Transcripts For FBC Stossel 20131215 : comparemela.com

FBC Stossel December 15, 2013

Is that capitalism . Socialism has contributed to the quality of life in this country. Socialism sucks the life out of people. Socialism or capitalism . Here in hong kong, handing in one form is all i have to do. In defending the market. That is our show tonight. Now it is time for john stossel. John the free market is under attack. Markets lead to wealth disparity. At first glance, rich people getting richer at the expense of others. President obama getting big applause by mocking those of us that they the free market will fix all sorts of problems. The market will fix everything, they tell us. If we cut or regulations and taxes. But heres the problem. It doesnt work. It has never worked. That applause he got the reason that they regulated the market and try to fix it d make it more fair. Laws like obamacare and doddfrank and we need more laws. I would not say more. I am a Firm Believer in the free market and also capitalism. But you do want more if you want a higher minimum wage, right . Yes, but dont say more as though it is this distance. We want to make sure that people are able to enjoy capitalism and what it is all about is a country of laws and not just what people want to do. And so dont make this sound so negative. This talks about limited government. Leading capitalism happen. Nobody wants too much. The question is that too much in one place is too little in another and that is why we have this debate and that is why y and i are talking about it. And we cannot have just 1 of the American Population with the majority of the wealth. This is a country that whatever you earn, you deserve. You need to put levels of regulation of those people who abe this capitalistic system. John what percentage should government be . It is taking place in the congress. John 5 , 10 . Remap percentage doesnt mean a darn thing. If you want to have smaller government, you have to make certain that the dreams and aspirations of the American People have been met. Hadley davis . Well, we do it by law. Congressman, i assume that you mean well. But i think these laws have unintended consequences and many are bad ideas. And you sponsored a Green Energy Tax credit for electric cars and here you are on the floor of congress. In this endless what this bill will pursue, such as hybrid cars. Was that a good idea . Is a great idea. We should invest in those ideas. But it was people like Mike Huckabee and myself got a free golf cart, the subsidy was so big. A bunch of us got free stuff from you. The individuals have this on their minds. And it doesnt mean that this is bad. This money wasnt supposed to go to people, it was supposed to go to a say standing science. And that is why we have these agencies and the government and that is what they do. Some people are going to be ripped off and we an identify who they are. But when we do about it . We make certain or lease we tried to make certain that we prevent this from happening. But do not allow government to think that it must be small and that its good being small by itself. Its not good. John we are a long way from small government in this country. Congressman, thank you. We can agree to disagree. We are not a small country. John we have a very big government. Sadly i fear most americans agree with congressman ringgold. A lot of people agree with opponents who say things like this enact European Socialism works. [applause] to europeans get full Health Care Coverage maternity leave, free college, Public Transportation that doesnt smell like something bad. John lets turn to our economists. So the europeans are getting all this free stuff. If your content, the European Social state is a great way to go. But if youre in a society where fighters you didnt know what that is, because of the government program, because an entrepreneur envisioned that we might make this better as a result. Big entitlements, things are going great, and the house of cards came crashing down. We know where the government takes us. Theres this battle in america. John maybe you know, but a lot of people dont know. The pope, of all people, has come out criticizing the market and he is upset that some rich people are so much richer than poor people and the income inequality is just upsetting to americans as well. I share his concerns. Our brothers and sisters in this country and around the world should be helped. But the secret is that in the last 40 years, the number the number of people who were living on a dollar or day or less, thats up by 80 in last 40 years. Thats not because of stimulus money or minimum wage. But its because of the free market. The free market is the best thing to help them. So youre saying if youre going to lift up the poor, you have to have an equality . One of the remarkable successes about this economy is the income and inequality it is global and narrowing. And in a world where you spend most of your day transferring clean drinking water, that is not a life of meaning or opportunity and we need to elevate this and continue to do that in a free society that is the most effective way to make that happen. John okay, so people lived really lousy lives and only recently since weve had markets and e industrial revolution, have a lot of poor people within themselves higher. But the rich have gotten even richer and this upsets peole so what is wrong wth that . Heres the thing. If you took somebody from two or 300 years ago and brought them forward the things that wouldve made saddam are the same thing that the poor in america already have. A phone, refrigeration. In the airconditioning if you live in the american south. Those things are the things that make the quality of life better for everne at the same time and hands down it is a winner for everyone. And one of the reasons john that is a necessary byproduct of freedom in your opinion . Heres the thing john can i get a yes or no . Economic inequality happens. They create value for everyone. And he helped to develop what was used in the operating room and the gurney is better in that room and bill gates by one Office Package at the time made life better for all of us in ways that we take for granted because we didnt see good things happening. John the pope apparently does. Income inequality is part of financial speculation and this is a new theory. It requires us engaging with those of us around the world. But if you look at the Government Systems in the Free Enterprise system, it has provided this supported throughout history. One point about fairness. Corporations do things that they say will make life more fair. Heres the commercial from starbucks. Double knockout john it sounds good, we are at going to pay a little bit more to these farmers. What is wrong with it is that fair rade is a marketing scheme in that scheme was designed to play on caring people to get them to shell out a little bit more money than they would otherwise. At the very best, as far as charities go its a very inefficient form of charity because you pay a little bit Better Coffee shop or at the Grocery Store and you hope tat the few penny coming to that trickled to the Coffee Growers do you hope the little bit of that money. And what is wrong is that the money doesnt go very far. First of all, the United States could end its ban on sugar from outside of the United States and that could it could stop subsidizing rich cotton farmers in the United States and it gives them accesso the market. The other thing you can do is take that extra 25 cents and give it to an ngo that you know its been really effective with their work with the very people youre trying to help in the first place. John i will give you the last word. These arguments and inequality, it takes people off and they want government to step in and fix it. Here is te bottom line. Free markets is about a lot more than money were rich people getting ahead. Its about whats moral. What helps the poor people the most and what gives us opportunities to earn success in two understand that is why our founders came and created this country. Not for stimulus. John if you like to keep this conversation going, go to facebook and use our hash tag free market toet people know what you think. And coming up, it why a few places like chile, slovakia, and africa got richer, while other countries stay oor. If you have a free market, you do better. If you dont, you stapler. John also, i go around the world eking out free markets. Here in hong kong, handing in one form is all i have to do. And the government rasing the stakes. I will have that next every day were working to be an Even Better Company and keep our commitments. And weve made a big commitment to america. Bp supports nearly 250,000 jobs here. Through all of o energy operations, we invest more in the u. S. Than any other place in the world. In fact, weve invested over 55 billion here in the last five years making bp americas Largest Energy investor. Our commitment has never been stronger. [ male announcer ] the parking lot helps by letting us know whos coming. The carts keep everyone on the right track. The power tools iroduce themselves. All the bits and bulbs keep themselves stocked. And the doors even handle the checkout so we can work on that thing thats stuck in the thing. [ female announcer ] today, cisco isonnecting the internet of everything. So everyone goes home happy. [ female announcer ] tso ally bank has acting that wothats correct. A rate. Cause im really nervous about getting trapped. Whys that . Uh, mark . Go get help i have my reasons. Look, you dont have to feel trapped with our raise your rate cd. If our rate on this cd goes up, yours can too. Oh that sounds nice. Dont feel trapped wit e ally raise your rate cd. Ally bank. Your money needs an ally. Not anymore. American socialism has captured many. And why not . If you grow wheat and rice and corn, you could try support, subsidies, welfare for the rich because farmers today are richer than the average americans. Its a terrible policy that survives becausepoliticians and farmers say that this preserve stability in the market. They protect the food supply. But that is a scam. New zealand abolished farm subsidies years ago and the farmers are better off and unfortunately in america, government officials are clueless about markets and the rules are complicated. So lets focus on one crop. Raisins. I heard it through the grapevine john is not cute . California farmers are good at growing raiins, but shame on most of them for colluding with government and messing with the free market. Bureaucrats have had something called raisin Administrative Committee, ordering raisin farmers to give the government a third of their crop. It is supposed to keep prices stable. Most farmers go along with it, but one said no. So the government find him 650,000. He still says no. If you work for a wage, it wouldve the studio broadcast demonstrations that we need 40 of your wages for our promotions. And how would you feel . John i would be ticked off. I would think that my competitors have to give reasons as well, and maybe things will even out. This is america. What you produce, you should be able to keep. In this case they wanted to take my raisins and i said no. So they couldnt take the raisins and they said if we cant take the rsins, we are going to give you a fine. And i wasnt the only one. There were 60 farmers who said no more and the buck stops here. They came after me and our family and our assets and said you give us the money or the raisins and i said no. John the Supreme Court has gone bounced it down toa lower court. Your opponent, the Administrative Committee member wouldve come onto the basis while this was being argued. But he did tell us on the phone that before this policy, there were wild swings of supply and demand and then he said during world war ii there was an important security aspect. I like raisins and i dont see the security aspect. In the basic argument you de is that this is a tool that be industrious part of. It has been part of the market that is reducing their supply into the marketplace so how are you going to survive if they give 40 of your crop . Its absurd and i am surviving because i didnt give it to them. A lot of my neighbors dead and a lot of them are broke. We lost about 3000 growers because of this. They took it and they sold it overseas at a subsidized price below the cost of production. And so the europeans and japanese and chinese were getting raisins below the cost of our production. And they said that that was helling us . Come on, give me a break. Johni like the wind. And yes, it helps americas export business. They say, dont you want to help european and Chinese People . Oh, yes, if they want to pay for it. And that is the issue and thats what our constitution is. If the government wants her raisins, pay for it. Other crop subsidies, corn and cotton, tobacco, and they give them money, peanuts, not the raisin fmer, they took our raisins and didnt give us a dime. They gave us a slap on the back to come back with more raisins next your. John when te ideal world be they dont take your raisins but they dont give the other guys subsidies . We dont need subsidies. We ned to get these subsidies off our back and market our own raisins without interference john marvin horne, thank you very much. My next guest says americans are right to criticize what we call capitalism. And also, Clint Eastwood and his chrysler commercial. We pulled together and motor city is fighting again. City is fighting again. [ male announcer ] e new new york is open. Open to innovation. Open to ambition. Open to ldids. Thats why n york has a new plan dozens of tax free zones all across the state. Move here, expand here, or start a new business here and pay no taxes for ten years. Were new york. If theres something that creates more jobs, and ows more businesses. Were open to it. Start a taxfree business at startupny. Com. Because you cant beat zero heartburn. Woo hoo [ male announcer ] prilosec otc is the number one doctor recommended frequent heartburn medicine for 8 straight years. One pill each morning. 24 hours. Zero heartburn. There has to be some kind of a rebellion between the people that have nothing and the people that got it all. We are here to get the money back to the American People. John that is from the movie called capitalism, a lov story. It really is story. More complplaints about Bank Bailouts and corporate welfare. Business and law professor says there is a lot to hate about capitalism, as it is often practiced today. What do you make . If you go back as far as adam smith u find in a wealth of nations that he talked repeatedly about how Business People try to use political connections to get wealth and everyone elses expense. Tough to find any reference to business that is positive because that is how markets work to benefit everyone, not how they can be manipulated people want political privilege. John ipod capitalism is greedy businesses competing. Well, i guess we can use words in different ways. I will not object. If you want to use the word capitalism, but i understand why other people use it in a fairly different way. It. John markets, not capitalism. John the looks at the way in which politically secure privilege distorts markets and make sure they work for the benefit of the politically wellconnected but not necessarily anyone else. John the auto bailout is being celebrated by the president. I save detroit. Most americans would save what is wrong with that . We want a strong american car Manufacturing Industry. This seems to me, if the american car Manufacturing Industry is not release serving American Consumers and consumers around the world than it is a profound mistake to allow the political connections that People Associated with that industry be used to persuade congress and the president to award the huge sums of our money to those folks that that is a story that happens all the time. Politically wellconnected businesses make the case that somehow they are essential to everyone elses wellbeing and in so doing are able to get huge sums of money that could be better invested elsewhere. John it was pretty huge. 50 billion, more than 10 billion. But they paid a lot of that money back. The whole process distorts incentives and sends the message to politically wellconnected corporations repeatedly that they can screw up and count on a helping hand from the taxpayer. Theres a longterm distortion of incentives that this kind of behavior andlso the long street bailouts, persistently expected to lead to this. We should be nervous. John your answer is let them go broke . Resources should go to their most valuable use. How can we tell when they will do the most good is a general matter. We can tell by the returns. If resources invested do not yield higher returns, that seems good evidence that the industry does not merit that kind of up lesson. John so if they went broke and the equipment would have been purchased by more Efficient Companies will still get that seems right to meet. John chrysler got Clint Eastwood to the practice a bit in this commercial. Most teams are in their locker room. The second half. People of detroit know a Little Something about this. They almost lost everything. We all pull together. Motor city is fighting again. John we all pull together. Who is weak . The commercial led to the disparity. It is that time in america. People are out of work. They are wondering where all of their money went. Twelve and a half billion of it went to chrysler, some form of a bailout. John yet americans support that. We have a history, it seems to me, of using the rhetoric of Public Benefit to reallocate resources to the politically wellconnected. When you are politically we

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