🔴 Peter Schiff at Occupy Wall Street "I am the 1%. Let's Talk"

🔴 Peter Schiff at Occupy Wall Street "I am the 1%. Let's Talk"

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00:00
all right this is peter schiff and i've come down here to occupy wall street to represent the one percent and see if i can have a dialogue with the other 99 percent maybe see if we can find some common ground and maybe i can help educate the people to direct their protests to the more appropriate source because it's my opinion that they shouldn't be here occupying wall street they should be in washington occupying pennsylvania avenue they should be protesting in front of the white house in front of the federal reserve in front of congress
00:30
in front of the supreme court knocked down here uh protesting capitalism capitalism is the only solution that they have to their problems it's not capitalism that has failed them it's socialism it's corporatism it's crony capitalism it's fascism that is the problem capitalism is the solution if we can only fully embrace it anyway we've got a few people around here and i'm wondering who in particular would like to address any of their grievances and maybe tell me what they're hoping to get from
01:00
occupy wall street and maybe we can uh maybe come to some solutions or put them on a better path anyway i don't know if you're filming the crowd we have a question over here all right what's your name uh margo margo where are you from portland oregon and you came all the way here for the protest or well i actually went to germany first and then i have a friend in brooklyn so i thought well i'll stop to see her but you didn't protest in germany did you oh no that happened after you guys started here all right i went to the the book book
01:31
trade fair but i mean i have a simple question okay who are you peter schiff okay i'm a businessman i own many companies but one of them is a security broker dealer uh so i mean well i have an office in manhattan but uh i have offices all around the country okay all right yeah but i'm definitely into one percent i could be in the one percent of the one percent so i'm here and uh you know and i said i have a lot of sympathy for the people who are protesting yeah but they're protesting you know they're
02:03
directing their anger in the wrong direction yeah okay so uh with the with the media one sec yeah um and twitter and julian assange and all those kind of things that are coming together uh will uh is that that forms a way to have a forum and a conversation and getting the secrets out there's so many well did you have a question or do you have a concern how do you get the secrets out because i don't know what secrets you're talking about i'm trying to get the truth out and explain
02:34
because i'm one of the few people in the country that actually predicted the economic crisis the housing bubble the financial crisis i warned about it for years nobody listened that was a problem i worked for uh state government and i can tell you there are a lot of secrets and it's the secrets uh that that we don't know and then that's hard to work against because uh the the first people who aren't inside the government don't know where the secrets are where the gaps are all right well how do we find out well i don't know what secrets you're talking about i'm just trying to
03:05
you know the secret is that it's not capitalism that's the problem here if we had capitalism there'd be nothing to protest all these people would have jobs it's because the government that people don't have anything to do but anyway so what's your name my name is derek brown and i'm i'm speaking from another perspective uh over this remission it's people apparently from all states nations genders where you fellas increase i'm from the bronx okay okay i have this thing that
03:35
imagine compassionate capitalism is there such a thing could there be such a thing well it's the most compassionate system i know by definition your definition being from coming from the one percent now i have no problem with you having money the problem is there's those who are destitute and discontent with their lot in life right but what is the solution how how if you don't have money now how are you going to get it and how do people that have money you know in a capitalist society where
04:08
you know people are free to spend their money where they want let me finish one second the way a capitalist gets rich is to figure out what the consumers want and give it to them and do it at a less expensive price at a better quality so the way a capitalist gets rich is by enriching everybody else okay so that's what you have to say as part of the one percent again i have no problem with you having a lot of money and you having something to give and you are you getting
04:39
what you deserve from your labors and your endeavors what's your but what is your but my thing is if you make 100 million imagine how many jobs could be created if you just made 50 million well listen no no when i say compassionate capitalism i'm talking about this people who make allowances for those who have not but what you're forgetting is
05:10
if i make 100 million i had to create a lot of jobs to make that money that's the point when the capitalist is making money we call greed and the problem with but we're all greedy everybody no no we're not you cannot say that we're all greedy you cannot you don't you want things for yourself you don't want more you don't want better things for yourself we're all doing that's the problem we or some of us are simple people we just want a place to live we just want some food in our refrigerator and capitalism
05:42
and capitalism capitalism is the best way to get those things i mean you're standing here you're not naked you have clothes on the people that made those clothes did it to make a profit and to make a profit they had to make clothes that you can afford capitalism is why we have food that's why i didn't get these clothes for free but some no somebody made them somebody had a producer i said my friend you need to open your mind it is understand that all these people are not in this park because of your perceptive perspective
06:13
saying capitalism is the only way to produce things right well i vote i think that socialism is wrong it is wrong it's absolutely wrong but first i employ i employ 150 people i employ 150 people right i've created those jobs how many jobs did you create how many people do you employ how much money have i given you but you haven't given me anything but my point is i've created 150 jobs i'm i'm writing paychecks every week i haven't given you anything you what what are you what are you everybody in this park has contributed to your fat
06:43
ass bank account how do you figure in one way shape form how do you figure that out you know something you need to open up your mind where are the people in this park when the people in this park work in 20-hour days or at my um when i started my company in my one bedroom apartment were they there no they weren't just so you know how much of my total income right now do you think the government takes every year from me how much you think listen but just guess i'm oblivious but give me a guess but there's other people that need to does anybody here want to guess
07:26
what percentage of my income the government takes for me right now why we're here that's pretty close we don't play a guesting game we have data yeah give us your data no but the government takes it doesn't matter what i make the government takes half of it every dollar i earn i get to spend 45 cents the government spends 55 cents so i'm already the government's already taken more than half my money i don't know how much more where do you stand concerning i don't lobby anybody where do you stand concerning our flight i i feel for your play i i wish that we
07:58
had a more vibrant economy the problem is the government is taxing and regulating the economy to death the government is not letting capitalism work you guys are protesting all the bailouts on wall street i was with you i was against the bailouts even before they were proposed i knew these banks were going to fail i wanted them to fail i didn't want the government to bail them out that's not capitalism capitalism would have let the banks fail a lot of people on wall street would have lost their jobs if we had capitalism instead of the united states it would have been in better shape we would have taken the medicine well the economy would have
08:28
survived without the government bailouts absolutely the government the economy is in trouble because the government um i'm here i've been observing this for a few days i'm actually from a libertarian mindset i know you're back from poland a lot of that sort of stuff um i've actually been amazed how much overlap i saw i saw a lot of end the fed stuff i saw a lot of things that actually overlapped where i thought it was walking into a leftist movement do you see this as a left-wing movement or do you see this more as a populist apolitical movement well you know i think that people especially young people have a right to be pissed off because they get social security and paying all
09:00
this stuff well not only that look we've sold the young generation short we've put them through these government schools we've loaded them up with debt you know one of the one of the problems people want is the forgiveness of the student loans why are there all these student loans it's because the government guaranteed them if the government minded its own business then nobody could get a student well there's never been a vocabulary without government involved no but my point is if it wasn't for the government college would be cheap the tuitions would be low it's only because the government subsidizes it and guarantees the loans but who gets the shaft here it's the kids the colleges get all the
09:30
money and they stick to kids with a bill they graduate with these worthless degrees with a hundred thousand or more in debt and they can't get a job and if they get a job they're paying massive taxes they're paying social security taxes support a generation that voted in this ponzi scheme before any of these people were born they're paying income taxes if there's anything left they got to pay back their student loans and they can't even discharge them uh in bankruptcy and if they die their parents are stuck with them so i think i mean you know i think to blame on the government of course the government did it well it's not all the blame of the government
10:02
well who else did it who guaranteed together you guys are part of this no no wall street is i agree with lobbies but why why are there lobbyists why are lobbyists successful because government has power and influence the problem is the government if the government couldn't dole out special favors and subsidies there would be no lobbyists so what you've got to do is get take the power away from government and bring it back to the people you guys would own everything no then we'd have freedom then we'd be a wealthy country like we used to be before the government came in and screwed it all up
10:33
you know we created the wealthiest society that the world had ever seen the standard of living you go back to 1950 the average american had a standard of living nobody could match anywhere in the world that's not that's not true today because we don't lead the world in freedom we lead the world now in big government and regulation and central banking that is the problem we have to go back to the constitution we have to go back to our roots of course but why because no no but the government made it so expensive to hire americans that's the problem
11:04
all the taxes all the laws minimum wage occupational license payroll taxes unemployment taxes all all the potential litigation the government has said it's so expensive and so risky to hire look i hire people right and a lot of times i'm reluctant to hire people i try to avoid it because the problem is the government makes it too expensive i know a lot of small businessmen that do everything they can not to hire people because they don't want the headache from the government they don't want the legal liability they don't want the government dragging him into court and suing them
11:36
because they don't think they hired somebody the right way or maybe they fired him for the wrong reason you know the government is looking over the shoulder of every businessman and it is hard enough to start a business without the government complicating it with taxes and regulations you know when people start a small business they put it all on the line it's their money they have to pay everybody first they pay their employees they pay their rent they only make money if there's something left over you know and the government makes it very hard so people don't start businesses and if they do they try not to hire people because they can't take the cost
12:08
and if businesses are moving their jobs i recently set up a bank in the caribbean i'm moving some some of my employees to singapore i would rather keep all my employees here but i don't have a choice the government is making me uncompetitive the rules and regulations are so expensive that the only way i can stay in business is to move part of my business to other countries you know but i would rather do all my business here if it weren't for the government i think it's the corporations that get greedy and decide that oh why would we pay someone eight dollars an hour if we can get someone for 50
12:41
cents an hour in india and that's why first of all the corporations are just people it's people that own stock right there and if you go back to the 1950s for example america paid the highest wages in the world much higher than we do today yet we produce the cheapest stuff our products cost less than products produced anywhere else in the world and so we sold them all around the world why how was it that we could pay the highest wages but produce the lowest cost stuff it was because we had more capital we
13:14
had more capital because we had lower taxes and fewer regulations so we gave our workers tools and machines to make them more productive we don't have that anymore we are not as productive as other countries that is the problem but you have to ask yourselves why how did we have such a huge lead and how did we blow it what did we do wrong and what we did wrong was more government more rules more regulations more taxes that made us less competitive that's why the jobs are gone hold on is it safe to say that you're
13:45
the only one here who's anti-government i don't know there's probably a lot of people here who are all right how many people here blame the problems on the government partially the federal reserve yes yes definitely the federal reserve it's a big talk about that a little bit yeah well it's a federal reserve that creates all the inflation that destroys the value of our savings and our wages it's the federal reserve that inflated the housing bubble and the stock market bubble before it every bubble well yeah what's this can you speak you're in this movie right in this movie i don't know i don't know
14:16
if i'm in that movie yeah plunder you're in this movie i am danny um i don't know who's got wikipedia i don't know i i don't know if i'm in it i i i get in a lot of documentaries so i could be in there what do you think of wall street well such a good job i think why is america going down it is going down it's going to i thought you're one percenters are doing such a good no well some of the one percenters who are working on wall street who are getting their money based on government bailouts and
14:46
subsidies that is the problem they should be allowed to go broke but there are a lot of people who are businessmen who don't get a government subsidy who are trying to overcome enormous government regulatory hurdles and high taxes you know they deserve that money but i'm with you on wall street nobody deserves a bailout no company is too big to fail if someone on wall street gets in trouble they should lose their money that's how capitalism works you you take the good and the bad 15 million people out of work
15:18
well the one the main reason is because the government through the federal reserve is bleeding main street dry to siphon money to the speculative activities going on here on wall street a lot one percent get income going up going up dramatically yeah for the reason the average income of the average guy going down germany yeah it's going down because of big government the government is undermining the productivity of our country look you're not gonna you're not gonna bring the poor up by bringing the rich down
15:50
right you don't make the poor richer by making the rich poorer you need rich people to invest their money to grow the economy to create the products to create the businesses to create the jobs if you take away the money you get less it's not nobility lords and ladies that's from government right that i'm talking about people earning their own money from their own hard work excuse me you identify as a one percenter excuse me you identify as a one percent well i'm in the one percent for the purpose of this protest
16:22
i understand excuse me excuse me excuse me we cannot have acts of violence or violations i think it was the win i think it was the win okay if you feel if you feel like that you're being questioned i just wanted to invite you to if you want to have a dialogue with us forming a spokes spokes council or somebody that we're forming we're trying to form more official bodies i mean you can come here and talk to people if you want you know you're free to do that autonomously but if you'd like to meet with we were doing it a little more structured earlier and if you'd like to meet with us well i mean i'm right here if anybody wants to come and ask me a question
16:52
great you know thank you very much i'm jesse sure i just want to shake your hand because i've watched you a lot on uh what is this well this is reason tv we're just there and they're going to put it online and try to make something out of it but okay okay he's next he's next right here this guy wants up next do you respect the facts sir you got two minutes you addressed yourself as the one percent that all the people around you are demonstrating here against that concept i understand that you know i'm here do you respect us sure we're sitting
17:24
here and having a civilized conversation of course i i understand your your concerns doesn't does it show you that maybe we have some quality to be respected i am respecting you if i wasn't respecting you i wouldn't be here i think we're against the wrong people when we're against the same government the the the the rep on the occupy wall street movement is that it's an anti-capitalist movement and my point is that we don't have capitalism we have crony capitalism and i'm against
17:59
that okay i'm with you on that i want to get the government the banks i want to get them out of our lives but a lot of people i look at some of the grievances please respect your community we have formed a line autonomously but for me to talk to you hold on hold on all right what's your name my name is sage okay go ahead so in order to talk to you i formed an autonomous line okay so where's the so i served my community in order to get something for myself well did you do they pay to be on the line no what i wanted for myself was to talk to you all right well go ahead so what i wanted
18:32
to say was what did you want to accomplish from from coming to occupy wall street well i wanted to come down here because i see a protest movement and i agree with the sentiment and i agree with the fact that you should be protesting it's just my point is it's washington that should be the recipient of the protest you guys should be marching on the white house in the federal reserve demanding your freedom back demanding capitalism demanding liberty fighting for the constitutional rights that you should have by birth not not protesting the this is the consequence that
19:02
i don't down here huh i don't go on the marches yeah excuse me excuse me so anyway um i've come here i don't go to the protests i prefer to occupy the future instead of protesting the past i've i've been here since like day one not to brag but i've noticed that there's sort of a difference between the people that come here to occupy and the people that come here to protest i find that the media really likes paying attention to the protest but doesn't really like paying attention to the occupation i didn't know there was a difference well maybe you spent more time here well
19:33
it's my first day i just wanted to say that a lot i heard you say something about money that people pursue money i think that when people focus on one aspect of the process like the money aspect that things start to get demented well they pursue money because they want the things that they money can buy but money is a yardstick do you think well if you're if you're doing a business if you're pursuing a business and you're not making money that means you're not creating value the market is telling you to stop but if you can if you can organize labor land and capital
20:03
and make a profit the profit tells you you're benefiting society you're you're providing understanding you're making economic use of resources i understand that you're very educated about economics but the thing is that you were saying that people pursue money because they won't like what they can buy with the money what about like the kind of people that and and the only aspect of person of that i know is is that people that like collect a lot of money and then they like store it under their bed and then they but no one does that money that's saved is in store the only way you can make your money grow but
20:34
if you want to grow your money you have to make it available you have to invest it you have to either invest into what you're comfortable in which is your economic education but that's what people do get back down to a normal level what about the kind of the kind of people organizations of people that acquire resources but for some mentally sick reason never figure out how to spread those resources around they don't get that many the only way to get really rich right is to share your wealth by investing it look steve jobs just passed away he made billions how many people here have iphones in their pockets i feel like
21:05
what you want is he's not a humanitarian he's a businessman but he enriched the lives of millions of people pursuing his own stuff i am not a ramp so that you can do an ollie in front of your camera i actually want to have a conversation anyway but i have a lot more people to talk to so sure enough let's see who's next online all right well thank you very much i want to say one thing right here i just have a well it has nothing to do with like i just want to you seem like i've been in a search for someone and it goes deeper than a lot of things that i can say in front
21:37
of a crowd but i believe that i was put here today because i've been a part of the occupation on and off because i am so young and it's not really i'm not really able to be out of my out of certain areas like i'm young i have a curfew i have parents you understand so it's like i was out i came out here today for the first time in a couple days and i believe that you were put here i believe that you were put here among other reasons for me to speak to so if if it was possible for me to have a conversation with you a question a real
22:07
conversation a real conversation outside of the camera outside of the i want to be the last person you talk to i want to know i have a question okay okay all right i guess in terms of a question okay yeah how do you advise people who like you say who would like to start a business or create some things create an evolution a revolution who need money but are not after it at the money they the money is not the end but it is a means to an end of course you you if you're going to
22:50
start a business if you don't make money how are you going to employ people how are you going to pay your rent how are you going to buy your materials what i want is i want people like you to be able to start a business the problem is it's very hard you know it's easier today for a young man to start a business in communist china than it is in america because the government actually leaves you alone more there there's not as much regulation there's not as much red tape there's not as much taxes and when my grandparents came to this country they didn't even speak the language my grandfather started a small carpentry business
23:20
there were no rules regulations no red tape if he hired somebody it was just you hired him he just paid him cash at the end of the day if there was any money left over he was happy it was easy you can succeed in america when my grandparents came here because we didn't have all these roadblocks i want to eliminate the roadblocks so you can have the same opportunities that he had i understand what i'm i understand what you're saying i do have ways to make money i i'm a musician my brother's a musician that is our thing we preach our word through our music because
23:51
like you can see here there's senseless drumming going on there but it draws crowds you understand music is a strong vehicle to put a point across like if everyone my point is that you'd be able to pursue that craft easier and make more money doing it if the government was out of the way not only out of your way but out of the ways of the people that you want to play it's not about it's not about making you might want to play music in a venue and the venue can't allow it because there's too many government rules and regulations and they can't take the risk and they want to hire you understood no it's not trusting me it's
24:22
trusting you i understand what i'm saying is what about the person who needs money now you're talking about investing what do i basically i'm looking for advice to well if you want if you have a business plan and you need money you got to find someone like me and convince them to back you and the thing is though wow is because the government is getting in the government is getting in his way what is the government doing to stop him from starting a business what as far as regulations are concerned well the
25:01
regulations of the government start there's a a small business right from the beginning there are far fewer people that have savings and capital to invest because the government taxed it all away so there's not as many people like me for you to talk to but of course if we're going to start a business and i'm going to fund it what i have to look at is okay what are all the rules and taxes and regulations that we're going to have to overcome to start that business no but it adds to the risk of the venture okay it adds to my risk to get a loan from you
25:31
you're not giving him the loan because you're saying that the government is stopping you from getting him along no i'm saying that the government is making it inherently riskier because it's going to be harder for his business to succeed and pay me back because of all the regulations and taxes and i'm saying because can i say one thing what i'm saying is you just prove my point because i came to you and i asked you to have a conversation i asked you to review my business plan i asked you to aid me in starting a business and you wanted to treat me like someone who's not treated you're like but my my point is not since you're right
26:02
but if you know if we take if we start raising taxes on this so-called one percent all we do is diminish the ability of people like you to get a loan because somebody has to save the money i'm not talking about i'm not talking about a loan i'm not talking what i'm talking about is i wanted you to fund my business i presented you yeah we just met in the park i know you for all of 10 minutes how am i going to find your business that's what you do what i'm saying that's why i asked you that's why i came to you and i didn't ask you to ask you i didn't come here with a question you you asked me to ask your question i didn't come here with a question i
26:33
didn't come here with anything i came here to get maybe an email address why didn't you get maybe why don't you come up with a business proposal and send it to me i'm sorry what was that [ __ ] shift at europack.net spell that for me s-c-h-i-f-f i'm all over the internet you can find me but you can i don't know if i'm gonna be able to find an email well yes there might not be it's there trust me trust me one thing so what is your full name peter ship peter schiff yeah euro pack.net euro pac
27:06
e-u-r-o-p-a-c dot net p-a-c dot yeah i gave you a card but i don't think i have my name my name is reggio elijah all right well good luck all right you're a nice young man i just want to clarify one thing before i let this guy speak the 99 meme the what the 99 to one percent meme was just one meme out of many memes what's it mean i'm i'm so sorry uh a popular turn of phrase okay so the the the catchphrase 99 this is not 99 park it's liberty plaza
27:39
and the 99 catchphrase is not definitive of everyone here it makes sense why a popularity meme would be popular it's popularity itself the phrase itself is might as well be popularity but just so you know as you come here at the one percent not everyone here i understand you have to make money but there's got to be regulations because i believe in democracy but i also believe in regulations the market has to grow at a sensible rate right it cannot grow too fast if the market grows too fast it will
28:11
crash see the regulation we want is the market that's the regulation that works when governments try to regulate it screws it all up now let's take a corporation if a corporation wants to sell a product it can't sell the product for whatever price it wants somebody has to voluntarily buy that product so the market determines the price of the goods that are being sold the same thing is with labor a corporation just can't take advantage of its workers and pay them as little as it wants because businesses compete with one another to buy labor
28:42
people are selling their labor and so the market is going to set wages the market is going to set prices if the government comes in and tries to say this is the wage that needs to be paid all they do is end up creating lots of unemployment they have classes of people that aren't allowed to work no that's a matter of fact governments did a government end slavery or did the united states government end slavery did it i mean i'm sorry did a corporation end slavery did the government do it did corporations what does slavery have to do with what we're talking about we're saying we're saying what there
29:14
there is a role for government in our society in incorporation cannot do but slavery was wrong to begin with so let's not even it was government that created but but government created wait hold on but government government created slavery okay so so you're saying that your your argument is is that corporations know better than the united states government or any government well first of all corporations so wait let me finish let me finish so what you're saying is we should disband the federal government go back to a system before the federal government existed
29:45
where states had the rights to choose whatever laws they wanted whatever they wanted and then how does how do corporations remember first of all i'm saying okay first of all i'm saying go back to the constitution i'm not saying go back to prior to written two hundred years but it's notwithstanding the amendments the government is out operating outside the principles of the constitution i want limited government but you're you're limited to how much how much where does the government have a role in the lives of 300 million people
30:33
government is there to protect property life liberty and that's it yes it's not there to redistribute wealth it's not there uh when you have government do that it doesn't work history is filled out well that's because that's because of government the market i'm against the bailout the government shouldn't have done that that was unconstitutional right yes the government seemed perfect you know no the market would work well if the government stayed out do you believe that do you believe that all world governments should just shut down of course not way too much free market of course not but you've mentioned
31:04
walmart so what are you afraid that walmart's going to do to you what am i afraid they're going to go to what is walmart you should go and ask the employees that are working in sweatshop type conditions that don't get enough hours that don't have healthcare wait a why don't they quit i mean walmart doesn't hold a gun to their head if if they can get a better job so why did the rape victim get raped what was she doing out late at night all right so are you offering people better are you offering people better jobs in walmart if you think people in walmart aren't getting a good deal why don't you offer
31:34
to hire them so so so if the people at walmart if if corporate if the if the board of directors at walmart don't see fit to if they if they want to hire 40 000 people and keep most of them on as part-time employees just for the simple fact excuse me let me finish that they don't want so they don't want them to work more than 40 hours so they don't have to bring them into their health care system so then they don't have to pay for their health care but that is that right but the government to do that the government wait wait if walmart's not gonna change it and walmart's gonna keep up
32:04
and any corporation not just walmart any corporation that doesn't give and protect its employees that pays them a livable wage if it's not government's purpose to do that then who is going to step in and fill the void to make sure that 300 million people are represented properly who does that it's the government that is imposing these regulations that is causing walmart to try to get around government isn't there to do it who is supposed to do that go back if you go back to let's say henry ford in ford motors company a hundred years
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ago before there were labor unions before there was a minimum wage before the average ford worker was making twice what the ford workers were making today yeah okay yeah and and you know what there was a lot of other imperfections in the system do you want to go back to 1920 1930 what is this golden year i don't know what republicans want to go back to i don't want one year the 60s the 70s i don't care i don't want to go back to that technology but i want to go back to that level of freedom i want the level there was more hope everybody couldn't vote at some point well african americans and others had the right to i'm telling you
33:08
you want to go back there look we don't want to go i'm telling you there's more there's more economic freedom there was more economic freedom a lot more social freedom and social justice well what do you consider social justice i reparation payment right now there's no this one my grandparents weren't even in this country until like 1900 how am i going to get he's going to get reparations from me what yeah need is freedom and opportunity that's that's one thing that's your reparation do you shop at walmart you don't want to no i don't shop where do you buy your clothes you want to talk
33:46
i don't i don't buy them at walmart i buy them in places that aren't perfect and i ask you a question but here's the thing it doesn't you can you should i can't just say but here's my question hey listen if you ever bought something from walmart then your argument goes out the window if that's what you're doing but when you go shopping you know what i mean you try to buy clothes that are less expensive or do you try to pay more for your clothes i mean do you look around for a bargain just bought it yeah i mean but if there were two if there were two shirts the same shirt one was twenty dollars and one was fifty which one would you buy
34:17
come on the question is which one would you buy what kind of a question is give me an answer whichever one i prefer no they're identical they're the same identical buy the ones i'll buy the one for 20 bucks but what if the guy that made the one for 20 bucks was paying his workers less what if the guy that was charging fifty dollars was paying more money no but now but my point is are you gonna pay more money to the guy that pays higher wages it meant that if it meant that there was if it meant that if it meant that at least thirty percent of the iphone was manufactured here by american workers i
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would pay more for it so you i would pay more for how much so how is it possible that that apple has more money on the books than the united states federal government it's easy no no no let me finish you know how it's possible it's a rhetorical question because republicans and the business class that are in our politics saw fit to give tax breaks to all corporations and the wealthiest people so that they can starve the federal government of its taxation and now you have a system you have a we have a system where
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there's corporations that have more money than the united states federal government that's not not even close sounds preposterous well they but it's true well now let me ask you a question is it okay there's there's been memorials for steve jobs all over the place at every apple store every every there's there's reporters that are all around the world that never asked one single question to steve jobs when he was alive why are you manufacturing your iphone in china and you don't have any of your manufacturing here and i'll tell you why because we think
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that's fair to the american people wait the american people don't own those jobs steve jobs has the right to manufacture where he wants he does have a right to do it and the problem is we have made it too expensive for him to manufacture the government american workers want too much no because the government puts too much oh it's the guy again remember the reason that can that employ employers right want to lower wages is because their customers want low prices everybody wants low prices you're all and so if we want low prices you got everybody
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in this park wants low prices you can't have low prices no we don't no we don't yes you do we're not here no we're not here so you want to you want to pay more just to check is anybody out here protesting to get lower prices no no i'm saying you want higher prices so so you you're in favor of let's say the cost of gasoline triple the cost of food triple the cost we don't manufacture gasoline here but if we but given given the cost that the
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government has built in if these things were made here they would cost a hell of a lot more money than they cost now the americans had to work right now so that's your justification for putting americans out of work they're not they're not going to be here all the regulations nobody would buy this stuff it was too expensive what do you do what do you do i'm in the investment business okay food shelter and education not for profit what about it water food shelter and education should not
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be for coffee you think education should be very expensive because everything that's done not for profit costs more no the profit is what keeps it cheaper structure yes why do you think education is so expensive doesn't work because the government is involved because the government is oh the government why is everything the government's profits profits keep prices down one good thing that the government does for you aside from military spending or military or or military intervention pretty much no i can't so this so so you're a person federal government do you believe that the federal government
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has a right to to exist in the governor's lives it has the right to exist but not in the form it exists today it's it's operating outside you believe the epa should be disbanded i think it does a lot more harm than good do you believe the fda should be disappointed i'd like to get rid of it what about the fda uh-huh the board of the board what about the board of education i want to get rid of the entire federal department of education yes it is wasting our money and it is running up the cost of education sure what i've learned i don't know let me finish what i've learned over the years is to never argue with a fool and you my
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friend are a fool okay so i'm foolish right so i just stumbled into all my wealth i run all these people how could you say how could you disband the epa in the ada in the board of education because like it's not the borders and you're talking about this did i call you an idiot no you didn't all right so i have a little bit more respect i'm the next president of the united states stand down sir i'm the next president kazoo cruiser for presidency listen and maybe joke now but when the earthquakes take out washington what are you gonna do board of education is not the federal government
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the board of education's problem to fix the plan it's mine we're gonna build votes that's the next administrator of the free world all right we're gonna build goals now you need to listen to me what is the point down here my point is to talk to people who are protesting capitalism and wall street and letting them know that they should be protesting government and washington that is what's ruining this country yes that's the place today yes that's the problem but you got to go after washington that's the source of it
39:33
you can't blame the companies who took the bailouts blame the government that bailed them out in many ways it is and you're right that's a problem but we got to take the power away from government as long as government can go out power people will take it if you're taking the power away from government who are you trying to give it to if you're trying to all of us if you take government out of it you don't have to worry about a corporation all they can do is get you to voluntarily give them your money
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for their products you don't have to feel you don't have to fear a business you fear government government has power over you businesses don't all businesses can do is offer you services and products if the department of education was gone what would you replace that with what is that we did we had plenty of education in this country before the federal government got involved in entrepreneurship what's your opinion about entrepreneurship well we need more of it i'm an entrepreneur we need more entrepreneurs but the
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government is in the way of entrepreneurs who the [ __ ] is that who are you i don't know don't curse that word because you know let's just have to edit it out who am i i'm an individual all right walking around like a big kid with a microphone nobody needs to you no i don't want you wearing polyester well i don't know what i'm not wearing paulie that's that's exactly what that means don't touch him don't touch him maybe we should think about why all of my fellow veterans are coming back to no jobs no future well
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30 of the homeless people in america thank the federal government the federal reserve for that well we should thank uh not just the federal reserve but the one percent has got all the money for that but how do you find all the veterans are coming back they're not getting treated no most on the street 30 of the homeless people in america are veterans so when everybody says let we support the troops that's a lot you support the troops when they're out there getting killed or shot but when they come home and they're homeless and they got no jobs you don't support the troops i didn't even and that's why i didn't even
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support a lot of these wars that put those troops over there in the first place all right but but the reason look the people in this country most of them who earn their money not a lot of the guys on wall street who got the bailouts i'm with you on that but most people around the country who earn their money deserve it and they earned it by creating jobs and creating businesses and providing products and services here no here in this country too no all here too where do you think where do you think any of the jobs are coming from some of those people are out here
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you don't think some of those people are out here or at other occupations around the country people out there a lot of those people have lost their businesses they've lost their homes yes you know yeah because of the government because the big government we're all in the same boat together and what we've got to do we've got to know we've got to dismantle this big federal government that is destroying the economy right then we can all swim together we can all you know capitalism will lift all boats we need a revolution that's what we need we need an american revolution i'm with you hey we're working on that
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we're we're i ran out of bedding last year i didn't win though but i tried but remember matt my fellow veterans they need to be taken care of you don't want to take away the uh the only reason you want to take money away from the federal government is to steal the rest of the money that you didn't steal already no the federal government is the one that's stealing money from the people who earned it i want to leave the money with the people who earned it and they can use it to grow the economy to create the jobs take out whatever left that you didn't that the one percent didn't already know
43:23
what did i do what money did i have that i take how did i take money you personally i'm talking about the one person what do you do for a living i work for the state huh all right well i mean i i work for myself i have a company but i've made money because i have 20 000 customers who gave me their money voluntarily i didn't force anybody to give me money like wall street the corporations that are running our economy well that's the problem they shouldn't be they're running our government but why are they chris beginners capitalism it's not capital yes exactly you got it
43:54
we got it because government gave it to them we got to take it back by taking we got to take the power away from government so they can't give it out to their friends in banks or corporations we want the corporations who to get money who earn it without any political connections without any special subsidies we want them to earn the money because they produce the products and the services that we want at the prices that we want to pay and in the process they create jobs they're the ones bankrolling the campaigns that's what you're saying you're against the federal government you wanted to change and all that but you guys are the ones or at least these guys here on wall street are
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the ones that are funding all the campaigns and putting these people in power in the first place right but and then you do so because you know that they will enact policies that you want and then you also know that once they do that and you become friends with them through campaign fundraising and all that that is the problem that they will let you in the government and you'll be like hey can i can i be secretary of the treasury no that is the problem see because washington has so much power there's lobbyists because people are peddling their influence and corporations are trying to get the benefit of that power but as long as the government is there with power
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people are going to lobby to have it used in their interests to begin with and it's supposed to have power to take care of the president of the country no it's not what's not supposed to happen is that a small group of citizens with a certain amount of money are able to walk right into the government and then sit and and the government is here in the white house and sit sit in all these positions the federal government is here to be small and inconsequential it's supposed to defend us from abroad but it's supposed to be smaller no no if they had no power there'd be no lobbying
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they'd be there'd be nothing to give out we don't want the government to be able to pick winners and losers to say you get a bailout and you don't you get you pay a tax and you get a subsidy that is the problem actually make those decisions are the guys here once they get in government because they put themselves in the government with the money that they're right they buy those seats the secretary of the treasury i want to step yeah we got to protest that process but it begins no but it begins in washington that's the source no you gotta cut off the head of the snake stop buying uh seats in the government
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and stop enacting these policies stop deregulating everything so that you can do whatever you want but it is no as long as no but as long as government can give out special favors people are going to lobby to get them you got it yes these guys basically kick the door down and like yo we we funded your campaign you better you better let us in there or else we're not going to fund your campaign next time around yeah it's already happening because the guys here are angry at obama for like trying to regulate them a little bit so now they're giving all their money to mitt romney there's already too much regulation are you kidding me in the financial industry
46:27
we're regulated to death you know because the regulations if the regulations if the regulations that were rolled back in the 90s were still in place we wouldn't have had this crisis the government caused the crisis with all the regulations look i started my business my brokerage business in 1996 right i'll get to that i started my firm in 96. there is no way with all the regulations that exist today i could have started you know it took me almost three years to get permission from regulators to hire people i was on a hiring freeze it cost me a million dollars or more
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in in legal deals to get the right about the regulations we're talking about are the ones that allow these banks to get so huge yeah that was government government did that all these instruments these financial instruments that are actually highly dangerous yes and that caused i agree the federal reserve did that and the government did that the politicians that are sitting around being like oh you know what let's uh let let's direct let's regulate too much just so that these guys can crash the economy it's because it's because it's the guys here that are fundraising i mean do you know that i was the president did you know that for
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years i was on television and writing books warning about all the things that have just happened i warned about the housing bubble i warned that it was going to crash those people don't listen to me in washington but i warned and now that's what we're doing but i understood how the government created the problem you're talking about glass-steagall the reason that we had glass-steagall was to counteract the damage of government-insured bank accounts the problem is the government shouldn't be insuring bank accounts at the same time yes i know but we shouldn't ensure bank accounts
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and that i know because we don't we shouldn't be insuring bank accounts why shouldn't we because do you have a bank a bank no wait do you have a bank account yes i have a bank do you do you care what the bank does with your money when you deposit it there do you care about the loans i do why do you worry because i want them to gamble with it and all these and all these things if the bank gambles with their money and loses does it affect your deposit of course it does how it's deterred by the government they use that nobody nobody in this area that has a bank account has ever looked
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at the bank's portfolio to see what kind of loans they're making nobody cares no does that make it okay no no so are you personally benefiting from the bush tax cuts that's what i want to know you're part of the one because i don't think anyone else here is benefiting i don't benefit from tax cuts the government benefits from the money that i earn that they tax that's my money i earned it i'm probably doing it but i earned it the government has no right to i'm like this young man in society i care what they're doing they have the
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right to tax for the general welfare and defense of this country they don't have the right to take money from me and give it to somebody else but we're a collection of individuals and individual rights are supreme unfortunately we protect our rights not to steal from us if it's for the wrong purposes if the government i didn't sign a contract with i've got i've got inalienable rights wouldn't you like to get into the one percent you know you don't want more money you don't want it if i offered to put you in the one
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percent right now you're brother and i would pay my share and get rid of that okay immediately what do you mean let me ask you a question what let me ask you a question let me ask you so that these folks could pay their student loans could get off of food stamps could be successful just like you what are you driving they don't have a car what do you think my favorite shares what percent of my income do you think would be for the bush taxes national average runs close to 17 percent a whole bunch of people about 50 percent don't pay
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how much do you think i should pay what would be fair for me i i don't know what your income is i can't tell you that i believe in a progressive income tax that is fair okay well i look all right well that would be a huge tax cut for me i pay much more than 35 percent of my total income in taxes what do you think less than me and i employed her well well buffett is full of it because warren buffett is the biggest shareholder in berkshire hathaway so he's paying a 35 percent tax on his profits
50:58
sure it affects him he has to pay it back no no no no well i thought it's on paper but i'm paying i am giving the government half of what i earn you think they should take more i think we should get rid of the bush tax cuts but that means i would be paying more than half of what i earned the government no way you could cut all the expenses you want increasing revenue there's no way to fix it if you raise my taxes maybe i'll just decide to sell my business and fire 150 people why should i work for free 20 000
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clients you're doing much better than anybody else here why should i wait do you think wait hold on i want to share your success do you think i should work for you or for myself well i'm like you i'm an entrepreneur i want you to work for yourself right but if the government but you started out with two clients before you had 20 000 you should want to help the next guy i am helping the next guy i'm helping them i'm helping my clients by giving them services that they want i'm employing 150 people how many people do you employ
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i'm in the mortgage business i wish i employed 150 people we'll go do it the problem is i'm doing it i'm doing my share why aren't you doing yours unregulated and in fact i'm probably paying i'm probably paying more income taxes than everybody around me combined so i'm paying more than my fair share right now i'm picking up the slack for a lot of people you can verify that then ge didn't pay any taxes well i'ma get look we need first of all we should get rid of the corporate income tax because corporations don't pay taxes either their workers pay taxes their
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customers pay the tax or their shareholders and a lot of the shareholders are elderly people who are trying to live off their retirement statement [Music] tax people on the individual the corporate level is a ruse they're not paying the taxes they're passing them on yeah and you're talking about the poor students hey i'm the one that wants to get rid of all these student loans i don't i don't want the government loaning money to kids to go to college i don't want them guaranteed nobody i want tuitions to come down because for me to go to college in new zealand
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than for me to stay here and go you know what if the government stops subsidizing student loans the universities would have to slash the prices and then you can afford to go you wouldn't need a loan okay thank you for the answer i want quality education a lot of education to argue on these matters so i am here to educate myself but my problem is that a lot of people here don't trust corporations when we give them money back they say we'll hire more people instead what we have seen is that they take that money and use it to influence government to help themselves because government has the power to go out we got to take away the power
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but corporations hold on corporations are nothing to fear all they can do is offer you a product or service it's up to you whether or not you want to buy it they can offer you a job you don't have to take it you can work for somebody else you can work for yourself you don't have to fear a business job out there well then aren't you glad the corporation is there to give you one because there's nothing better out there because again yeah you're making a difference that makes sense no how are they taking away where do you think jobs come from when they crash the economy it was crashed because everybody started doing job cuts all these corporations were doing job cuts
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even wall street that's my question where did jobs come from the first place money they buy that's where jobs come no no they don't come from consumers where are they your company no where do those consumers get the money where do the consumers get the money they get the money from from working yeah so the jobs come first the goods come second yeah after that and you're not reinvesting in america right why are we doing that because the labor is cheaper over there no because the regulations are higher over here the taxes are higher
54:35
yes yes yes one more question do you believe that franklin delaware roosevelt did what he had to do in 1939 government intervention no he caused the great depression yes by doing exactly what herbert hoover did he was the barack obama of his day he the reason we had a great depression was roosevelt we didn't even he didn't save it he almost destroyed it no no no hoover is okay the socialists want to blame it hoover did the wrong thing hoover was like george bush he tried to prop
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everybody up bail everybody out we didn't hoover was not a capitalist okay who are you peter schiff and what do you represent the one percent okay and what is it well you the people who everybody supposedly here wants to tax and regulate in order to theoretically improve the economy so are you over some tv station or what no i'm not with a tv station my question is where does where does the one percent fit in the picture of the crisis that we just went through so you're saying that it's all the fault of the government what's their role well my point is like
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you're by if you if taking money away from the one percent to suspend it is going to hurt the economy we need capital to grow the economy we need investments we need savings we need production we need we need more machines we need more factories in this crisis they paid a big role wall street drank the alcohol that the federal reserve poured but if there was no fed pouring the alcohol if fannie and freddie weren't guaranteeing all these mortgages wall street wouldn't have originated them so it was wall street working with
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government but the source of the problem was government government started that's how come when i was warning about the crisis back in 2004 and 2005 begging the fed to raise interest rates trying to get fannie and freddie out of the mortgage guarantee business nobody wanted to listen to me corporate money that's in politics currently that is controlling the system that's why you guys have the power you do i don't have any power world war ii it's most probable but i don't have any power i'm not you know i'm as powerless as you two was most world war ii was most probably what brought us out of that
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depression we came out shining because the rest of the world was actually but after that the interests or the tax rates on the very wealthy were extremely high and we had an amazing golden era of prosperity in this country let me tell you you did not suffer plus you employed many more people than the sector does currently okay sector does nothing but manipulate i agree we need to shrink the financial sector it gets too much government subsidies but what ended the second depression was the end of the second world war when the government stopped all that spending it wasn't the war that
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got us out it was ending the war but yes there were very high taxes after the war but nobody paid them there were so many loopholes nobody paid those high taxes people like me are paying much higher taxes today than people were paying in 1945 1950 in fact nobody even paid withholding taxes the average person didn't even pay income taxes until 1943. that's when the withholding tax came in my history states that the tax rates were 70 89. the rates were there but nobody paid them nobody had that income because there were so many deductions
57:40
nobody had to pay them you now the average person is paying a much higher rate of tax the average wealthy person let's say somebody who's making 5 10 20 million dollars a year if you made the equivalent of that in the 1950s you paid a lower tax because you had so many deductions you had no taxes now well i make money from my clients i get money from my clients don't you does it come from capital gains no it comes from ordinary some of it comes from capital gains but 15 on capital gains but most of my income is
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in my in business and there i'm paying 38 percent federal seven percent to this person yeah well that's well i'm paying it on my total income you're only paying it on your marginal peter let's talk what is the solution this poor children are in in the cold if your children in in this position would you like to see your children in this condition look at the wind blowing the solution is freedom capitalism liberty you know the constitution that's what we need free people can succeed they can prosper
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if the government just gets out of the way and lets it happen you would not have come here and done this today unless you were a go-getter and i guarantee you would have been go-getting with a higher tax rate on you just as you are now you would have made your dad proud you would have shown how tough you are you would have been the big guy on the block right now and we would have helped you do it but we would also have taken some of the money from you and spread it around unlike what's going on here's the problem the money that you take from me is the money i would use to grow the economy any money that's taken from me and said
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but no that's not what you're doing you're gambling you're gambling in 1960 when we're investing i'm not yeah i mean gm is good for whatever is good for gm is good for the united states that's not it anymore i'm not gambling i say i'm just helping my clients invest money wall street gambles with with money from the federal reserve they're the ones that are trading and proprietary trading well i don't know i don't do that but i agree i agree i agree that because of the fed and because of the government money that should be invested is being gambled instead
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that is the problem washington is helping wall street bleed main street drive these cronies like bill clinton who got rid of glass-steagall with the corporations and the power of money behind him are what drives you guys it's a it's an egg an egg the money that that grows the economy is the money that isn't spent it's savings that drives economic growth and when you tax the businessman you're taxing his savings you're diminishing his ability to grow the economy to grow his business and you're sending money to washington
01:00:16
where it's squandered on consumption in government bureaucracy that's what's destroying the country you know you know what the richest county is now in the united states washington county uh it's now it's now wealthier than silicon valley because no it's all the money going to the bureaucrats they're raising their pay they're you know all the lobbyists are getting rich because the government is doling out all these favors take away the power of government and you bring the power back to the people in the last five years is your income
01:00:46
going up or going down in the last five years how much money do you make and is it increasing i i think it's increasing but what's your point yeah why is everyone else's annual income stagnating because well a lot of is because of inflation that the federal reserve creates to prop up failing banks or to prop up the government to pay for the social welfare state but the reason that the middle class is suffering is because the government is destroying the economy capitalism benefits most the middle class and the lower class but we don't have it anymore that's the problem how can you blame the how could
01:01:16
you say it as just a federal government when the people that were in the government like ronald reagan's secretary of the treasury was don regan he was the secretary of the treasury then in the clinton years there was uh root secretary of treasury uh ruben and these guys were ahead of goldman sachs uh head of city group and so these are the people that are actually making these plan economic remember i agree with you on this i want to get wall street's influence out of washington what this is about why what what are you doing so when you're talking about you know businessman you're you're lumping everybody in the same
01:01:46
category as goldman sachs and jp morgan and morgan stanley they're not right that that that all the transactions that are risky are happening right here on wall street yeah and they're happening with with government subsidies take those subsidies away take the cheap money away from the fed people in dc are protesting at the white house or capitol hill we here in new york are protesting wall street because like you just agreed with me they're they go hand in hand their accomplices they they they're in bed together but the people that are in government making these policies came straight from here went to the government and then come right back here
01:02:18
to make even more money after the policies that that they've passed but protesting here ain't going to do anything because because as long but they don't as long as as long as government should even protest as long as government has goodies to hand out wall street's gonna want to share stop the government from giving out create the goodies they're gonna go in the government in order to make the regular the last you take the government out of it then the only way they can make money is by benefiting everybody else right now they're making money at the expense of other people because they got their government doing their dirty work
01:02:49
if there was no government at all no i'm not saying no government all i'm saying limited constitutional government would not change much because it might even be easier for them to no no no but don't know but there'd be no door to get into the only way they can get money is the government there'll be a door to get into it protest then the white house the federal reserve congress supreme court why does that matter when either way we've started a global thing here and people are really seeing the idea doesn't matter where it is when the idea is still but what we need to be protesting is
01:03:20
government we want our freedom back we want our prosperity back and we're not going to get it from government we're going to get it from ourselves from capitalism from individual entrepreneurship that's what we need we need the values at the founding fathers bestowed on us we need to go back to that i agree but i believe you're stuck on the synecdoche of wallace street it doesn't matter that it's wall street uh because we're protesting here it's still getting everywhere the wrap on this movement is that it's anti-capitalist anti-business that it's that you guys
01:03:50
are all walking around with copies of the communist manifesto in your pocket that's not true all right well clear it up i've seen so many ron paul supporters and libertarians here you'd be surprised you sound like a libertarian yourself right well that's what i think you sound like a libertarian yourself right there there's marchers saying end the feds exact same things you're saying you actually sound like a supporter uh that's great the basis of this movement right is that the wall street and uh and the government are too closely tied together and you sound like you're against the same issue so i really don't see what you're down
01:04:27
here trying to explain like can you uh because i want to be with us yeah but we have to we have to uh focus our anger and our outrage on the government that's made it all possible federal reserve is like what's happening yeah what's happening on wall street is a consequence of this power emanating from washington we got you got to cut off the head of the state that's how you kill it should we not protest here should we go who wouldn't want a bailout if the government came and offered to bail you out you'd take it the problem is the government shouldn't
01:04:57
be able to offer the money look i wanted every bank that bet wrong to fail if one party is so different that can be always cast his vote with republicans if one point is that's different how can we always cast his vote with the republicans he doesn't right he doesn't always he doesn't always he sometimes no he's very independent for medical doctor for medical doctor how come he says if a person has no medical care you might as well drop dead that's not what he said that's what he said no he didn't i listened to it none of that john paul said
01:05:28
no first of all before the government got involved in health care it was there was much more access and it was much less expensive and what happened was ron paul pointed out that when he was a doctor a long time ago people doctors took care of the poor for free that nobody died if they were sick the problem is the government has run up the cost of health care so much through the tax code through medicare through medicaid anything that government touches it ruins it drives up the price it drives down the quality obviously you never took the hippocratic oath yeah i wish the government would
01:05:59
take the hypocritical to do no harm because he cast all his vote with republicans so he doesn't cast all his votes with republicans no no he's the most independent voter out there check his request check his record check his record how do we you're stuck then how do we how do we live yes we need corporations to a certain extent we need business to a certain extent we need government to a certain extent but now you're stuck where does one go like what is the limit what is the limit on business what is the limit on government where do we put those first of all you know corporations are simply
01:06:30
businesses that incorporate it and corporations are just individuals that got together to run a business i mean that's all they are individuals are should they have corporate personhood well there is there are legal rights that a corporation has as a fictitious person but apart from that they're people because what the corporate structure does is it enables businesses to raise more capital and grow bigger because you you shield the shareholders from some of the liability so you make interest it's in the interest of the whole
01:07:01
economy because it makes it easier for businesses to expand and make the investments necessary no they only do that because the government forces them to because the taxes and regulations too higher because remember the corporations owe an interest to their shareholders that's what they are they're just like you they're they're not there to serve society they're there to make a profit but the result is that they end up serving society through the invisible hand that's very short-sighted my friend
01:07:31
the reason why is because yes it helps the investor the shareholders in the very near future right but where are we now this whole [ __ ] show is because of the fact that people weren't thinking long term and now you weren't because the government got them all liquored up with cheap money and government guarantees and you know what it's going to get a lot worse you guys ain't seen nothing yet you know where do you see how much worse it's going to be in a year or two there's going to be more unemployment and then you're going to start to see prices really go up as the dollar
01:08:02
collapses in value and food gets a lot more expensive healthier okay you're still saying that the government is totally totally the only person to blame however corporations are still complicit in their guilt if they're the ones that are doing what's ever cheaper look i said look a lot of people on wall street acted recklessly and they should have been held accountable they should have been allowed to lose money they shouldn't have been bailed out but my question is why did they do these foolish things you know president bush said wall street got drunk he was right they were all stinking drunk
01:08:33
but the question was where did they get all that alcohol why were they drunk but you're blaming the alcoholic for being enabled no i'm i'm blaming the bartender for lickering them up i'm blaming alan greenspan i'm blaming the fed and the government for doing it aren't they both guilt though they're both that guilt and you're just saying no only one no no no i'm not no i'm not excusing them but i'm saying that if you want to stop the behavior you got to go to washington you got to cut it off at the source and you can't say it's capitalism if
01:09:03
people are saying capitalism is failing it's not working we haven't even tried it in decades we need capitalism that's what does work we know that works right now what about the fact that 18 of the of the members of the board that have connections to have connections to the bailouts 18 members of the federal reserve board they have connections to the federal reserve are sitting right now on companies that receive part of the 700 billion dollar chart fails what about the the conflict of interest that exists between wall street and the federal reserve you're 100 right it's a disgrace
01:09:34
you know when i was on television when they first proposed i was against tarp i said look if there's a bank that is going to fail you let it fail you let the shareholders lose money let the bondholders lose money because if you bail them out now it's a moral hazard and we're just going to get more of that bad behavior in the future you know capitalism means private losses and private profits the private it doesn't mean private profits and socialized losses that's exactly the wall street and the federal reserve can you help educate people here
01:10:05
as to why we believe there's a conflict of interest between the interests of wall street and the fed well the problem is the banks are keeping interest rates artificially low to prop up the speculative activity on wall street what we actually need in this country is higher interest rates not lower interest rates because that'll take the money out of wall street put it back on main street businessmen can't borrow money at these low interest rates it's all going to the government through guaranteed debt through the treasury market through the corporate bond market there's no real capital available for main street but if we let interest
01:10:35
rates go up number one people will stop spending and start saving again because they can get a decent interest rate on their savings and they'll be more capital on main street to fund new businesses to produce things here to hire people here but of course if we want to do all that we need to get the government to repeal a lot of the rules and regulations that have artificially increased the cost of doing business and hiring people in this country i i want to understand because you've seen people getting someone else who's new who hasn't asked me hello yeah
01:11:07
i'm from madison wisconsin i flew in today and deregulation is what caused this mess in wisconsin when we had 150 000 people in the street marching against governor scott walker i personally uh was integral in occupying our state capital and i got to tell you he was funded by the koch brothers they're selling off our state they're cutting wages they're shipping it with pages and unbenefited jobs you're sitting on trillions and trillions of dollars of wealth and not investing it back hold on which regulations do you think that were repealed caused the crisis
01:11:38
glass-steagall let's go back to glass-steagall that's that's one regulation but you know how many other regulations were were passed in addition to that they have net piled on a lot more regulations so they repealed tax rate uh for the for the top one percent back to where it was when they made more than two million dollars that next dollar was taxes wait a minute so you think that the government should take 74 of my money i think if you're making more than two million dollars i think that's when we had the biggest growth in the economy is uh when uh
01:12:08
it discouraged millionaires from paying themselves huge bonuses they reinvested it back in their companies they created jobs for the workers and instead they sit on their cash now and they let the rest of us drown in debt and then sit on the street and go homeless and it's ridiculous so you think that i should pay 70 percent of my income above 2 million in taxes yes do you think your next dollar should be taxed at 70. okay so if that's the deal you know what i would do once my income got to 2 million i would stop working for the year i would furlough my employees and say you know what i've made my limit i'm not going to work for
01:12:39
30 cents on the dollar i'm playing golf i'm going fishing i'll see you next february how about that how come that how come that didn't apply in the 1970s and 1960s because nobody paid those taxes back then you know how many i would much rather the enemy was booming when the effect of taxes because no one paid those high taxes that correlation with the national debt and the lowering of the effective tax rate on the wealthiest people in this country you're not fooling anybody well first of all statistics we've all read it okay there is no such thing as trickle-down economy the only thing that trickles
01:13:09
down is you guys the income tax the income tax didn't even start until 1913. so before that there were no income taxes at all and we built the wealthiest the country in the world we had the industrial revolution russian we know though what are you talking about we had the great depression was the lowest effective tax rate no no no no well first of all the depression was in the 30s not not not 1913. that's when it began because there was because there was no income tax rate the income tax is not why we had a depression
01:13:39
what happened was the federal reserve printed too much money in the 1920s they created a real estate bubble in the stock market bubble and then when it burst herbert hoover instead of letting the free market work came in with all this government props and bailouts that tried to interfere and he created the depression and then roosevelt made it great by interfering even more by taking hoover's entire plan and expanding it wrong no no that's wrong if you only think it's wrong because you got brainwashed in a government school i didn't bring love i i can i can read those studies from the economic policy it's pretty simple or
01:14:11
you haven't read any of my stuff i'll tell you this i'll tell you this right now uh when fdr raised the effective tax rate for for millionaires uh throughout this country we saw the biggest expansion of the middle class and elimination of poverty in this country you grow you're just making this stuff up this is just revisionist history all right let's talk about now in america where were they built how how how would taking money away from businessmen let's say the government was going to take 70 of my income away the income that i would use to invest income your income after you make 10 million
01:14:42
dollars right so that is the money that i would okay okay so the money that so let's say i'm making 10 million the government says okay we're gonna take seven million away from you right and and now how is that gonna help the country by taking money away from me that i might have invested in growing my business yourself that money and sitting in some bank account across these you're going to reinvest it in no no but what do you think what do you think the banks do with the money they they loan it out to businesses where do you think credit comes from if you take money away from the people who earn it and save it and send it to washington it's going to
01:15:13
get squandered and you're going to destroy the incentives you heard the tax rates in the 1980s and they effectively went down you see a decline in the you see an increase in the national debt and you see a decline that's because of class no but that's because the government kept spending money you can't blame the problems on the tax cuts you got to blame we should spend money on the homeless and the poor and the sick we should that's not where the money was going i just want to say something real shirt i'm also at one percent and i think you're making us look really bad how do you figure because i think you're just
01:15:43
your facts are wrong your logic is wrong i don't mind getting into a long discussion but i don't think that you're helpful my facts aren't wrong but as a member of the one percent what do you think do you want do you think your taxes should be raised yes i do well i mean for a long time you know what happened what percent of your income do you pay in taxes 10 all right well 10 people you're not into 1 because i'm paying 50 so you're only paying 10 in taxes it has to do with how you invest your money doesn't it well i'm not paying 10 i'm paying 50 all right well would you how would you like to pay 50
01:16:13
like me i would oh really well then why not write a bigger check when you pay your taxes instead of paying 10 percent i would be very i think no one's stopping you from paying more taxes can i excuse me can i do this can i do this i want to tell you something after after world war ii do you know what the tax rate was you know what the marginal tax rate was after world war i got up to 90 but nobody paid it and but but before 1913 it was zero yeah and for many many many years until recent history it was around 70 it has only come down from 70 over the
01:16:45
last 20 30 years yes but there were many years people did not go play golf when they got to 70 they did not go to the beach they kept working they did no they didn't pay no nobody paid check nobody actually paid the 70 there were so many loopholes in deductions i'm glad you're talking but i think there's a many other one percenters who would strongly disagree with you i can tell you this most people that make a lot of money they're not going to work for 30 cents on the dollar they're going to enjoy their free you don't know anybody who works for 30
01:17:16
cents on the dollar you know people who are going to work their butts off to keep 30 cents a lot of time in europe and trust me there's a lot of people who work very hard there and marginal tax rates are no they're not they're not paying those kind of taxes they're not that's not true i lived in europe there are plenty of people in europe who believe in in investing in the state and being good citizens you're shooting american exceptionalism this american exceptionalism line that you're some kind of special cat you're not man but the reason that i'm here
01:17:48
has nothing to do with the history of income tax in this country and it has everything to do with the fact that no one has been held responsible for the financial folly that brought this country down you should hold me yeah we should hold some of these people like alan greenspan like senator chris dodd or senator barney frank or we should hold some of these people instead we promote him look at tim geithner he was he was the head of the new york fed and now we made him secretary of treasury let's take turns talking okay yeah let's bring somebody down i don't know who it is
01:18:19
you seem to have very strong ideas about who you think it is but let's bring somebody to justice well i've got a lot of credit the law i go to jail if the ceo of chase breaks the law he gets a bonus i agree with you but i have a lot of credibility on this because i wrote a book predicting the financial crisis the bursting how the crash proof so well write a book about the downfall it was a very hard to do because very few people did it are you kidding me people were laughing on me on national television when i told them what was going to happen before 2007.
01:18:51
yeah very few people predicted this and i i predicted it because i understood how government policy was creating the problems promoting your book all i'm saying is that somebody needs to be brought to justice i agree i agree with you hold on are you going to come with us on our next occupy the fed march i don't know who's going to be there a lot of people we already had one we started here we're trying to educate the people here because that they didn't know that the fed is a lot of the problem printing the money
01:19:22
out of thin air backed by nothing the fed is a big part of the problem in fact if it wasn't for the fed the government couldn't spend all this money because the fed is buying up all these bonds which is allowing the government to plunge the people deeper into debt and is preventing the economy from correcting itself we have got serious structural economic problems and we're only making them worse and the fed is helping the government get it make it worse by buying up all those bonds because what's growing right now is not our economy but our government and the bigger the government gets the poorer we all get because we have to
01:19:54
support that government so they're like the drug dealer i mean that's all they're doing is supplying the we're addicted to cheap money and they keep feeding the addiction and we're going to overdose if we don't if we don't change okay so um 11 22 is our next occupy the fed march and you you and your brother are welcome to join us well maybe we'll be there that's actually my question because because you see i'm sorry you seem down here i mean it looked at first it looks like you're antagonizing us a little bit but you actually seem to agree with a lot of stuff that we're we're saying even if
01:20:25
it would some other oh i agree disagree strongly and i disagree with some of the things i'm afraid that a lot of people here if we don't change they're not going to stay here people are going to leave the country looking for opportunity because we're going to destroy it if we don't if we don't roll back the government and we don't get rid of all these regulations and taxes there's going to be no opportunity here for the young okay see that part for example i disagree with i don't think that we need to roll back regulations i think that's part of the problem however you do still seem to agree and you said you agreed when i when i mentioned the fact that they're one and the same wall street and the government is one of the same people that are in
01:20:56
dc are trying to protest and start the occupy dc movement and they're protesting the government but us here we're processing wall street because it's also the government since like i told you before they managed to find themselves seats in the government right but and they're not going to change it from here it has to be changed legislatively and in the ballot box because it's all it's because of the rules and regulations that emanate from washington wall street is just trying to get its piece of that pie you don't think that us being here has the the government listening and following
01:21:27
no but but the appearance is that you guys are against capitalism and business and this is the symbol that's a tiny minority that those are the die-hard extremists here and maybe some other people that are not extremists but are still pro-socialists or whatever but a lot of i'm willing to bet the majority of people here are pro-capitalism i'm pro-capitalism but i don't think that that means that that's kind of what i'm thinking that's why i wanted to come down and clear up these misunderstandings because the movement is getting a bad rap a lot based on a lot of people here marxist move here for different reasons but there's a fundamental discontent and the fundamental
01:21:59
discontent with the way things are with the state of the economy and also with the ease with which people and from in government and wall street go back and forth and that's the main and you said you agreed with that that they should not be able to just walk right in the government and say well i don't care if they walk in but if they have no power if they have no no special interest to dole out it won't matter if they're there but if you take if you limit the power of government they can't do all that if they're if somebody from wall street from goldman sachs manages to become secretary of the treasury you don't think that he's going to try to push and
01:22:30
advise the president and the whole cabinet on ways to to benefit wall street but his sector where he comes but if you if you take away the power of the government to benefit wall street he can talk until he's blue in the face and nothing's going to happen try to change it he'll try to traditions are just only enforced against the 99 the 1 it's selectively enforced just against us so i'm talking about you take away the subsidies you take away the the cheap money from the fed and you let wall street know you let a bank know that if you invest poorly and you go under you're going to lose
01:23:00
you let the bondholders know if you loan money to somebody that doesn't pay you back you're out of luck the government's not going to come in and and subsidize your losses let the business know but the main reason that the government is so eager to come in and help is because their economic advisors are these guys and that's a fundamental they're getting a lot of bad advice that's for sure from these guys because their whole job and because profits well and socialize risk and just you know take as many risks as possible as long as they can but they can only socialize the risks if the government lets them
01:23:31
so we gotta stop the government the reason but the favor of higher taxes unless those they get if they do socially responsible things you get tax breaks no well i don't want higher taxes we have too much taxes yeah but if you got higher taxes but you got way lower taxes if you invested in socially responsible no no but then i don't want the government deciding what's socially responsible i don't want the government picking winners on what's socially responsible with your dollar but no you vote on it with the money that you spend if you want to if you want to patronize a socially responsible
01:24:09
to protect our liberty our life our property that's why government is there to secure liberty that's why we instituted it so all the rest of it is up to us tax breaks for investing in the rights and social response no no i don't want the government determining that's how we get stuff like solyndra where where uh obama decides to guarantee 500 billion dollars worth of debt and now we taxpayers or 500 we're eating it because obama decided that that was socially responsible we lost all our money i'm not agreeing that it should be insured i'm saying that you should get lower taxes
01:24:42
on money that goes i want everybody to be taxed equally and i want to lower the taxes on everybody because the money is much better in the hands of the people who earned it than the bureaucrats in washington because all they're going to do is use it to get reelected and it's going to hurt the economy but aren't the wall street people backing the people who are trying to get into government because they want the power that they can get back they want the special favors we got to take away the ability yes but you got to take away the ability of government to give out special favors if if we follow the constitution there'd be
01:25:14
no special favors to give out there'd be no perks i agree but in that case i my my fundamental point with you right now is that you should be joining this whole movement and that the people that are listening to to what the stream live stream or whatever that a conservative might actually agree with a lot of us because you all seem to think that we're anti-i mean who here is pro-capitalism who has pro-capitalism all right that's a lot of hands i mean yeah i know i mean look i was when i ran for senate down here even if it's for a slightly different reason well i was at a look i was a lot of tea party rallies and i
01:25:45
when i ran for senate i had a lot of tea party support and i've been saying hey we got to get these movements together because in many cases they have the same sympathies yes there's gonna be the extremists out there that have a marxist uh you know socialist type agenda but there are a lot of people that actually understand some of these problems well a lot of people here are not there are very few marxists here that works whether you call it capitalism or not it doesn't matter to me so i just want to system that world capitalism does work until government interferes and the problem is the government interferes things get bad
01:26:16
and then the government blames it on capitalism it's not capitalism's fault it is adam smith and what did he say about government intervention when the market fails when you have market failure what does he say about government intervention well you blame they always blame the government oh going back to the facts right isn't he not the godfather he's he is the founder of economics correct so what did he say tell me what he said here what did he say what did he say government intervenes yes no government intervenes to cause the failure that's the problem
01:26:46
that's not what he's doing yes well no no no but government licenses the monopolies without government monopolies wouldn't exist unless they were giving people the best possible deals our government right now but not me yeah but there are a lot of people that are owning the government because the government has the influence it hasn't been in place it's gotten a bad name no what's the federal tax rate for the one percent yeah i'm paying half my income in taxes
01:27:30
no no if i earn no let me correct you if i earned my money 30 years ago i would pay a much lower tax than i do today hold on no if i earned my money 30 years ago i would pay a much lower total tax than i paid today because i have far fewer deductions and exemptions than were abound back then and 100 years ago the entrepreneurs paid no federal taxes and that's when we built a vibrant economy that's when we created the whole middle class it was because we were free unions built the middle class no they didn't unions
01:28:01
they helped unions help destroy all the industries that they infected capitalists like workers were paid a lot more before you morals and act morally and not capitalism is moral capitalism is the only moral system socialism is people running are not capitalists and they're immoral that's why you have the conditions that exist today it's the third world how can you expect morals out of a society that was built on greed and hope well there's nothing immoral about greed i mean everybody
01:28:33
everybody wants things i kind of agree with that but don't you think it should be hard it should be kept in check the free market keeps it in check no the free market allows them especially at this point where people are making so much money i mean remember in a free market people are greedy but they're also fearful they want to make money but they're afraid of losing money the government comes in and subsidizes the losses that's what lets greed cause problems when the government takes away the risk yes when exactly when they do subsidize the risk that does cause a problem but don't you think that in itself the free market on its own
01:29:05
when it gets to a point people are just going to try to maximize profits but how do you maximize profits in a free society it depends it depends what sector the way you but the way they did it here the way they did it was to take people's mortgages but that's but that's government that's government intervention with subsidized mortgages no no but the government was backing people's mortgages because the government guaranteed them look they had nothing to do with if a businessman wants to maximize his profits without government help without special perks what do they have to do they have to
01:29:35
figure out what consumers want and find the most efficient way to give it to them and the more the look the more you satisfy consumers they do i do i deal with consumers who want my help but yes there are a lot of financiers who do nothing but speculate with money they get from the fed on products they're insured by the government that is not capitalism that is destroying capitalism why are you against unions i just need an explanation well i'm out against unions what i'm a guest is when unions have special laws that help enable them to
01:30:09
extort uh money from employers and help drive them out of business i mean unions just in response to the no that is doing the same thing to them no they're not doing the same thing okay it's not a coincidence it's not a coincidence that all the jobs it's not a coincidence it's not a coincidence that all the companies that were heavily unionized are the ones that have gone bankrupt the unions played a big role in bankrupting these companies but if you but i will tell you something walk
01:30:42
away from a system walk away from a system that was working because it had [Applause] ford motor company paid its workers more money before there were any unions before there was any minimum wage ford workers who were on the factory lines got paid more money in 19 you know 14 than they do today adjusted for inflation much more money no and there was and that was because of capitalism he paid his workers doesn't need to be fixed it needs to be restored we don't have it anymore we
01:31:30
don't have it together we don't have it because there's monopolies no no it's not we don't have it i believe we don't have it because we have too much government regulation in taxation please it's the government-enabled monopoly right well it's gonna be both like i don't understand what okay first of all what monopoly are you talking no what monopoly are you talking about do you feel like chase has kind of taken over jason they're not a monopoly there are plenty of banks but when you have a monopoly government gives them a license but but that's not a monopoly there's there's there's monopoly but when you're
01:32:01
dealing with five major banks three or four but i agree the banks get government subsidies i want to take those subsidies away from banks i don't want i don't want the bailout shouldn't have happened are you saying the bailout shouldn't have no i was against them at the time they should totally look i want to get the government look i don't want the government to fall right i don't want the government step up i didn't hear anyone stepping up i don't want the government getting involved in these rich guys i stepped up i was there but look i don't want the government guaranteeing your bank account i want the banks to have to prove to you that they're sound i don't want the government guaranteeing that account
01:32:32
so you're you don't care what they do with your money i want to get the government out of banking that's the problem so what we need is an educated consumers because these libertarian id deals they work when you have an educated consumer base but the problem is many americans do not have the type of fiscal education that they would need to make the kind of decisions that would promote their lifestyle and when there only is a walmart in 50 miles of your house and you're only shopping at walmart and maybe you don't even know what walmart does maybe you disagree with walmart if you knew about walmart but so what we need to do is promote education
01:33:03
and fiscal education to create smart consumers yeah well i think you yeah i think you should give the average american a little bit more credit people i think can make the best decisions for themselves i think people can decide for themselves better than washington deciding for them i think people will make good choices you know people are going to shop around they're going to look for a bargain they're going to try to spend as little money as possible to get as much value as they can i have confidence at the market for new york okay with us importing all of our goods from and borrowing money from communist china
01:33:34
to support those lower production rates no i would american consumer i no i'm not okay with it it's terrible and it wouldn't happen if we had a freer economy we would produce these things our circulations today though no we have a lot more and we have a lot do we have more regulations today than post-american depression yes and we have a lot more than china there's more capitalism in communist china than there is in america that's the problem what's the average wage for a chinese market so you don't believe in minimum wage no it should be zero it should be volatile absolutely not what why do you feel about slavery but what does the minimum wage have to
01:34:05
do with slavery i don't know i'm just asking if you're for it i mean in a capitalist society that's ideal right if you don't pay your workers well actually on your p l line your employment company actually i'll give i'll give you a little bit of history slavery is bad business because slaves don't work very hard it's much more economical than pay workers they work a lot harder country was built on the backs of the slaves no it was actually worked pretty hard no it wasn't it wasn't built on the backs of slaves but no it wasn't do you think there was slavery up north no but slavery we had
01:34:37
in fact the people people were right the people that were working in the factories weren't slaves this the south would have been better if it was paying people but that that's a whole other story but as far as the minimum wage all the minimum wage does is set a level below which people are not allowed to work the minimum wage just destroys employment opportunities for the unskilled workers you know you can't hire somebody if if they don't have enough productivity there's someone less skilled well first of all there are people that deserve less than 7.25 well first of all it's
01:35:09
not just 725 because you got to pay payroll taxes yeah so let's say ten bucks yes there are people who don't have enough productivity to be worth ten dollars an hour they don't now a lot of them are young they're 15 16 17 but you know what if they can get a job at four or five dollars an hour maybe by the time they're 20 they'll be able to make 15 or 20 an hour but they never get their first job because we've priced them out of the market it's not true in my experience not at all i would say most of the people who
01:35:41
start at minimum wage or slightly better are in that i don't tend to hire 15 and 16 year olds but definitely of the 17 18 19 year old entering college age and move up from there i think that look i was i was in i went to the movies this saturday night and i had to wait on this long line on a saturday night to get popcorn because there was only one person working behind the counter meanwhile there were five other stations there was nobody there now why because the theater can't afford to hire anybody you think would it be so horrible if we let them hire
01:36:11
some kids to work there because the wages are too high they have to come down we can't you can't hire somebody if it's too expensive people can barely live off the wages they're making now and you you know if if you're if you're a student and you want a job on a weekend you don't need to support a family you just need some extra bucks but what if you need to pay for college and what if you have loans and what if it's cheaper to go somewhere it's cheaper for me to go out of this country and get an education unfortunately but that's because the government has driven up the cost
01:36:43
[Music] are you actually saying that people should be making load and minimum wage i think there should be no minimum wage and people should make whatever they can make i mean right now the minimum wage no they wouldn't i mean first of all i don't even employ anybody at the moment everybody i employ is way above the minimum wage you think i would pay them all minimum wage if i could but they don't quite voluntary a voluntary relationship is not slavery if i offer somebody a job and they take it that's not slavery they're free to quit no they always have
01:37:28
a choice i mean nike for example okay you say we can abolish the minimum wage but we know how much nike would be willing to pay people to make their shoes they'd be willing to pay them 19 cents singapore has no minimum wage and they have higher wages than we do and no unemployment and they have a booming economy you don't need a minimum wage minimum wage destroys jobs particularly for the youngest people for the low-skilled people why is it that we all pull up our own gas it's been stagnant and like yeah because we don't have it the top one percent has been going up and rising out of pace without income for everyone
01:38:00
else that's because of the problems we talked about government is too involved government is is doing that through subsidies through banking through the federal reserve government subsidy preventing a company from paying me more money because they're they're increasing the cost of hiring you because of all the rules and all the regulations you have no idea how expensive it is to hire people when i when i when it can't cost them that much it does the top one percent no executives they're paying themselves so much more money when i when i ran they must be making up when i ran for senate i talked to a lot of small businessmen and and and they break
01:38:31
they say i don't want to hire anybody they do whatever they can they'll outsource they'll use a machine they'll get a temp agency people don't want the government headache of becoming an employer the minute your employer there's so many rules and regulations they're all over you and they can sue you to protect us but they've protected they protected the workers out of jobs but you're overworking us from paying us nothing you know what protection no unions what protects the workers from being abused is they can quit competition they got another poor job
01:39:02
go to another no why would i put my job market well well then well then maybe your employer is doing you a favor then by giving you a job no but they're giving me a job on terms that are unfair to me but there's no other choice no but if if they're giving you the if you say that hey i can't quit because the guy that's hiring me now is making me a better deal than anybody else he's doing you a favor he's giving you your best options he's making me a better deal he's making the only deal because well then be glad he's there that's not a deal and what he's glad he's there but i wish that he would be more fair well well then well what's fair i mean
01:39:34
if you're amazing would be for for the management of a company to not get paid so much more than the workforce i mean i understand okay but you're free look you're free to quit and start your own business if you think you can do better on your own i don't have the funds to do that well then be glad i just need to support my family but then be glad that you got a job and you know what the government what if the government's gonna be fair i mean you had slaves that this is not no no it's wrong no but you're the principle that you're advocating you had slavery back then where slaves would've been slaved rather than to roam the streets and get killed or hunted
01:40:04
the slave had no choice there was a good and today if you run away from a job you might just starve to death and be homeless it's basically the same thing that's why because of the job market and the way it is and the high unemployment and underemployment we have a lot of people have no choice but to take on the shittiest job they can find just because it's there but if it wasn't there then there'd be even even worse shape so be glad the shittiest job is there no we're glad it's there but what about it being more fair what do you think about that fair it is fair and everyone and if the government if you go and say well let's force the employer to pay me more what if he says you know what then
01:40:49
i'm just going to fire you because i'm not going to pay you more tomorrow when he gets paid so much money could he see some of his income no no still be a rich man the employer doesn't get paid he pays himself i pay myself nobody pays the money with the money from your workforce because productivity generated but also how about this you know when your boss hires you if he loses money he doesn't come back and say hey you know i had a bad month i lost money why don't you write me a check and give me back some of your weight but no but he doesn't go backwards and say hey write write me a check
01:41:22
to pay for my losses the boss only gets paid after all the workers get their share they only get what's left over if a company is making less money the boss rarely lowers his own rate but after the fact after the fact but initially the employer doesn't know if he's going to make any money he has no idea if there's going to be anything left over at the end of the day he has to pay all of his expenses all the overhead all the workers he only makes money if there's any money left over nobody pays the boss he pays himself through his workforce it'd be anything but
01:41:52
but that has a workforce so no without the without the employer there is no workforce somebody has to organize it somebody has to put it together it's like he's the conductor of the orchestra without the conductor there's no music well no he has managers that conduct it for him but who's running the managers he is supposedly but once you set up a company after a certain point it runs itself it runs itself yeah it does and all you have to do basically sit back and take in the profits oh yeah it's not as easy as you think he's got an interesting question okay so what is your answer to your
01:42:26
answer to companies that pay bonuses to ceos of companies that fail no okay now this is something you got to take up with the shareholders see the shareholders are paying those bonuses and i think like i wouldn't want to own stock in a company that's paying out big bonuses to managers so but you you vote with your feet no one for that's the shareholder problem that money comes from shareholders so what i'm upset about is when the government takes taxpayer money and bails and bail no it's the shareholders now some of them might be poor i don't know who owns the stock it's not the shareholders or the board
01:42:57
members well the board members are voting the bonuses but the shareholders are approving the board and the shareholders can sell their stock if they don't like what the company is doing it's a whole system then it's a whole structure that that's complicit in the state of things as they are now but my my my the point i was trying to get at before with you being down here is just that you once again would you join would you recommend people that might be listening to you to kind of join into this movement even if they believe different things than us if as you expressed earlier you still have this fundamental sense
01:43:26
that things are messed up that aren't fair but you want to join in government is the problem as is as is wall street right are the people i agree with that but what we don't want because there's a lot of you know people that want more from government government do this spend this provide this the government has nothing it only has what it takes and when it takes from one person and gives to somebody else and social security no but we get health care from the market from capitalism that's where we get good health care not from the government because of government involvement that's
01:43:58
why it's so expensive anything that we want look at this phone did the government give you that phone no but capitalism produced that phone all the things that work well come from capitalism the prices of these phones are coming down every year because the capital no the government is the industries that created no the government didn't subsidize those industries it taxed those industries a lot of these things come from the military which no no no no that's not one that's a fighter huh well we want it we want to take away its power and then get rid of it
01:44:32
i have a question i'm a ron paul supporter i would have voted for you if i lived in connecticut if you ran but i do have a question how do you explain in a free market capitalistic system which we both support i think the folks around here might agree that when wall street created the mortgage derivative and then the cd cdo is credit default swaps rather off of that i mean that was free market run amok well and that that is where we are now but if billions of dollars on these banks right but if the fed didn't have interest
01:45:03
rates down at one percent none of these products could have been created right that's where they came from the whole subprime mortgage market was the result of the teaser rate courtesy of the fed and fannie and freddie mac being the biggest buyers of this crap they bought up all the paper it was fannie and freddie that created the market that wall street was feeding so if you took government out of the mix if you got rid of fannie and freddie and the fha and if we had sound money and a market set interest rate the housing bubble never got created there was no subprime none of these things
01:45:34
last question in response then what okay fair enough but how did i predict it in advance i knew it all was going to happen and warned about it because i understood it and i watched him all the time he did um why did they hide all of this stuff off their balance sheets the banks if i mean that's that's got to be you got to agree well we should have open yeah look a lot of this stuff was on the balance sheet but everybody but everybody assumed that real estate prices would never go down it was bad data going in do you think they didn't they didn't think it was
01:46:05
possible to lose all this money do you think that the accounting should be out in the open all these banks booked should be well clear well what i want to do is that's between the uh the banks and their shareholders or their depositors i want to get the government out of bank get rid of government guaranteed bank accounts let's have a free market the shareholders will be a lot less inclined to buy and the bondholders and the depositors if they knew their books the depositors wouldn't put money in banks that were taking reckless risk because they wouldn't want to lose their money
01:46:35
so let's have banks compete for safety they don't do that now yes should we we should remove all the capital gains and taxes from gold and silver so people can well we should remove the tax the ron paul's got it right we got to get rid of the taxes on gold and silver so that it can we can compete with the federal reserve note but it would be better if we could just go back on a gold standard and have real money should google be able to create their own currency hey if you want to all right now i got to get going too because i got a an appointment i was just following up so it sounds
01:47:09
like you're against all regulation in the banking industry as far as like government and yeah you don't think i wanted that summary i want free market regulation private sector regulations i mean did you make an argument that higher regulation could have you know possibly prevented it no well look the problem was that government was too involved but are you saying if the government is going to i mean there's more regulation on the river you know no there was no no what with the fed doing what they were doing with fannie and freddie doing what they were doing it was inevitable
01:47:40
but maybe you're regulating that market more but we had continually lowered and lowered regulations and we got no no we weren't continuing lowering and lowering them we weren't doing that we were getting we were we were layering more and more regulations i worked in europe and like i mean your commercial banking was like over you were starting to open up those like chinese walls but there was more they were adding more regulations than they were eliminating the net effect was a higher regulated right but if you're going to if you're going to insure the bank deposits then you have to regulate what the banks do so i'm all for regulation if you make
01:48:11
the mistake of insuring the deposits but if you're smart enough not to insure the deposits you don't need the government regulation because then you have market regulation that is far more effective anyway we got we got to get going because i know i gotta come down here

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