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Pope Takes On For-Profit Business Model and Free Markets

6/19/2015
By Charles Payne, CEO & Principal Analyst

The Pope takes on capitalism and calls for consumers to take action in his encyclical on climate change released yesterday. Pope Francis did not mince his words:

“Is it realistic to hope that those who are obsessed with maximizing profits will stop to reflect on the environmental damage which they will leave behind for future generations?"

"Saving banks at any cost, making the public pay the price, foregoing a firm commitment to reviewing and reforming the entire system, only reaffirms the absolute power of a financial system…”

"A change in lifestyle could bring healthy pressure to bear on those who wield political, economic, and social power.”

"Purchasing is always a moral and not simply economic act."

These are the kind of populist grievances we’d expect from very progressive or even socialist politicians.  It really scares me because I think the poor people of the world would be worse off under a scheme where profits were limited or confiscated for the greater good.

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Charles Payne
Wall Street Strategies


 

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