Varney: Warren's "Accountable Capitalism Act" Would Be A "Socialist Takeover Of American Business"

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Fox Business Network host Stuart Varney warned "Fox & Friends" Thursday morning that Elizabeth Warren's proposed Accountable Capitalism Act would be nothing less than a "socialist takeover of American business."

CNBC's Jim Kramer issued a similar warning earlier this week prompting Warren to tweet facetiously:







"This is a disaster. This is the socialist takeover of American business. If this act were to go through, all companies would have to... conform to all kinds of new standards," Varney said. "Some of the profits would have to go to the workforce, the community, customers, the local and global environment, and 'community and social factors,' whatever that may be."

"The result is, you take the profits away from shareholders and you're going to cut the stock price," he said. "Which means that all those retirees, tens of millions of us who rely on the market, rely on stocks for our pension planning and our pension funding, we're going to be really out of luck if Elizabeth Warren is the president of the United States."

"It's the socialist takeover of American business. Profit is bad. Profit must be distributed to other people, other than the owners of the business, the shareholders."

Transcript:

STEVE DOOCY (CO-HOST): Meanwhile, as Democratic hopeful Elizabeth Warren prepares for tonight's debate down in Houston, a new op-ed in the New York Post claims Wall Street is already freaking out at the thought of her becoming our president.

KATIE PAVLICH (GUEST CO-HOST): It goes on to say, quote, "banks, for all their faults, are usually good at assessing risk, and they say the risk of a Warren presidency is real. They're right to be scared -- as the rest of America should be, too."

BRIAN KILMEADE (CO-HOST): Here to discuss this is Stuart Varney, host of Varney & Company on the Fox Business Network. So it's not just one of 20, she's one of the top three candidates on the left --

[CROSSTALK]

DOOCY: Top two.

STUART VARNEY (FOX BUSINESS HOST): Oh yes, and rising sharply. Look, I think Wall Street, and especially the banks, have every right to be extremely concerned about a Warren presidency. They should be concerned about what's called her Accountable Capitalism Act. That is at the forefront of her economic policy. This is a disaster. This is the socialist takeover of American business. If this act were to go through, all companies would have to get a license -- big companies -- a license to do business. And if they get that license --

KILMEADE: What?

VARNEY: Yeah, yeah. A license with the federal government.

DOOCY: But they're already in business.

VARNEY: They would have to approach the government for a license to do business. And if they get that license, they would have to conform to all kinds of new standards.

DOOCY: Like what?

VARNEY: For example, the profits from that business would no longer go to the shareholders, no. Not all to the shareholders. Some of the profits would have to go to the workforce, the community, customers, the local and global environment, and community and social factors, whatever that may be. The result is you take the profits away from shareholders and you're going to cut the stock price. Which means that all those retirees, tens of millions of us who rely on the market, rely on stocks for our pension planning and our pension funding, we're going to be really out of luck if Elizabeth Warren is the president of the United States.

PAVLICH: The title of her plan sounds a lot like Obamacare, the Affordable Care Act. The Accountability Capitalism Act. She says she's a capitalist, but this sounds a lot like socialism.

VARNEY: Oh, it's socialism. It's the socialist takeover of American business. Profit is bad. Profit must be distributed to other people, other than the owners of the business, the shareholders.

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