Crom Carmichael Weighs In on the Absurdity of Joe Biden’s ‘Shareholder Capitalism’ Concept


Live from Music Row Monday morning on The Tennessee Star Report with Michael Patrick Leahy – broadcast on Nashville’s Talk Radio 98.3 and 1510 WLAC weekdays from 5:00 a.m. to 8:00 a.m. –  host Leahy welcomed the original all-star panelist Crom Carmichael to the studio.

During the third hour, Carmichael discusses Joe Biden’s recent call for shareholder capitalism and describes it as an attempt of governmental control by way of unions. He added that Biden advocates for minorities yet in his 50 years of public service has done absolutely nothing.

Leahy: Crom Carmichael, I saw something very troubling over the weekend. I’m seeing a lot of troubling things, Crom.

Carmichael: You don’t have to look very far.

Leahy: 2020 is the year that we will be glad to forget when it’s over maybe if 2021 doesn’t take us down an even worse path. So Joe Biden who has been basically a vessel for other ideas. Now is a vessel for everything progressive apparently. He has come out opposed to what he calls shareholder capitalism. What do you make of that Crom?

Carmichael: He describes shareholder capitalism that its way past time to put the end to the era, I’m quoting here of shareholder capitalism. The idea and the only responsibility a corporation has is shareholders. That is simply not true. It’s an absolute farce. They have a responsibility to their workers, community and to their country.

Now, first of all, let’s identify this for what it is. This is a typical straw man argument because what Biden is doing is he is defining what a corporation’s responsibilities are. And he is saying that corporations have no responsibility under our current way of organizing corporations and funding corporations. And that corporations have no responsibility to their employees. Well, that of course is bunk.

Leahy: It’s factually untrue.

Carmichael: Yes. Because if you are a corporation in a competitive economy and you don’t take good care of your employees they will leave you and go to a company that does. And so that’s the first thing. By the way, if you take Walmart and compare the amount of money that they pay in salaries and benefits and compare it to their profits, what they pay in salaries and benefits is many many times greater than the profits of their company.

And that’s true with virtually every company. Very very few companies make more money than they pay their employees. And for the most part, they pay their employees multiple times more. There may be some tech companies. There might be.

Even Apple, as successful as Apple is, I would bet it pays out far more money in salaries than it makes in profit. And their margins are huge. But the typical company that makes goods and services, they pay their employees way more than their profits. Plus corporations also contribute money to local charities. And so that’s the community aspect.

Leahy: Isn’t this Crom though an attack by Joe Biden on the concept of private property?

Carmichael: Yes. If you take Joe Biden’s arguments to their logical conclusions than it should be the central government that controls the means of production.

Leahy: Exactly right.

Carmichael: And that is socialism. That is socialism at its core. Communism is the political side of socialism because you can’t have socialism without communism. Because you have to have the brute force of the state to force people to do what you want them to do.

So what Joe Biden is saying is that we need to do away with people having ideas of how to start a business and go out and raise money. Because if you raise money why do people invest in an idea? If the idea is successful then the people who invested in it will make a profit. Joe Biden says that’s immoral.

Well so if people who have an idea can’t go to other people and ask them to invest in return for some equity than where does that person with the idea go? And according to Biden, it’s to their member of Congress. Kind of like the people of Solyndra and all the people that Obama invested in that went broke. But, where did that money come from? It came from the taxpayers.

Leahy: A typical Joe Biden. He leaves a little fuzziness here but let me see if I can add some clarity to this Crom. He says the era of shareholder capitalism must end and under his administration, it will end apparently. When I talk about shareholder capitalism there are two elements to it. There are publicly traded companies and privately held companies.

Carmichael: But every publicly held company started as a privately owned company.

Leahy: Yes. And my question to you is, when he says, shareholder capitalism must end is he talking about privately held companies as well as publicly owned companies?

Carmichael: He must be because if you did away with publicly owned companies you would not be able to go public so they’d remain private. So he is doing both. Here’s what he says, in place of shareholder capitalism Biden proposes a more inclusive system built on the power of labor unions and on Black, Brown, and Native American communities that he says have been left of economic prosperity. Well, Biden is the one who’s been leaving them out for 50 years. Biden has been in government for 50 years so he is essentially admitting for 50 years that he’s done a lousy job.

Leahy: He’s been a failure

Carmichael: He’s been a failure at fixing a problem that he now says is now terrible. He’s had the chance for 50 years but now says elect me. And what he’s really saying is, hey I’ve not had a good idea in 50 years. (Leahy laughs) Elect me and I will try to implement this really really dumb idea.

What he is really saying is he wants everybody to be a member of a union. And why is that? Because the Democrat Party lives off union dues. By the way, people who say that Joe Biden is a moderate, that’s bologna. Joe Biden has never been a moderate. Joe Biden has always been a bimbo.

Leahy: For our listening audience, the word bimbo, we’ve gone through this several times, and it’s worth discussing again. The word bimbo in common usage is an attractive woman who’s not necessarily all that bright.

Carmichael: That’s how some people use it.

Leahy: But the more common if you look at is basically somebody who is dishonest.

Carmichael: Well, not just dishonest. That’s the second definition. A bimbo is somebody you can pull up who’s lacking thinking skills. Not that they are suffering from dementia or anything, they just aren’t smart. A  bimbo is somebody who is not smart.

Leahy: I stand corrected. There are three definitions of a bimbo. 1. a foolish stupid or inept person.

Carmichael: And that’s Joe Biden and he’s always been that. In addition to that, he has lied his entire life about himself. For example, back in the 80s he was being challenged about something regarding his education and he said the following, to this person and he’s pointing at them.

He said I was the only person in my law school class who was on a full scholarship. I graduated in the top half of my class. In undergraduate school I graduated with three majors. I graduated with three majors and 180 something hours when 124 was all that was necessary. I was the number one political debater and chosen as that in my law school class. Sam Donelson comes on TV the next night and it turns out every single one of those was false.

Leahy: But he said it with great certainty.

Carmichael: With absolute great certainty. (Leahy chuckles) When he plagiarized Neil Kinnock…

Leahy: Neil Kinnock out of the Britsh Labour Party back in the 1980s.

Carmichael: Yes. He not only plagiarized his speech he plagiarized his life. (Leahy laughs) In Neil Kinnock’s speech, he says I’m the first member of my family in 1000 years to go to college. Joe Biden said those exact words about himself. But it was not true. He wasn’t.

Leahy: But he said it with emphasis.

Carmichael: He said it with emphasis.

Leahy: He’s a Democrat.

Carmichael: This is what Joe Biden does. He’s an idiot. He fits the definition.

Leahy: He also fits the second definition of bimbo which is a man or fellow often a disreputable or contemptible one. He fits that also.

Carmichael: Let me say this. The second one would be bad. The first one is completely disqualifying for president. When you are an incompetent fool, I don’t care who you surround yourself with. If you are an incompetent fool you are not going to be able to surround yourself with really good smart people because you can’t identify them.

Look at the people he’s talking to now that he takes advice from. Bernie Sanders has been in politics for 50 years. He’s a complete fool. He’s another bimbo. Elizabeth Warren the other day, she was wringing her hands talking to Native American women about the abuse that Native American women suffer on Indian property. The amount of rape and abuse that Indian women suffer from is just immense.

Leahy: This from the false Native American.

Carmichael: Yes. And all she does is wringing her hands and does nothing.

Listen to the third hour here:

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Tune in weekdays from 5:00 – 8:00 a.m. to the Tennessee Star Report with Michael Patrick Leahy on Talk Radio 98.3 FM WLAC 1510. Listen online at iHeart Radio.
Photo “Joe Biden” by Gage Skidmore. CC BY-SA 2.0.







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