‘Capitalism is not a redeemable system for us’: AOC says capitalism does not benefit the vast majority of Americans and is a system run by a wealthy minority
- U.S. Rep. Alexandria Ocasio-Cortez said capitalism does not benefit most Americans and is ‘not a redeemable system’
- The New York democratic socialist said the economy only benefits a wealthy few like the Koch brothers, whose family owns more than $100 billion
- She said the rich elite controls ‘over the means of production’
- Ocasio-Cortez went on to advocate for regular workers to be on the governing boards of companies to give more power to the people
U.S. Rep. Alexandria Ocasio-Cortez said capitalism is ‘not a redeemable system’ for Americans and represents a ‘pursuit of profit’ with disregard for any human, environment and social consequences run by an elite minority.
The New York democratic socialist slammed the US economy during an interview with Yahoo Finance’s Andy Serwer on Thursday, explaining that it was controlled by a small group of capitalists who make money and ‘don’t have to work.’
‘They can control our labor. They can control massive markets that they dictate and can capture governments,’ Ocasio-Cortez, 32, said.
‘And they can essentially have power over the many. And to me that is not a redeemable system for us to be able to participate in for the prosperity and peace for the vast majority of people.’
U.S. Rep. Alexandria Ocasio-Cortez said capitalism was not a system that benefited Americans
Ocasio-Cortez said that only the wealthy elite like Charles (left) and David Koch benefit from capitalism and use it to hold control in the U.S.
Ocasio-Cortez also said that capitalism was flawed at its core, saying, ‘To me, capitalism at its core, what we’re talking about when we talk about that, is the absolute pursuit of profit at all human, environmental, and social cost.’
She said that under the economic system, a nation’s power is held by an elite and wealthy minority, calling out billionaires Charles Koch and David Koch, whose family is worth more than $100 billion and have a hold on the fuel and oil industries.
‘If it ultimately comes down to a billionaire or the Koch brothers or the Koch family having control over the vast majority or large plurality of our oil assets in the United States, if it’s a handful of very wealthy families having control over – you know, private families having control over means of production, that is essentially the capitalist system that we live in, she said.
‘It is a small group that is of privatized control over what we eat and how we fuel our society.’
The New York rep then touted alternatives for companies to do business by including workers in the way they operate, alluding to ideas discussed by fellow progressive U.S. Senator Elizabeth Warren.
‘For example, Elizabeth Warren has discussed workers being elected to the governing boards of companies…you can have markets where businesses and ways of producing, trading, selling goods are really controlled and not just controlled but giving more power to workers.
‘People get a fair shake. Union jobs, unionized workplaces, all of these are different steps and levels that we’re talking about in a more just economy,’ she said.
Ocasio-Cortez’s comments on Serwer’s ‘Influencer’ show were part of a broader interview where the Yahoo Finance host asked her takes on recent economic events, including Congress’s refusal to ban representatives from buying and selling stocks.
She said it’s ‘not a mystery’ why the legislation has not yet passed despite swelling public support, and estimated that a ‘majority’ of Congress trade stocks.
‘An enormous amount – I wouldn’t be surprised if it was a majority of members of Congress – hold and trade individual stock,’ the New York Democrat told Serwer.
A push to ban lawmakers from trading stocks has gained momentum after a number of questionable trades prompted ethics concerns, but House Speaker Nancy Pelosi squashed any idea that she will rally her caucus for such legislation.
‘Even last year there was at least 75 members of Congress that held individual stock in Johnson & Johnson, Moderna and Pfizer,’ AOC said, criticizing Congress’s decision not to pass legislation banning representatives from trading stock
‘We’re a free market economy,’ Pelosi said, as she poured cold water on the idea of banning stock trades in Congress
Ocasio-Cortez said, ‘Even last year there was at least 75 members of Congress that held individual stock in Johnson & Johnson, Moderna and Pfizer.’
At least 75 members of Congress did hold shares in the three pharmaceutical companies that developed a Covid-19 vaccine, even as they voted on legislation to allocate billions on developing and distributing the vaccine.
‘That is where we should be drawing the line,’ Ocasio-Cortez said.
‘I am a member of Congress. Members of Congress have access to very sensitive security clearances, access to very detailed, tailored briefings. Our job is to try to anticipate and legislate for what we see is coming. We should not have the ability to both have access to that information and to hold and trade in individual stock.’
Pelosi defended her position to reject the trading ban on December 15, saying, ‘We’re a free market economy. They [lawmakers] should be able to participate in that.’
She doubled down on her position in a news conference last week.
‘I do come down always in favor of trusting our members,’ the House Speaker said during her weekly briefing on Thursday.
In December, her husband, Paul Pelosi, disclosed that he bought millions in tech stock.
Over the course of five days, Paul Pelosi purchased stock worth anywhere between $1,750,007 and $3,600,000 – shares in Alphabet, Disney, Salesforce, Roblox, Reoff XX and Micron Technologies.
Pelosi and her husband Paul are known as some of the most prolific traders of all time. Social trading app Iris draws in customers who can track their trades and mimic them for themselves.
Asked about the recent trades, Pelosi’s chief of staff and spokesperson Drew Hammill said that they had all been made by the speaker’s husband and she did ‘not own any stocks herself. ‘
‘The Speaker has no prior knowledge or subsequent involvement in any transactions,’ Hammill told DailyMail.com.
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