Fox Business Network’s Charles Payne predicted a “change is going to come” in America’s system of capitalism with the looming shift of political power.
The Making Money with Charles Payne host noted a coming “devolution” of capitalism backwards to a form of “corporatism,” citing the events of the last few days as major companies in the U.S. “put a finger in the air” and made politically-motivated decisions.
During Wednesday’s program, with a virtual town hall focused on the “future of capitalism,” Payne lamented that “capitalism is losing the public relations battle.”
“Big business wields more power, CEO’s make more billions while small businesses are being shuttered. Younger people are skeptical of free markets and opening up to socialism. While many older folks have not seen their American dream come true even though they played by the rules,” he said in his opening remarks. “One week until a new administration there is growing talk of reshaping the entire system. New regulations, higher taxes, and the government picking winners and making losers.”
(Source: Fox Business)
At the end of his Fox Business show, Payne soberly reiterated that “a change is going to come, folks.”
“For those that are not paying attention, corporate America put a finger in the air and they felt gale winds of negative opinions in society. It has been bubbling up for some time now, but the largest businesses in this country – they decided to preempt the torch-and-pitchfork crowd,” he said.
“They know there will be an evolution of capitalism, or a devolution backwards to something like corporatism,” Payne added. “Corporatism, by the way, is a system that would have business, government, and unions all sharing in the decision-making duties.”
Major corporations and Big Tech companies showed their political stripes in the last days as they made decisions to censor, restrict, boycott, or punish President Donald Trump and those who supported him in his challenge over the 2020 presidential election results.
— Conservative News (@BIZPACReview) January 11, 2021
Payne went on to expose the “corporate virtue signaling,” but noted that they are not just paying lip- service, but taking action as well as “scores of businesses pulled contributions from politicians in the aftermath of the Capitol riots” last week.
“Americans do not begrudge wealth being earned. They don’t mind when people earn their money in this country unless, of course, they’re being evicted from their homes,” Payne said.
“We all look up to and aspire to be wealthy. Everybody wants a bite of that apple. People want, really want capitalism to be here and they want it to be delivered. It’s a part of our DNA, folks,” he continued.
“When people are left out, though, there’s a little bit of bitterness, there’s envy, there’s frustration. And that has become fertile grounds for idealists pitching magical elixirs like modern monetary theory,” he explained.
“Businesses should help. They should help pitch in and help our educational system, provide funds for entrepreneurs and startups outside of those elite circles. But make no mistake, the next few years will see the greatest challenge for capitalism in generations,” Payne told viewers.
“I’m worried that those best to position themselves to help understanding may not be ready to take on that task,” he said, but added that capitalism is “part of America’s DNA.”
“And that’s maybe, when it comes down to it,” he added, “why we will make it through this after all.”