bain Capital. He gets a few nice houses, and the workers who were promised retirement get nothing.

Maybe the wealthy (some already do) should worry about a French or Russian style revolution.

[BeckyDem]

4. +1 Thank you.