Charles Payne: Capitalism has become ‘distorted’ as ‘pitchfork crowd growing larger and louder’

Fox Business Network host Charles Payne noted early Monday that the uniquely- American economic model of capitalism has become “distorted” and misunderstood to the point where discontent with it is fueling a potential uprising.

Payne was responding to a Twitter post from Sam Sorbo, an actress, and wife of Hercules star Kevin Sorbo, who wrote, “Large corporations have taken over, somehow people see this as: ‘Capitalism has failed, let’s give the government more power so they can fix it.’”

“Great point Sam which why on January 13th im [sic] hosting special town hall on the future of capitalism in America. Things have become distorted and pitchfork crowd is growing larger and louder,” Payne wrote in response.

Payne, a former U.S. Air Force member who began his professional career as a financial analyst on Wall Street, has held similar town hall-style events in the past where he discussed how Millennials have been misinformed about capitalism by academics who romanticize a polar-opposite economic system, socialism.

“What we’re essentially talking about is turning completely inside out the economic system that … is the preeminent country in the world,” he told former Fox News personality Todd Starnes in 2019.

“They have been taught that something is wrong in their lives,” Payne added. “…For some reason it’s escaped them, and they get to chat about it on their $1,000 cell phones … in the back of Uber, as they head to a bar to drink a $25 mixed drink.”

He added: “I do believe they have romanticized this to the point where it may be one of those things where you can’t talk anyone out of it…if they’ve been conditioned their entire lives that this current system is unfair.”

Payne has also previously discussed the growing wealth gap in the country, and how more Americans have begun to feel like the economic deck is stacked against them.

“The energy is on the other [Left] side. I think it’s because there’s a feeling that one group is entitled – feels entitled and acts entitled – while the other group feels like they’ve been shut out and overlooked,” he told American Thinker in May 2019.

“Even the election of President Trump underscores that this was brewing. You had a lot of dissatisfied voters, many of whom hadn’t voted in a long time, who voted for Donald Trump. Union workers voted for him – because the things that were promised to them for decades, the economic opportunities, just never materialized,” he added.

To Sorbo’s point, both she and Payne appear to be referencing an aberrant form of capitalism known as “crony capitalism,” in which businesses and corporations do not thrive as a result of taking risks and marketing superior products and services, but rather as a result of connections between business and political elites.

“Crony capitalism is an economic system in which individuals and businesses with political connections and influence are favored (as through tax breaks, grants, and other forms of government assistance) in ways seen as suppressing open competition in a free market,” one definition notes.

Other financial and economic experts have noted in recent years that the yawning wealth-gaps and stifled opportunities for small businesses and other enterprises without access to political elites are driving unrest.

“We have growing populism around the world because capitalism isn’t working for a lot of people who feel disenfranchised,” billionaire hedge fund manager Ray Dalio said in September 2018. “When there is a downturn, conflicts within countries and between countries will probably increase.

“If we don’t get capitalism to work for the majority of people, both capitalism and democracy will be at risk,” he continued, adding that to address it in the U.S. at least, “a national emergency should be declared to create the right mixture of people to identify various ways of dealing with what I will call the ‘opportunity gap.’”

Capitalism has got to work for the majority of people to survive. You have to give them good, quality opportunities for education and work,” he said.

Jon Dougherty

Comments

Latest Articles