LEE’S SUMMIT, SEPTEMBER 6, 2012 – Peter Schiff is an American Businessman and CEO of Euro Pacific Capital Inc. They are headquartered in Westport Connecticut and now has six regional branches with over sixty investment consultants that focus on Retail Brokerage, Wealth Management and Capital Markets according to their website.
Schiff has an interesting hobby; he does an internet radio / video show on the key topics of the moment. This week he spent time at the Democrat National Committee Convention in North Carolina and produced this video with the dubious proposal “Let’s ban corporate profits.” This could be right out of Ayn Rand’s Atlas Shrugged.
The premise of the question uses as a backdrop the comment “Mitt Romney thinks Corporations are People: They are not!” Perhaps the legal entity known as a corporation (in whatever form) is not a person, but since R. Daniel Oliwah (wish I could remember how to spell Asimov’s character’s name), R2D2 and C3PO are only Science Fiction it takes people to define, create, and run the corporation and if it becomes a public corporation the investors are typically pension funds, 401k funds, and they represent people.
Take a look at this video and tell me what you think:
Here are what I see the consequences of a profitless business venture:
If no profit – > no tax revenue
If no profit – > no return on investment, and thus no future investment
If no profit – > no jobs (because the money pulls out)
If no profit – > no reason to risk what you have, put it in the bank and leave it there
But, then again, I’m a fiscal conservative.
The Lee’s Summit Conservative