Show. Tonight. John such a nasty word people say it caused by our financial problem. A lot of people in business are greedy but arent you . At abc a documentary on greed showing how it can be selfdestructive. To test peoples greed they put dollar bills in ballpark you canget as many for yourself but every 10 seconds if there is money left he will double it. John the game ends if they empty the bowl. What happens . They could have made more money if they left half of the bills but they did not work that out. Sally kohn is a liberal blocker writing about that attitude. I dont thinkreed is bad but what values do we hold alongside as a country . As a society . To balance out those impulses for the better good of everyone . John an eonomist from George Mason University thinks the government should but out except in foreseeing rule of law. Property rights constrain selfinterest. I dont like to 17. We are more self interested ourselves, our family, not about strangers. Every economy will be based on selfinterest. With greed people grabbing more than they deserve. John who decides what we deserve . The market decides. It is the one institution that allows people to grab more than they deserve. Government feels greed. I i agree with part of that. Government has allowed big businesses to getta bigge share of the market. Crony capitalism. But there is a Positive Side as well. Selfinterest is the human impulse. We temper that with others. You are allowed to do whatever you want to do when your neighbors land or the public square. We have vals of community, the common good. John lets turn to business. Th a bowl of money the purchase attends figure out to it is in their selfinterest to not empty the bulls did make if we each take a dollar then we will never empty the bull. Now they are cooperating. Without government setting the rule. There are four people coming together we will operate beyond a result interest. That is why the Founding Fathers created the country. John but they lose customers. But that is what a government does. The other formula is what about inequality . Lets imagine we were part of a large family. We have a cake we have to share. The unimagined for sick of argument i am the stronger hardworking member so i get it decent piece of cake. That is mine. Will little kid he has not worked as hard he gets a small piece that is unconrainedreed. John if the rich take a big piece we have less . We can try to grow the cake but right now we have resources if you cut taxes for the wealthy days literally right now that means we have less to spend on public programs. That is just not true. The analogy makes it seem theconomys wealth is a fixed side. Indeed the more you have there is less for me. Th is a bad analogy. John bill gates takes 50 billion he takes a huge piece but we have less . I think he made no whole new take. So did steve jobs pursuing their own interest they make us all richer. That is why bill gates did have a generous piece of cake. But the quality with the infinite number of case in the quality tends to compound itself we want you to have the Government Program and the quality rhodes to help your cake get baked in the first place. That historically inaccurate. Look at Less Government in our history, people think the rich that are richer but it was rockefeller, carnegie, they came with nothing. That made the rest of us will be your. John that is the key. I would quibble. John rockefeller did not make the rest of us wealthier . Blaming 8146 us . Noboby is saying there should not be incentives broke we want the g. I. Bill bill, good public schools, roads that help the next generation of companies john inequality makes me uncomfortablebut by letting them until their creed. There has been an economic recovery 1 has gone to waste. John bet lead is better than zero. At ast to do with the fact the government is way too big and promising more taxes if the curre administration is elected. They want to set want to make money. John that takes it from the. The beauty is they can only make more money by making you better off. That is the duty items serious. If i thoht it was true i would say you can have the whole cake. If that will quote tricklewn to be. It will not be the way that i like it. People make their cake. Steve jobs became rich. He baked a lot of cakes but on the dotted by baking cakes for a lot of people. I personally dont care if he got x more than anybody else. They would not have had anything if he did not have the incentives of the market john who did more . Mother teresa o or Michael Milkin . She was selfless and helped people but Michael Milkin broke financial rules, we to jail, invented jump bonds. Micha milkin by making financing much more efficient the Capital Markets, entrepreneurs access. John he llowed at revlon revlon, mattel to grow. It made capital more available. John does greed help more people . I will go with mother teresa. My heart goes out to her. She is a good person but a lot of people create jobs by sending jobs overseas to china. That is a good philosophy but to the American Economy is a loser. Because they become wealthier. The data shows that it has happened in agreed to make you happy . New pink lemonade 5hour energy . 5hour energy supports the Avon Foundation for women Breast Cancer crusade. So i can get the energized feeling i need and support a great cause . Im sold. Pink lemonade 5hour energy . Yeah and a portion of every sale goes to the Avon Foundation for women Breast Cancer crusade. Im sold. New pink lemonade 5hour energy. Get the alert, energized feeling you need and support Breast Cancer research and access to care. So, which supeast 4g lte service would yochoose, based on this chart . Dont rush into it, im not looking for the fastest answer. Obviously verizon. Okay, i have a different chart. Going that way, does that make a difference . Look at verizon. Its so much more than the other ones. So what if we just changed the format altogether . Isnt that the exact same thing . Its pretty clear. Still sticking with verizon. Verizon. More 4g lte coverage than all other networkscom. John greed, for lack of a better word is good. Greed is right. Greed works. John greed works . Yes it does. I was surprised to read an article at cbs news. Com that says embrace it. Live it. Tap into your inner gordon gekko. It was written by a robber. Agreed is good. Know it is not. I would argue greed is a good thing. It saves lives. When they look to make a profit they are designed to create better services. The benefi everybody. John it was the foundation for this country . Addons see that in the declaration of independence. The pursuit of happiness is. John happiness comes from family those who believe then god it has little to do but the others do not. Family and religion can make you happy. A by relentlessly pursung a goal that could make me happy. The burning desire to move mountains to get it. John gordon gekko was implying that. Would get the rest of his speech. He goes beyond greed is good. Greed clarifies and captures the essence of the evolutionary spirit. Greed and all forms money, life, love, knowledge the a board search of mankind mark my words. It will save thether bell fracturing malfunctioning corporation called usa. John he was to look selfish we seek if i am pursuing something to make me happy somehow that will urt you but just because igo was up for what i want to is that what this country is about to. John greed is ambition . Am i and selfinterest . Wanting something better. We are authors. When youre up at 1 00 in the morning not because you wanted to influence three or four people but millions. The ambition, desire for more that people saw us to pursue more. John makes us work harder. Absolutely. John the other eight hours maximize your free time. Sleep for eight, you work for eight. You sleep and work a certn amount but to get a little bit more greedy d your free time, i get to greedy witit. Do something marvelous. John you take your own food to parties . I am quite greedy when it comes to my health. Many things i do not eat. Much to the embarrassment of my wife i will bring my own food. Why is he doing this . John there feelings are hurt . That is okay. I care so much about myself i am willing to sacrifice a dirty look. John new ways to think about the word greed. Thank you robert. With the spark cash card from capital one, svens Home Security gets the most rewards of any small busess credit card how does this thinwork . Oh, i like it [ garth ] svens Small Business earns 2 casback on every purche, every day woohoo so that ten security gators, rht put them on my spark card why settle for less . Testing hot tar. Great businesses deserve the most rewards [ male announcer ] the ark Business Card from capital one. Choose unlimited rewards with 2 cash back or double miles on every purchase, every day whats in your wallet . Heres your invoice. Whats in your wallet . One is for a clean, wedomestic Energy Future that puts us in control. Our abundant natural gas is already saving us money, producing cleaner electricity, putting us to work here in america and supporting wind and solar. Though all Energy Development comes with some risk, were committed to safely and responsibly producing natural gas. Its not a dream. Americas natural gas. Putting us in control of our Energy Future, now. John the new Atlas Shrugged movie just came out playing in 1,000 theaters. It is faithful to the book the book brilliantly predict did today of the suffocating bureaucracy that gradually kills freedom and opportunity. Last year there was another movie but that was just part part i was a rush job. Part to was better in he movie maker is a businessman you made this happen. It bewilders me nobody else did because this book sells 1 million copies, 55 years later number 100 on the amazon list. My oois way below that. Rated one of the most influential books after the bible. I bought the rights 1992. I thought it would be a quick outsource and th studio. But it did not have been. Th rights expired so early april i tried to develop a team and two 1 2 onths later restarted photography. John news center own money. Production budget was 5. 5 and the est of it was the other five. John you spent twice as much of your own money. Ii i id but up but we did have investors and the budget was at 20 million. John in the movie is set to in the near future. Few jobs, gasoline is 40 a gallon because the government crushed the business and a few people are struggling to keep there business alive. That is faithful to the book. We discovered there are so many entrepreneurwho took to the movie. Yes. I am under appreciated. I and denigrated. This move movie proved very popular because frankly the Business Class does not belong with the government. John in this scene James Taggart president of the railroad gives a noble speech. Ideals are higher than profit. Instead of aristocracy of money, now it is about influence. You need to learn some manners. Monday is the root of all evil . You think money is the root of all evil . What is the root of money . Monday is a tool that allows us to trade. It is the sixth page seen in the book, ayn rand really says the root monay is the root of all good. Disinformation. And a barometer of a virtue. It allows people to create a life they are producing to the maximum of their ability. Then would never maxim of this they can see best within themselves than that enables them to maximize their life and the money they make. John i was impressed have 55 years ago could know the terms politicians used today. She wrote about was like equalization of opportunity act. In this scene haig is trial for violating the fair share act. You can seize my property just because you need it . Than does any burglar. You aremisrepresenting the letter and the intent of the fair share law. Based on the highest principle of the public good john that sells today. Fair share. It does unfortunately sell part of the underlying theme of the scene is dont continue to denigrate me. Appreciate the producers. Jobs not accretivey politicians but people that seen in decades if you continueto not appreciate what the on to procure does with the gnp of our society we will go on strike. John people dont. They go golfing or create their own world where the betterrpeople have a more prosperous life but in real life you take it. Recently you are right. Friends of my will say i can go anotheryear or two but i will stop. I will sell my company. I will go to a beach. You will see more and induce of entrepreneurs will finally say. The enough. Watch us. It will have been. John another Quick Exchange that is what laws are four. No use whatsoever. I began a 150,000 pages of regulation reinforced today. They say it lamar hurt me but it gives the a government the power to selectively enforced. I have been involved 30 years with a dozen different companies. Think you to the opportunity but we have had constantly dozens of lawsuits every year i have been involved with several hundred and have settd dozens and dozens. John you hurt people spend my there are some of lawsuits and entrepreneurs are constantly e involved and easy target. Use the a mesothelioma mesothelioma, of lung disease or sething else after another. It is enough. John there is the third movie to complete the trilogy . The target date is july july 4th, a 2014 to seven we look forward to that. The new Atlas Shrugged movie. Movie. Thank you john aglialoro. [ male announcer ] at scottrade, we believe the more you know, the better you trade. So we have ongoing webinars nd interactive learning, plus, inbranch seminars at over 500 locations, where our dedicated support teams help you know more so your money can do more. [ rodger ] at scottrade, seven dollar trades are just the start. Our teams have the information you want when you need. Its anothereason more investors areaying. [ all ] im with scottrade. Social justice push for socl justice, and thats our job. President obama believes in social justice. Social justice. Social justice here at home. Social justice, im sick of it. The left is for social jtice. Who can oppose that . If y do, you are for social injustice . I better be for social justice. That means a big well fair state taken from rich people given to the poor. That seems fair to people. John faces thatttitude all the time, a professor at brown university, one of thee most liberal schools in america. You say free markets are the way to help the poor, but that cant go over well atrown. It has. They were surprised by it at first. They see the power of the idea. Those who contradict the ideas, isnt it hostile ground . Its interesting at brown, occasionally hostile, but brownes a wonderfulplace. I say hostile baa i had an experience there. I went there to cover a story years ago because a brown student was hounded out of school after he slept with the young woman who later said she was drunk and therefore couldnt give concept and therefore that was rain. Rape. Sex and alcohol when i was in college were often combined, and what was the new definition of rape . An activist there said this was not a discussion that should even be allowed. Get off campus. We dont want you here. Comen, everybody louder the school to learn, there one opinion, and the other opinion turns out to be wrong. An then somebody pulled out my microphone cord saying rain is not tv hype. The totalitarian left, unfair . Its not browns fine moment. The students, in fact, i was a new professor when that happened, and they were in my office before they met you, and i urged them not to go, because in that instance, brown was dead wrong on that case, and i said, if you go, hell eat you for lunch, which you did, but brown changed a lot since then. Im glad to hear that. Go to the other controversy. You have written a book free market fairness, and i think americans and brown students say whats fair about the free market because it creates a wealth disparity . Some are wealthier than others. Yes. Free market frness is made sense of if you know what fairss. What is justice . What is fairness . Brown stude think Something Like equality. If you want to have a fair society or just society, you should have a society with lots of redistributionrom taxation to the rich to the poor. That a just society. Especially a society with great inequality, a society where some of the rich people got rich because parents were rich, had advantages its unfair. Which is more fair . Most brown freshman, fresh off the boat a month ago coming into the class think, well,his is fair, obviously. Now lets play for a minute. Play it over 1525 years. The Society Encourages equality and focuses on those questions does not grow. A society that celebrates a ceain kind of greed, urges people to make great things of themselves, that grows. Look at it again. Which of the two societies is more fair . Which is more just . Well, watch my thumbs. They indicate the poorest people. If this is the just society, u care about equality, but not the poor. I think fairness requires to be focused on the poor, and we evaluate the system, in part by asking, how does the system work for the working poor over time . Even though its more unequal. Absolute, absolutely. That inequality is going to do some driving to pull that lowest group up, and whats really important, its such a basic point for students especially, what do wecare about for a just society . This or the poor . I think we should focus onhe poor. When we focus on the poor, capitalist arguments look better. This goes back to the conversation we had earlier about the cake. Yes. To the left, theres a cake, and bill gates takes a big piece. Thats right. You say . I say we should ask ourselves what kind of society we want to work in, live in. What kind of society should it be . A better, morally Attractive Community is one that encourages people to up leash their creativity in the world, stand up on their own two feet, makes them able and wanting to be authors of their own lives. Thats the community we want to live in, a community where people everyonements to be the cake baker and make more cakes, new cakes, new confections not thought of yet. Thats the better society. Better society for people. And by the end of the temple at brown, your students come around a little bit . A lot do. A lot do. Its a new version of libertarianism, bleeding heart. Some at brown joke about it that i bring the gospel of the change of libertarian thinking, and they call it the gospel according to john, thats overdone, but they say that at brown. All right. What about my earlier question, then, who did more for the world . Mother teresa or the jailed Michael Milkin. What a painful question. My grandmother, a fan of mother tere shell roll over in her grave, but michael did more. The work he did to make Capital Markets efficient created wealth, enabled people to stand upon their own two feet as uses of their own lives, to be economically independent. Thats a really important giftt3 that he didnt know he was doing, didt intend to do that. He may not have cared. May not have, but what a magical thing to help other people become responsible causes of their own lives, what more respectful way can we live together . Thank you, john. When we come back, a different take on what really helps poor people. We want more prosperity, and not just for us, but people all over the world who are poor. We have to stand up for the Free Enterprise system. 4g lte is the fastest. So, which supeast 4g lte service would yochoose, based on this chart . Dont rush into it, im not looking for the fastest answer. Obviously verizon. Okay, i have a different chart. Going that way, does that make a difference . Look at verizon. Its so much more than the other ones. So what if we just changed the format altogether . Isnt that the exact same thing . Its pretty clear. Still sticking with verizon. Verin. More 4g lte coverage than all other networks combined. Greed is a nasty word. People talk about todays greed but, come on, people have always been greedy. Greeds a constant. Beauty of a free market is it harnesses green. The way to get rich in a free market is serve customers well. I think thatmakes the market mol. Maybe i shouldntse the word greed, but call it enlightened selfinterest. People who have done more than anyone to explain how capitalism are moral are steve forbes, author of freedom manifesto why free markets are moral and Big Government suspect, and author brooks of the american enrprise institute. Author, you made a video to explain the morality of Free Enterprise, viewed 100,000 times on youtube. Before we talk about greed, lets play a part of the video. Since 1970, the worst poverty in the world, the percentage of the population that lives on a dollar or day or less is declined by 80 , 80 . Theres been no achievement like that in human history. Billions of people have been lifted out of poverty. Its the most amazing thing that humanitys ever accomplished. What happened . Was it the incredible success of the United Nations . Central planning or the International Monetary fund or global foreign aid . Of course not. It was globalization. It was free trade. It was entrepreneurship. It was property rights. It was rule of law. In short, Free Enterprise sed those people. If we want more prosperity, and not just for us, but people all over the world who are poor, we have to stand up for the Free Enterprise system. Its truly the system for good samaritans. Most people dont believe that. I would say most people thinknkt is the u. N. Or foreign aid or central planning. China, chinas boom. Right. Its wrong. What saved china was since 1980 , they open to foreign trade. Theres a lot of stuff wrong, but they empower entrepreneurs and open up trade to the United States since 1980 up a thousand percent. Honored private property around this time. Exactly. We have a graph that shows how chinas boomed not just since they started central plan, but when they recognized private property. Thats right. This is literally what weve seen since 1980 lifted 400 million chinese out of poverty. Steve, i say most americans think trade hurts the average american or certainly the guy working in the factory because if its with china, hes losing a job to somebody in china. Well, this gets to your introduction on the word greed. Greed in peoples minds means taking to something that doesnt belong to yo in the free market, you have transactions. I want something, you want something, we exchange. Money makes it easier. They want a treasury bill, i want socks, we swap. We each get sothing. We have a free market where people do things, innovate, try things, and see what people want. Free marketses, and thisis what the u. N. Wont tell you is free markets is about meeting the needs and wants of other people. Governments about meeting its own needs. Authors right, 40 Million People in china is whats driving the economy, not the state owned companies. The perception is free markets are cold, amoral. Opposite. Biggest breaker down of bear yours of people. You may not love your neighbor, but you want to sell to your neighbor. We take it for granted that if you start a business, you want the best people possible because you want to succeed. Thats new in human history. Before, you rarely trusted anyone beyond your family or community or ethnic group. Commerce breaks down the barriers so people know whether or not they are cooperating with each other. Think about it this way. All three of us came from immigrants. Most americans came from immigrants. I bet your great grandparents, john, said i want to get to america for a better system of forced income redistribution. I bet they my father, actually no. I bet your ancestors to clea toilets and to repair them. To be rewarded for hard work and merit for the first time in his life. Thats whht markets allow us to do. Its a great equalizer. I work harder, i innovate, im rewarded. That doesnt happen in oth countries. Thats why markets are not about gree they are about a better life through earned success. The poo im told, are left behind. Paul krugman talking about paul ryans budget saying hes explicitly trying to make life harder for the poor. Yeah, thats completely false. Ill tell you why. Your argument about dependency, but you want to cut off programs and make the poor suffer . Actually, i dont. What i want to do is for the truly poor of the country, we need woo things. Relief and opportunity. If you want to guarantee relief to the most indigital janet members of the society, we will be inconvenienced by a debt crisis in the country if we donthange course, the poor lose everything. Ats catastphic andmmoral. Thats why they need more programs. He assumes like were in medieval europe. Once a pes cant, always a peasant. Address the kris schism. Criticism. We who want to cut punish the poor as Chris Matthews put it and believe the way to get rich is work harder, give the rich more money, but the way to get poor people to work harder is to screw them, take away their programs. No, i takes away their dependency giving them empowerment. Theyll starve. Food stamps, heard of them . You know, 30 years ago, matthews would have said we should have a program to everyone gets a cell phone. That cost them 3,000. Today, if chris mthews had his way. 10,000, crying selfish cell phone makers and the like, and wed have it like health care. Scarcity to abun dance, creating resources. Its not the medieval economy. No one wants to throw granny out in the snow and take services from the poor, but ensure people are not dependent and stillive in opportunity societies, and the rest of us, actually, are on our own to make our own way and earn success to live a dignified life to say i earned that. Thank you author brooks and steve forbes. Coming up, my take on greed. The recession was brought on by a greedy wall street corporations. People know they are suffering because of wall street excess. That is true. John no. Even my colleagues did not get it. The economy has a boom and bust government made our last one worse by interfering giving out guarantees and subsidies. Wall street was greedy but that is not new. Everyone wants more. Did you turn down a raise . I dont. The beauty of the freemarket is the market regulates greed. The next guy offers it for less and you lose. It is tempered by competent competition. The left says it is through government but the freemarket r greed works better. Im about to eat this juicy steak. How did i get it . In new york city . Try have this because the reinsure wants to be good to me . No. Because thusands of people care about themselves. I learned this years ago. At the farm saddling up for another 14 hour workday. Theyreo much work fences, ditches, beating the cows, harvesting the hey, theyre only the first of a sies who by caring about themselv make sure i get my stake. He delivers theropane to heed to the water. She keeps the packinghouse clean. To make sure it is cleaned and sanitized before production. The people who slaughter the cattle,. John then the people run the freezer facility. Thousands of people have to Work Together to get the food to market for me . I dont think of it that way. I think about money i am no one. I had never heard of him. They may not care about me but they do work hard and cooperate to bring the ate. Government cannot do it. They have tried but most fail miserably. Remember the long lines sometimes pep