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Sen. Elizabeth Warren, D-Mass., unleashed a wide-scale attack on the financial sector Thursday, demonization of private equity firms, accusing Wall Street of “looting” of the US economy.
“For decades, Washington has lived by a simple rule: If it is good for Wall Street, it is good for the economy. But it is simply not true,” Warren tweeted. “Big banks make record profits and distribute huge bonuses as the average wage, which hardly move from the spot.”
The 2020 hopeful new plan for Wall Street and expanded their vision for “economic patriotism” by the imposition of several restrictions on private-equity firms, which they compared to “vampires.”
“Private-equity firms pool money from investors, you experience to buy a little of their own, and then borrow tons of more other companies. Sometimes the companies do well. But much too often, the private-equity firms are like vampires bleeding the company dry and walk away enriched, even as the company succumbs to” read your plan.
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Warren’s plan, private-equity tasks, the liabilities of the companies that have invested, as well as those companies ‘ pension obligations would extend. Some of its provisions focus on the regulation of the relations between the company and the other.
For example, you want to prevent that “lenders and investment managers from making reckless loans to private equity-owned companies that are already swimming in debt.” Companies that charge under your plan, also will not be able to monitoring fees.
Warren portrayed their proposals as an opportunity to recalibrate the economy in the midst of the over-indulgent activities of financial companies.
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But according to the American Investment Council (AIC), a pro-private equity group, Warren ‘ s plan could in the end more harm than good.
“Private equity is an engine for American growth and innovation, particularly in Senator Warren’s home state of Massachusetts. Extreme political plans of the employees, investments, and our economy,” Drew Maloney, AIC CEO and a former Assistant Secretary of the Treasury for Legislative Affairs, hurt said in a statement to Fox News.
The chamber of Commerce blasted as Warren’s plan as “another brick in the wall to stop the growth, creation of jobs and the creation of returns for retirement.”
Private equity has also invested doubled in the last ten years and more than $ 3 trillion in the U.S. economy from 2013-2018. And private equity-backed companies provided the US economy with employment for the more than 5.8 million Americans, Maloney s group claims.
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Warren’s home state of Massachusetts has benefited significantly from private equity, with 341,000 jobs in the company and $165 billion in investments.
But after Warren and sen Bernie Sanders, I-Vt., The Wall Street was, at one point, it creates a lop-sided economy that benefits, which at the expense of the American people. Billionaire and investment guru Warren Buffett drew headlines in may when he warned against the use of private equity, said he saw the proposals with the dishonest calculations.
To connect “the purpose of the financial sector savers with borrowers as efficiently as possible and spread risk,” Warren said in her policy proposal.
“A growing financial sector can help the recovery of the economy, if it helps connect people more efficiently, and spreads risk more effectively. But, as several studies have shown, at a certain point, the growth of the financial sector undermines the rest of the economy through the extraction of money, without a real value. America is well beyond that point.”
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Warren and Sanders have been the criticism of the financial sector in the forefront, working with freshman Rep. Alexandria Ocasio-Cortez, D-NY, and Sanders, for example, pushed a proposal to cap interest rates at 15 percent.
Warren pointed to the fight against Wall Street was also the personal note previously, in June, how her mother helped the family by taking a job at Sears.
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The Department store giant had been ripped from a private-equity firm, according to Warren, hundreds of thousands of workers their jobs.
In a joint video from may, Ocasio-Cortez and Warren’s former management, which included the Minister of Finance, Steve Mnuchin rails against Sears’. In a letter to Mnuchin for more information about Sears’ bankruptcy and suggesting he could manage disadvantage of Sears’ workers, while in the trump.