Wall Street is trembling: Sen. Elizabeth Warren is leading the polls of Democratic Party presidential candidates. According to Quinnipiac University, Warren is now two points ahead of Joe Biden, who had been the front-runner. Quinnipiac predicts that Warren will win the Iowa caucus by the same margin.
The survey was conducted before House Speaker Nancy Pelosi launched an impeachment inquiry into Donald Trump. The distance between Warren and Biden will increase in coming polls as American voters usually react negatively to nepotism.
Apparently, Trump tried to recruit the Ukrainian president to find dirt on Hunter Biden, an American lawyer who sits on the board of directors of a Ukrainian gas company, but knows nothing about its business. Joe Biden has ended up looking like just another corrupt politician willing to pull strings for his son.
If all people are equal before the law in a republic, including the Republican president, then the same shoe of nepotism that fits Trump fits just as snugly for the Democratic candidate Biden. Sen. Warren has turned out to be the lucky beneficiary of this back-to-back corruption.
Wall Street is terrified of Sen. Warren. They call her a socialist and fear that she will raise taxes. For her part, Warren promises that she will do so only for the wealthiest 1% of taxpayers.
Warren would like to increase public spending. She used to be a conservative Republican. She believes in the market, but, like Adam Smith, she believes that we must prevent businesses from steamrolling citizens and from creating monopolies. Thus, Warren believes business should be regulated.
Sen. Warren and her husband, Bruce H. Mann, a Harvard Law School professor, belong to the 1%. They are millionaires, but they do not form part of the group of “useful idiots,” like Bernie Sanders or Bill de Blasio, who support Cuban or Nicaraguan Stalinism even when the horror of these systems is evident.
It is a shame that in her 70s Warren hasn’t yet learned that “redistributionism” affects the poorest of the poor negatively, or that increasing public spending also increases corruption and inefficiency. She’s missed these lessons because she knows no one who has been affected by the adverse affects of such redistribution and regulation.
However, U.S. elections are between people made of flesh and blood with their dark sides as well as their brilliance. If Warren is the Democratic candidate, voters will have to choose between a nasty individual who is totally incapable of any kind of empathy, but who has a few good economic ideas, and a good woman who is intelligent, but who is completely mistaken when it comes to economics. Fortunately, if Warren leads the country, the complex system of checks and balances that exists in the United States will prevent her from creating too many problems. I hope.