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George Rasley, CHQ Editor

Steve Moore’s Chart of the Day: The High Cost of Going Woke

In the weekend edition of his must-read Unleash Prosperity Hotline our friend Stephen

Moore shared this chart from Axios that shows the loss of market cap by the three latest woke companies that chose to infuriate half their customers. (The brilliant marketing execs at Kohls started putting transgender messages on toddler clothing.) In the midst of a market rally, these three firms managed to lose $28 billion in market valuation, noted Mr. Moore.

Javier E. David, writing for Left-leaning news site Axios observed the suddenly soured market fortunes of the three brands are part of a phenomenon that's grown more acute as the electorate becomes increasingly polarized. Politics, wrote Mr. David, is having real economic and financial spillover effects, making it increasingly difficult for investors to price in those risks.

One of the more amusing aspects of the backlash against Target is the Bank of America downgrade, which contributed to shaving $15 billion from Target's market cap. It’s since recovered somewhat, noted Mr. David, and is currently sitting around $63 billion, down from around $74 billion in May.


Bank of America is one of the most “woke” financial institutions out there and has its own problems with consumers boycotting it for its anti-gun policies and for volunteering customer data to the FBI in the wake of the January 6, 2021, Capitol protest. However, it appears that where money is involved woke solidarity only goes so far.


What’s more, the three major brands cited in the Steve Moore – Axios reporting aren’t the only big corporations that took a hit from going woke.


Disney has lost about $96 billion in market capitalization since March 2022 when it began trading barbs with Florida Republican Gov. Ron DeSantis' over Florida's so-called "Don't Say Gay" law and other cultural issues, including adaptations of The Lord of the Rings and The Little Mermaid featuring woke characters. Disney, in addition to its battle with DeSantis, recently missed earnings estimates and it continues to lose subscribers to its streaming business, reported Al Lewis for the Palm Beach, Florida, Messenger.


As Jon Schweppe, Director of Policy and Government Affairs, for the American Principles Project explained in a column for Newsweek, for years, woke corporations have been at the forefront of every new innovation in the LGBTQIA2S+ space, plastering their stores with the latest iterations of the increasingly busy pride flag. But until now, they suffered few or no consequences in the marketplace. Many of these companies even waded into the political process and threatened to economically destroy states that had passed legislation deemed too "extreme" by the alphabet mafia.

The good news is that this opposition to transgender ideology and the whole LGBTQIA2S+ agenda has gone beyond core conservative movement actors and has reached Middle America. As it turns out, normal people don't like the idea of transgender ideology being pushed on their kids while they're out shopping. And they're willing to put their money where their mouths are.


Poll after poll shows that practically the only people in support of this gender ideology are the richest, most educated, and powerful elites. If you have an MBA from Harvard, or publish think pieces for a living, all this adolescent sex-change stuff probably seems normal. If you're a suburban mom, or a domestic light beer drinker, well, probably not so much, concluded Mr. Schweppe.


The good news is that we conservatives have having some gratifying moments of schadenfreude watching the market capitalization of woke corporations tank as they lose market share. The bad news is that these corporations continue to be run by Marxists who don’t really care whether their shareholders win or lose.


As Mr. Scweppe put it so well, the people who run these companies are ideologues, and they care far more about the approval of their fellow zealots than they do about their bottom line. The Dodgers didn't host anti-Christian drag-queen pole-dancers because they thought it would make them money. They did it because they think it will win them moral plaudits from the elites whose blessing they crave.


As we have observed in the past many of America’s major corporations and media companies are no longer profitmaking enterprises operated for the benefit of their shareholders, they are Leftist (actually Marxist) political operations masquerading as businesses. We recommend The Dictatorship of Woke Capital by Stephen Soukup as a good primer on how we got where we are and a clarion call to arms for the Right to fight back.



  • Joe Biden Pride Month

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  • Dr. Meredithe McNamara

  • Rep. Dan Crenshaw

  • Anheuser-Busch InBev

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  • American culture

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  • Biden administration transgender regulation

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  • Target

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  • Chip and Joanna Gaines of Magnolia Home

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5 Comments


van.snyder
van.snyder
Jun 19, 2023

Victoria Toensing and Joe di Genova added to LGBTQIA2S+ making it LGBTQIA2SFY+

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gammaray
Jun 19, 2023

Happy Juneteenth, everybody!

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kenmarx
Jun 19, 2023

LGBTQIA2S+ isn't even pronounceable. You'd think if they're so brilliant that they'd come up with a better term, one that slips off the tongue. Besides, even after mixing in all of those weird life styles, they still number under 4% of the total population. It makes no sense that highly educated and wealthy government and corporate leaders would cowtow to such a crowd.

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Susan Doten
Susan Doten
Jun 19, 2023

ALL great articles written about subjects of particular interest to conservatives. And I have not donated since 2016 to the GOP because I won't spend a penny on the likes of McConnell or his ilk.


Winred is a waste of good money. It supported the dynasty mess from Alaska and that is the biggest joke on everyone who donates to the tune of 9 million as McConnell gave her that from the fund. We enable the losers of the party because of the funds falling into a slush fund to be spent on whomever is favored by those like McConnell. Why donate if we will keep the rinos onboard with our donations.


Thanks for making the winred system quite clear…


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kenmarx
Jun 19, 2023
Replying to

I receive dozens of texts and emails daily from various GOP entities pushing for donations. Most of them are asking why I haven't responded to their numerous requests or why I no longer am a Republican or why I don't support the party, and on and on. I would like to tell them that when I see they are accomplishing the functions that we hired (voted for) them to do, I will consider sending money. Plus, how do I know that the many requests I get from Kevin McCarthy really are from Kevin McCarthy? Doesn't he have enough to do without sending out multiple requests every day? Of course he does. Those messages are not sent out by the …

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